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Sodium Acetate Market - By Grade (Technical Grade and Industrial Grade), By Packaging (Packets, Bags and Drums) By Application (Concrete Sealant, Dye Intermediate, Disinfectant, Buffering Agent, Additives, Cleaning Agent and Others), By End Use Industry (Food & Beverage, Building & Construction, Waste-Water Treatment Industry, Textiles, Cosmetics & Personal Care, Pharmaceutical and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030
Sodium Acetate Market Overview
Sodium Acetate Market size is estimated to reach US$380 million
by 2030, growing at a CAGR of 7.5% during the forecast period 2024-2030. In the pharmaceutical industry, sodium acetate plays a crucial role
as a pH regulator and buffer in various formulations, ensuring the maintenance
of stable acidity levels. Its ability to contribute to the precise control of
pH in medications is essential for optimizing drug stability and efficacy,
driving its demand in pharmaceutical applications. This trend
is expected to boost the growth of the Sodium Acetate Market during the
forecast period.
Growing investments and establishments of waste-water treatment plants have boosted the demand and usage of sodium acetate as a cleaning agent in the sector, thereby propelling market growth. The demand for wastewater treatment boosts the Sodium Acetate industry outlook during the forecast period.
Market Snapshot:
Sodium Acetate Market - Report Coverage:
The “Sodium Acetate Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Sodium Acetate Market.COVID-19 / Ukraine Crisis - Impact Analysis:
● The COVID-19 pandemic has significantly impacted the chemical industry, including the production and demand for sodium acetate. Supply chain disruptions and workforce shortages led to operational challenges for chemical manufacturers. Additionally, delays in transportation, closures of manufacturing facilities, and shifts in consumer demand have collectively contributed to the complexities faced by the sodium acetate market.● The Russia-Ukraine conflict has resulted in geopolitical uncertainties that reverberate across industries, including the chemical industry. Sodium acetate, being a chemical compound with diverse applications, confronts challenges due to disruptions in the availability and transportation. The conflict's impact on logistical operations that is crucial for the sodium acetate supply chain adds complexities to an already intricate market landscape. Additionally, geopolitical tensions may contribute to price volatility, affecting the sodium acetate market's stability and growth prospects.
Key Takeaways:
● Dominance of Asia PacificGeographically, in the Sodium Acetate market share, the Asia Pacific region is analyzed to hold a dominant market share of 45% in 2023 owing to the rapidly growing food & beverage as well as building & construction sector in major Asia-Pacific countries such as China, India, Australia, and Japan. According to the Thai Tuna Industry Association, when compared to other canned seafood goods, canned tuna from Thailand had the greatest export value in 2022 with a growth rate of 14%. According to Vietnam Customs statistics, Vietnam’s canned tuna exports reached over US$135 million by the end of July 2023. Given that sodium acetate serves as a preservative in processed meat, including deli meats and canned meat, the growing demand from the food industry, contributes to the overall growth of the sodium acetate market.
● Industrial Grade is the Fastest Growing Segment
In the Sodium Acetate Market forecast, the industrial grade segment is estimated to grow with a CAGR of 6.2% during the forecast period 2024-2030. Industrial grade sodium acetate has high applicability in various sectors due to its high solvency and chemical nature. For instance, it is used as a concrete sealant in the building & construction sector, as a flavor additive in the food & beverage sector, as a cleaning agent in the waste-water treatment industry and as a buffering agent in a variety of cosmetics & personal care agents. Owing to its high applicability coupled with the rapid developments witnessed in these sectors, the demand and usage of industrial grade are anticipated to increase during the forecast period, thereby contributing to its segment growth in the sodium acetate market.
● Food & Beverage to Hold Largest Market Share
According to the Sodium Acetate Market analysis, the food and beverage segment is estimated to hold the largest market share in 2023. In the food industry, sodium acetate serves several purposes- it is used as a pH control agent, as a flavor enhancer, a microbial inhibitor, a preservative, an emulsifier and souring agent. According to the China Canned Food Industry Association, in 2022 China exported 3.13 million metric tons of canned food, a 12% rise YoY. The value of such exports in the nation reached $6.89 billion, up by 22% from 2021, with both the export volume and value hitting record highs. In recent years, more than half the top 10 countries with the highest consumption volumes for canned food globally were in Europe, with Sweden topping the list. The annual per capita consumption volume for canned food in Sweden exceeds 33 kilograms, data from the China Canned Food Industry Association show. The growing demand for canned food boosts the sodium acetate market from the food & beverage industry.
