(MENAFN- EIN Presswire) SEATTLE, UNITED STATES, November 17, 2021 /EINPresswire.com / -- Global Sodium Acetate market was valued at US$ 103.54 million in 2019 and is forecast to reach a value of US$ 151.80 by 2027 at a CAGR of 4.9% between 2020 and 2027
Sodium acetate is a type of salt which is widely being used as a food additive for enhancing the taste and mixing ability of processed foods. It also largely used in the preparation of drugs and animal food. At the end of 2019, the global Sodium Acetate market was valued at US$ 103.54 million and volume was 350.43 thousand tonnes. The market for sodium acetate trihydrate and sodium acetate anhydrous is predicted to develop due to rising demand from the food and beverage industry. In food items, sodium acetate trihydrate is used as a preservative and flavouring ingredient. As a result of the increased demand for ready-to-eat foods, preservatives are in high demand.
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Key players:
Key players operating in the global sodium acetate market include Allan Chemical Corporation, CABB GmbH, Changshu Nanhu Chemical Co., Ltd., Fujian Fukang Pharmaceutical Co., Ltd., Nantong Zhongwang Additives Co., Ltd., Karn Chem Corporation, Niacet Corporation, NOAH Technologies Corporation, Shanxi Xinzhou Chemical Reagent Factory, and Spectrum Chemical Manufacturing Corporation.
Market Opportunity
Expansion of the chemical industry around the globe due to the increasing production of chemical products is expected to offer lucrative opportunities in the market over the forecast period. According to the Cefic Facts & Figures, global chemical turnover was valued at €3,347 billion in 2018. Global sales increased by 2.5% from €3,266 billion in 2017 to €3,347 billion in 2018. China leads the market with €1,198 billion in 2018. Thus, robust growth in the chemical industry is projected to foster the market growth.
Market Trends
A significant trend in the industry is the increased usage of sodium acetate in plastic manufacture. The market for sodium acetate trihydrate and sodium acetate anhydrous is predicted to rise as plastic production increases around the world to satisfy increased demand. Furthermore, rising demand for dyes for textile printing, such as wool, dyeing silk, and natural materials, is expected to boost sodium acetate trihydrate and sodium acetate anhydrous market growth throughout the forecast period.
Global Sodium Acetate Market - Impact of Coronavirus (Covid-19) Pandemic
The novel Coronavirus (COVID-19) has impacted almost all the chemical industries across the globe market. The increasing spread of Covid-19 has forced the manufacturers to deploy precautionary measures in their facilities including labors and plant controllers screening and monitoring, and sanitizing the facilities. However, surging demand across medical and pharmaceutical industries for the preparation of medicines is anticipated to augment the market growth for sodium acetate over the pandemic period.
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Detailed Segmentation:
Global Sodium Acetate Market, By Product:
Sodium Acetate Trihydrate
Sodium Acetate Anhydrous
Global Sodium Acetate Market, By End Use:
Leather & textile
Food
Medical & Pharmaceuticals
Others
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