*China to be one of the dominant markets globally due to the presence of various end-use industries
*US accounts for 82 percent of North American market
Global sodium bicarbonate market is expected to flourish at a rising Compound Annual Growth Rate of 3.9% during 2021-2031, according to a report by Dubai-based provider of market intelligence and consulting services Future Market Insight.
There is substantial potential for high-quality pharmaceutical and food-grade sodium bicarbonate. Increasing demand from end-use industries such as chemical, pharmaceutical, and food & beverage markets will create lucrative opportunities for the players, the report said.
Sodium bicarbonate’s properties and characteristics such as odor neutralizing, cleaning, grease-cutting, and moderate abrasiveness make it ideal for numerous end users. It has niche applications in the production of fire extinguishers and animal feed, contributing more to the revenue.
Some of the key takeaways from FMI’s Sodium Bicarbonate Market Study are:
1)The US accounts for more than 80 percent of the North American market. The rising application in the pharmaceutical and food & beverage industries will drive growth in the US
2)Powdered sodium bicarbonate accounts for 82 percent of the global sodium bicarbonate market. It is expected to dominate the market owing to its impressive physical properties. Due to its crystalline nature, it finds application in industries such as pharmaceutical, chemical, food and beverage, and water treatment facilities.
3)Technical grade sodium bicarbonate will account for 40 percent of the global market shares. This growth is largely attributable to its application in leather processing, flue gas desulfurization, and chemical production.
4)China is expected to be one of the dominant markets globally due to the presence of various end-use industries and manufacturers. It is expected to account for more than US$500m by the end of the forecast period.
5)Germany accounts for around 21 percent of the European market owing to the presence of key players and a favorable environment for adoption.
“Demand for high quality and cost-efficient sodium bicarbonate is expected to rise around the world. To capitalize on existing opportunities, market players are likely to focus on various expansion strategies. Some of them are likely to focus on strategic collaborations to gain a competitive edge,” the study said.
The study identified Solvay SA, Merck KGaA, Nirma ltd., Tata Chemicals Ltd., GHCL Ltd., Ciech SA
and Church & Dwight Co., Inc. as the key players in the market focusing on generating a profit by exploring potential applications.