(MENAFN - GetNews) Global Sodium Percarbonate Market- by Type (Coated, Uncoated, and Tablet), by Application (Detergent Agent, Cleaning Agent, Bleaching Agent, Water Treatment, and Others), by End Use (Household Cleaning, Laundry, Industrial Cleaning, Textile Industry, Chemical Industry, Papermaking Industry, Food Industry, and Others), and by Region - Forecast till 2023
Global Sodium Percarbonate Market Overview
Sodium Percarbonate (SPC) is a source of highly concentrated hydrogen peroxide in non-aqueous systems. SPC is used for the cleaning purposes by adding small amounts of water or sonication and thus increasing the rate of oxidation. Owing to its hydrogen peroxide and Sodium Carbonate characteristics, SPC finds wide application scope as a detergent, cleaning agent, bleaching agent, and most importantly in water treatment process in numerous end-use industries.
As a bleaching agent, SPC is used in industries such as laundry, textile industry, papermaking industry, and food industry among others. However, household cleaning and industrial cleaning is the largest application area of SPC. Wide adoption and the demand from the growing industries is the key factor propelling the market growth. Continuing with the same trend; the market will perceive a significant increase.
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Acknowledging the kind of traction gained by this market, Market Research Future (MRFR) recently published a study report. According to the report, continuing with the same trends, the Global SPC Market is projected to accrue USD 1981.2 Million by 2023 at a CAGR of 8.24 % during 2017 to 2023. This will be attributed to increased absorption of SPC by the prominent end-use industries.
Other factors that fuel the SPC market growth include growing population and improving economic conditions that have substantiated the industrialization & urbanization along with the consumer purchasing power. Increasing demand for the latest fashionable clothing is one of the key factors expected to fuel the growth of the market by increasing the size of the textile market during the review period, 2017-2023. Increasing demand for Sodium Percarbonate based products and favorable government regulations are expected to propel the market growth over the estimated period.
On the other hand, raising awareness among consumer towards the toxicity level associated with SPC is likely to present challenges to the market growth over the forecast period.
Industry/ Innovation/ Related News:
November 17, 2017 Researchers from the Wake Forest Institute for Regenerative Medicine (USA) focusing on SPO (sodium percarbonate) and CPO (calcium peroxide), discovered the way to enhance the function and viability of insulin-producing cells during important stages of the building process for a bio-artificial pancreas. An artificial pancreas is one therapeutic area being explored for type 1 diabetes because insulin injections can help control blood sugar, but the drug cannot prevent complications of the disease like kidney damage and nerve pain.
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Global SPC Market - Segments
MRFR has segmented the market into four key dynamics.
By Types: Comprises - Coated, Uncoated, and Tablet.
By Applications: Cleaning Agent, Detergent Agent, Bleaching Agent, and Water Treatment, among others.
By End-Use: Laundry, Household Cleaning, Industrial Cleaning, Chemical Industry, Textile Industry, Papermaking Industry, and Food Industry, among others.
By Regions: North America, Europe, APAC and Rest of the World.
Segment Detergent Agent accounts for the leading segment by application with 48% of market share. The segment is projected to register 11.08 %CAGR over the forecast period.
Global SPC Market - Regional Analysis
Globally, Europe accounted for the leading market for Sodium Percarbonate, in 2016, owning the largest as in 41% market share. Retaining its dominance, the region is estimated to register CAGR during the review period. Factors such the growing industries such as laundry, household, and industrial cleaning coupled with the extensive utilization of Sodium Percarbonate in textile and household sector, predominantly drive the regional market growth.
Owing to the major growth contributor countries such as Germany, UK, and Russia, Europe region is expected to register 8.31% CAGR over the forecast period. Germany and UK are accounted for 34% and 21% of the regional market shares respectively while growing at highest CAGR of 8.46% and 8.29%.
Asia Pacific accounted for the second largest market for SPC with ~ 31% of the overall market share, in 2016. The region is further expected to grow at 8.25% CAGR by 2023. Factors such as rapid industrialization and the presence of numerous producers coupled with the availability of cost-comprehensive labor-force and growing exports substantiate the regional market growth.
Owing to the surging demand for SPC backed by the growing industrial investments and improved standard of living, some of the APAC countries such as India, China, and Japan account for the major contributor to the market growth.
Owing to the strict regulatory framework and high rate of technology adoption, developed regions such as Latin America and North America are estimated to witness significant growth. The U.S. among other North American countries backed by the greater penetration of end-user industries in the country, accounts for the major contributor to the market growth.
The Middle East & Africa and Latin America, regions are estimated to grow at 7.94% CAGR during the forecast period. Owing to the increasing use of detergent and cleaning agent in various end-use industries, UAE accounting for the largest market share, in 2016, reached USD 17.2 million and is likely to retain its dominance in the MEA market over the forecast period.
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