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Sodium Tripolyphosphate Market 2018 to 2023 Booming Trends, Share, Growth & Forecast
Sodium
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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Sodium Tripolyphosphate Market Research Report, Trends, Size & Forecast to 2023
Research on Sodium Tripolyphosphate by 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.
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 of Global Sodium Tripolyphosphate Market
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.
Global Sodium Tripolyphosphate Market 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.
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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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