COVID 19 Impact on Sodium Tripolyphosphate Market Flourishes with International Prestigious Players | Innophos Holding Inc., Tata Chemicals Ltd., ICL Performance Ltd., Aditya Birla Chemicals, Sumitomo Chemicals Co. Ltd,

Market Research Future Published a Cooked Research Report on Global Sodium Tripolyphosphate Market

Market Research Future (MRFR) recognizes the following companies as the key players in the Global Sodium Tripolyphosphate Market: Innophos Holding Inc., Tata Chemicals Ltd., ICL Performance Ltd., Aditya Birla Chemicals, Sumitomo Chemicals Co. Ltd, Merck group, Hubei Xingfa Chemicals Group, Prayon S.A., Haifa Group, and TongVo Chemicals Limited.

Market Highlights:
Commenting on this report, an analyst from Market Research Future (MRFR)’s team said, global Sodium Tripolyphosphate Market was valued at USD 2,250.7 million in 2016 and is predicted to grow at low CAGR of 1.48% to reach USD 2,497.7 million by the end of 2023. Healthy growth in key end use industries such as household cleaning industry, food & beverages, industrial cleaning is the dominant driving factor identified in this market.

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Furthermore, restraining factors have greater impact in this market over drivers which has led to slow growth of this market. Some of the factors which negatively impact the market growth are stringent government regulations on the excess use of STPP in detergents, strong competition given by zeolite, and availability of reasonable substitute in various applications. Specifically, European Union has regulated policies to limit use of STPP in detergents to eliminate pollution causing effect, due to which Europe was the highly affected region in terms of regional growth.

Segment Analysis:
The Global Sodium Tripolyphosphate Market is segmented into application, end use, and region. Market segmentation based on application includes detergents, water treatment agents, food preservation, metal treatment, ceramic tiles, paints & dyeing, and others. Sodium Tripolyphosphte is used for cleaning purpose, therefore, its primary application is detergents which has dominated the global market. As of 2016, detergent application segment accounted for 26% of global shares growing at CAGR of 1.40%. Food preservation application was the dynamic segment and had registered at the highest CAGR of 1.72% due to food & beverages industrial growth.

Furthermore, on the basis of end use industries market has been segmented into household cleaning, food & beverages, industrial, agriculture, textile, pharmaceuticals, cosmetics, and others. Household cleaning industry held major share and emerged as global leader in Sodium Tripolyphosphate Market as of 2016. It is the major revenue generating segment as well and has generated overall revenue of USD 627.2 million growing at a CAGR of 1.24%. Trend for dishwashing in household application has gained traction, wherein, STPP has been used emergingly and it is anticipated to continue over the review period. Owing to growing dishwashing, cleaning and clothing applications household industry anticipated to continue its dominance over the forecast period. On the other hand, food & beverages is an dynamic end use in.dustry for STPP for the purpose of food preservation and emulasification. The industry has been extevsively using STPP over the past five years to preserve food and beverage, which has led this industry to grow at the highest estimated CAGR of 1.62%.

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Regional Analysis:
The Global Sodium Tripolyphosphate Market is spanned across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. According to the MRFR analysis, Asia Pacific was the most promising region in terms of production as well as consumption as of 2016. The region has accounted for the largest market share of 42% followed by North America at 24%. China is single handedly driving Asia Pacific STPP market by being the largest exporter across the globe. After Asia Pacific, North America was the second largest market projected to surpass USD 590 million over during the forecast period. Growth in this region is highly credible to the booming food & beverage industry and it is anticipated to provide lucrative growth opportunities in the years to come. Europe experienced drastic changes in term of regional consumption driven by policies regulated by the European Union on the excess use of phosphate in detergents. Strict government regulations along with supreme competition given by zeolite have restricted the growth of this region.

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