● Growing Need for Wastewater Treatment Plants
Water scarcity is becoming an increasingly pressing issue in many parts of the world. Wastewater treatment plants play a crucial role in recycling and reusing water, making it suitable for non-potable uses such as industrial processes, irrigation, etc. This reduces the demand on freshwater sources, contributing to water conservation efforts. According to Asian Development Bank report published in 2022, despite advances in the water sector of the Asia and Pacific region, almost 500 million people in the Asia and Pacific region do not have access to basic water supplies and 1.12 billion lack access to basic sanitation. As a result, the governments in the region are investing in water and wastewater management. In October 2023, the International Finance Corporation (IFC) and Thailand's Ministry of Interior signed a memorandum of understanding (MoU) to improve access to quality water and expand the country's wastewater treatment capacity. Sodium acetate finds application in sludge dewatering and conditioning processes within wastewater treatment. It assists in enhancing the dewatering efficiency of sludge, facilitating the separation of water from solid waste. Such investments will boost the demand for sodium acetate and drive market growth during the forecast period.
● Rapid Growth of the Pharmaceutical Industry
The pharmaceutical industry has been growing leaps and bounds. The emergence of the pandemic served as a catalyst for this growth. As per the data by Pharmexcil, India’s drugs and pharmaceuticals exports stood at US$25.3 billion for FY23. The Economic Survey 2022–23 has shown India's domestic pharmaceutical market is anticipated to reach US$ 130 billion by 2030. Sodium acetate acts as an essential pH regulator and buffering agent in pharmaceutical formulations. Its inclusion ensures the optimal pH balance critical for the stability and efficacy of various medications. As pharmaceutical innovations surge, the demand for sodium acetate amplifies, given its versatile application in maintaining the desired acidity levels during drug synthesis and formulation.
● Availability of Substitutes to Impede to Market growth
The market for Sodium Acetates faces a challenge as substitutes pose a significant impediment to growth. Sodium bicarbonate shares similar properties with sodium acetate, particularly its buffering capacity and is used as a substitute for in various applications, including food and pharmaceuticals. The food industry also employs sodium citrate as a pH adjuster as an alternative to sodium acetate. Potassium lactate has been used as a food additive in meat products, because it can not only inhibit spoilage bacteria and pathogenic bacteria, but also maintain color stability, and increase cook yields and flavor. Thus, the availability of substitute might pose a challenge for the sodium acetate industry.
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Sodium Acetate Market. The top 10 companies in this industry are listed below:
