Guanidine Salts Market Size, Share, Growth Analysis 2023

The global guanidine salts market size was valued at USD 368.3 million in 2022 and is poised to grow at a significant CAGR of 5.3% during the forecast period 2023-29. The primary drivers of the expansion of the global guanidine salts market include the increasing demand of guanidine salt in the pharmaceutical industry and in the manufacture of explosives. Increasing consciousness and demand for cosmetic products is expected to boost the market growth in the forecasted years.

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The Guanidine Salts market is segmented based on type, application, and geography.

Based on the type, the market is segmented into the following:
• Guanidine Hydrochloride
• Guanidine Thiocyanate
• Guanidine Chloride
• Guanidine Nitrate
• Others

Based on the application, the market is segmented into the following:
• Chemicals
• Pharmaceuticals
• Cosmetics
• Detergents
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

Based on the product type, the global Guanidine Salts market is segmented into Guanidine Hydrochloride, guanidine Thiocyanate, Guanidine Chloride, Guanidine Nitrate, and Others. The guanidine carbonate segment is expected to account for a larger revenue share in the global guanidine salts. guanidine carbonate is widely used in the pharmaceutical industry and cosmetics industry. The increasing demand for pharmaceutical industry and the growing cosmetic market are the key driving factor in the growth of guanidine market in this segment. In addition, the use of guanidine nitrate in explosives is expected to have a growth at an significant rate in the forecasted period.

Asia Pacific Guanidine Salts Market
The Asia Pacific guanidine salts market is expected to increase over the forecast period due to the increasing demand for detergents, chemicals, pharmaceuticals and other products. Countries like India are diversified with many traditions and many religions, this makes many festivals in this region. As the textile industry grows, the demand for detergent increases and so the guanidine salts market increases in the region. The presence of several pharmaceutical industry in this region is expected to fuel the growth of guanidine salts market in this region. North American and Europe guanidine salts market is expected to have an significant growth in forecasted years due to the increased usage of guanidine salts in this region.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.

The global Guanidine Salts market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance,

In April 2020, Borealis entered North America market by Acquiring full ownership of NOVA Chemicals interest in Novealis joint venture.

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Key players profiles in the Guanidine Salts market report are Borealis AG, Vihita Chem Private Limited., Sanwa Chemical CO. Ltd., Alzchem Group AG, Merck KGaA, Thermo Fisher Scientific Inc., MP BIOMEDICALS., Shizuishan Pengsheng Chemical Co., Ltd, Nippon Carbide Industries Co Inc., and Suvchem.

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