Sodium Hypophosphite Market to Experience Significant Growth by 2028
The global sodium hypophosphite market size was significantly robust in 2020 and is expected to register a steady revenue CAGR over the forecast period. Key factors driving market revenue growth are rising demand for sodium hypophosphite as a reducing agent in water treatment facilities and growing usage of sodium hypophosphite in manufacturing of several industrial additives and oilfield scale inhibitors. Thus, growth of chemical, polymer, and plastic industries globally, is expected to boost the sodium hypophosphite market revenue growth.
Sodium hypophosphite is a deliquescent white crystalline inorganic substance that can absorb moisture. Sodium hypophosphite is commonly used as a reducing agent in electroplating applications. Sodium hypophosphite is a naturally occurring chemical that has a tendency to absorb moisture and is a smooth solvent. It is employed as a reducing agent in electroplating and has corrosive-free, high-strength, and heat-resistant properties. As a result of its characteristics, it is increasingly used in automotive, aviation, and electronics industries. It may also be used as a catalyst in chemical reactions, which makes it useful in chemical and polymer industries. It can also be used in pharmaceutical and ceramic industries as it is soluble in both organic and inorganic solvents. All these factors are expected to offer significant growth opportunities for the market as well as market players.
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Top Players in the Global Sodium Hypophosphite Market:
- Hubei Xingfa Chemicals Group Co., Ltd.
- Solvay
- Changshu New-Tech Chemicals Co., Ltd.
- Jiangxi Fuerxin Pharmaceutical & Chemical Co., Ltd.
- Jiangsu Kangxiang Industrial Group Co., Ltd.
- Zhejiang Zengxin Chemistry Co., Ltd
- Hubei Lianxing Chemical Co., Ltd.
- Febex SA (Arkema)
- Arkema
- Huanggang Quanwang Chemical Co., Ltd.
- Nippon Chemical Industrial Co., Ltd
- Sigma-Aldrich
Revenue growth of the global sodium hypophosphite market is significantly driven by the rising demand for sodium hypophosphite from various end-use industries. With the expansion of electroplating applications, market demand for electroplating applications is expected to rise in several industries, including automotive, aerospace, plastics, and ceramics, among others, boosting overall demand for sodium hypophosphite over the forecast period. Furthermore, increasing demand for electroplated metal items necessitates the use of sodium hypophosphite, which acts as a reducing agent. Additionally, sodium hypophosphite is used in chemical and polymer industries as a catalyst in polymerization reactions and as a chemical intermediary in the manufacturing of hypophosphorous acid, diazo derivatives, and other organic chemicals. Increasing use of sodium hypophosphite as reducing agents in electroplating and metal surface electroplating aid in improving qualities such as abrasion resistance, hardness, corrosion resistance, and strength among others, which is boosting market growth.
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Market segmentation based on Product Type Outlook:
- Electronic Grade
- Industrial Grade
- Other
Function Type Outlook:
- Reducing Agents
- Catalysts & Stabilizers
- Chemical Intermediates
Application Outlook:
- Electroplating
- Water treatment
- Chemicals & pharmaceuticals
- Others
Key Regional Markets Covered in the Report:
· North America (U.S.A., Canada, Mexico)
· Europe (Italy, U.K., Germany, France, Rest of Europe)
· Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
· Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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Frequently Asked Questions Answered in the Report:
· What is the estimated revenue growth rate of the global Sodium Hypophosphite market over the forecast period?
· What are the major factors driving the global market revenue growth?
· Which are the leading manufacturers and suppliers in the global Sodium Hypophosphite market?
· Which regional market is expected to lead in terms of revenue share in the global Sodium Hypophosphite market over the forecast years?
· What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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