1. Merck KGaA
2. FoodChem International Corporation
3. Kerry Group plc
4. Cayman Chemical
5. Mitsubishi Chemical Corporation
6. Gelest Inc.
7. Air Water, Inc.
8. Xi'an Manareco New Materials Co., Ltd.
9. Nandosal Chem Industries Pvt Ltd.
10. Karn Chem Corporation
Scope of Report:
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1. Sodium Acetate Market- Overview
1.1. Definitions and Scope
2. Sodium Acetate Market- Executive Summary
3. Sodium Acetate Market- Comparative Analysis
3.1. Company Benchmarking - Key Companies
3.2. Global Financial Analysis - Key Companies
3.3. Market Share Analysis - Key Companies
3.4. Patent Analysis
3.5. Pricing Analysis
4. Sodium Acetate Market- Start-up Companies Scenario
4.1. Key Start-up Company Analysis by
4.1.1. Investment
4.1.2. Revenue
4.1.3. Venture Capital and Funding Scenario
5. Sodium Acetate Market– Market Entry Scenario Premium
5.1. Regulatory Framework Overview
5.2. New Business and Ease of Doing Business Index
5.3. Case Studies of Successful Ventures
6. Sodium Acetate Market- Forces
6.1. Market Drivers
6.2. Market Constraints
6.3. Market Challenges
6.4. Porter's Five Force Model
6.4.1. Bargaining Power of Suppliers
6.4.2. Bargaining Powers of Customers
6.4.3. Threat of New Entrants
6.4.4. Rivalry Among Existing Players
6.4.5. Threat of Substitutes
7. Sodium Acetate Market– Strategic Analysis
7.1. Value Chain Analysis
7.2. Opportunities Analysis
7.3. Market Life Cycle
8. Sodium Acetate Market– by Type (Market Size – $Million/$Billion)
8.1. Technical Grade
8.2. Industrial Grade
9. Sodium Acetate Market – by Packaging (Market Size - US$ Million/Billion)
9.1 Packets
9.2 Bags
9.3 Drums
10. Sodium Acetate Market – by Application (Market Size - US$ Million/Billion)
10.1 Concrete Sealant
10.2 Dye Intermediate
10.3 Disinfectant
10.4 Buffering Agent
10.5 Additives
10.6 Cleaning Agent
10.7 Others
11. Sodium Acetate Market - by End-use Industry (Market Size - US$ Million/Billion)
11.1 Food & Beverages
11.1.1 Dairy Items
11.1.2 Confectionary
11.1.3 Fruits
11.1.4 Vegetables
11.2 Building & Construction
11.2.1 Residential
11.2.2 Commercial
11.2.3 Industrial
11.2.4 Infrastructural
11.3 Waste-Water Treatment Industry
11.3.1 Household
11.3.2 Industrial
11.4 Textiles
11.4.1 Woven
11.4.2 Non-Woven
11.5 Cosmetics & Personal Care
11.6 Medical & Healthcare
11.7 Others
12. Sodium Acetate Market– by Geography (Market Size – $Million/$Billion)
12.1. North America
12.1.1. U.S.
12.1.2. Canada
12.1.3. Mexico
12.2. Europe
12.2.1. U.K.
12.2.2. Germany
12.2.3. France
12.2.4. Italy
12.2.5. Spain
12.2.6. Russia
12.2.7. Rest of Europe
12.3. Asia-Pacific
12.3.1. China
12.3.2. Japan
12.3.3. South Korea
12.3.4. India
12.3.5. Australia & New Zealand
12.3.6. Rest of Asia-Pacific
12.4. South America
12.4.1. Brazil
12.4.2. Argentina
12.4.3. Colombia
12.4.4. Others
12.5. Rest of the World
12.5.1. Middle East
12.5.2. Africa
13. Sodium Acetate Market– Entropy
14. Sodium Acetate Market– Industry/Segment Competition Landscape
14.1. Market Share Analysis
14.1.1. Market Share by Region – Key companies
14.1.2. Market Share by Countries – Key Companies
14.2. Competition Matrix
14.3. Best Practices for Companies
15. Sodium Acetate Market– Key Company List by Country Premium
16. Sodium Acetate Market- Company Analysis
16.1. Merck KGaA
16.2. FoodChem International Corporation
16.3. Kerry Group plc
16.4. Cayman Chemical
16.5. Mitsubishi Chemical Corporation
16.6. Gelest Inc.
16.7. Air Water, Inc.
16.8. Xi'an Manareco New Materials Co., Ltd.
16.9. Nandosal Chem Industries Pvt Ltd.
16.10. Karn Chem Corporation
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The Sodium Acetate Market is projected to grow at a CAGR of 7.5% during the forecast period 2024-2030.
Global Sodium Acetate Market size is estimated to be $246 million in 2023 and is projected to reach $380 million by 2030.
The leading players in the Sodium Acetate Market are Merck KGaA, FoodChem International Corporation, Kerry Group plc, Cayman Chemical, Mitsubishi Chemical Corporation and others.
The growing demand of Sodium Acetate from the building and construction industry and the growing demand of canned foods are some of the major Sodium Acetate trends in the industry which will create growth opportunities for the market during the forecast period.
Growing demand for wastewater treatments and the rapid growth of the pharmaceutical industry are the driving factors of the market.