LONDON–(BUSINESS WIRE)–#GlobalSodiumBicarbonateMarket–The new Sodium Bicarbonate Market Research from Technavio indicates Neutral & At par growth in the short term as the business impact of COVID-19 spreads.
"One of the primary growth drivers for this market is the rising demand for detergents,” says a senior analyst for the Materials industry at Technavio. The detergents sector is also witnessing growth because of the rising consumption of detergents in countries such as China and India in APAC. Similarly, there is also a high demand for detergents in countries such as the UK, Germany, and Russia. With the growing global population, the demand for detergents will increase in the coming years. This will subsequently drive the need for sodium bicarbonate since it is used as an additive in detergents for the even distribution of the cleaning agent. As the markets recover Technavio expects the sodium bicarbonate market size to grow by USD 146.89 million during the period 2020-2024.
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Sodium Bicarbonate Segment Highlights for 2020
- The sodium bicarbonate market is expected to post a year-over-year growth rate of 1.31%.
- Animal feed industry dominated the market in 2019.
- Sodium bicarbonate is used as a key ingredient in the animal feed industry. Natural feed-grade sodium bicarbonate reduces the acidic conditions while stabilizing the rumen pH and provides excellent buffering qualities.
- Sodium bicarbonate is used as an effective buffering agent that maintains the pH between 5.5 and 6.8. Sodium bicarbonate is used as a replacement for salt in poultry feed to make the eggshells stronger.
- It also provides an alternative source of sodium that helps provide drier litter and a healthy living environment. These benefits are expected to fuel the demand for sodium bicarbonate from the animal feed industry.
- Market growth in this segment will be faster than the growth of the market in the FGT segment.
- 56% of the growth will originate from the APAC region.
- The increasing demand for new pharma products, cosmetics and personal care products, detergents and soaps, and chemical raw materials will significantly drive sodium bicarbonate market growth in this region over the forecast period.
- China and India are the key markets for sodium bicarbonate in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The sodium bicarbonate market size is expected to accelerate at a CAGR of almost 2% during the forecast period.
- The sodium bicarbonate market is segmented by application (animal feed, food and beverage, FGT, pharma and cosmetics, and others ) and geography (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including AGC Inc., Church & Dwight Co. Inc., SEQENS GROUP, Soda Sanayii AS, Solvay SA, Tata Chemicals Ltd., Tokuyama Corp., Tokyo Chemical Industry Co. Ltd. , Tosoh Corp., and Vitro SAB De CV.
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