Sodium Tripolyphosphate Market 2019, Comprehensive Analysis, Size, Key Players Review, Phenomenal Growth and Business Boosting Strategies till 2023

According to a new report by Market Research Future (MRFR), the global sodium tripolyphosphate market is expected to touch USD 2,497.7 million by the end of 2023.

Market Synopsis:
Sodium Tripolyphosphate Market is a crystalline powder used for cleaning purpose, food preservation, and softening of water. Sodium tripolyphosphate is majorly used in the textile industry for dyeing purposes and as emulsifiers in beverages and food preservation.

According to a new report by Market Research Future (MRFR), the global sodium tripolyphosphate market is expected to touch USD 2,497.7 million by the end of 2023. The market is anticipated to expand at 1.48 % CAGR over the assessment period (2017-2023) owing to the growth in key end-use industries. The market was valued at valued at USD 2,250.7 million in 2016 and is anticipated to showcase a sluggish CAGR.

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Industry News:
A recent crackdown on fish fillets import containing sodium tripolyphosphate, ha shit imports of double frozen Pollock fillets from the China region to Brazil. This is anticipated to boost the Brazilian demand for products from other origins and raw materials processed in Brazil.

Competition Analysis:
The prominent players operating the global market for sodium tripolyphosphate are Tata Chemicals Ltd., Sumitomo Chemicals Co. Ltd, Hubei Xingfa Chemicals Group, ICL Performance Ltd., Haifa Group, TongVo Chemicals Limited, Merck group, Innophos Holding Inc., Aditya Birla Chemicals, Prayon S.A., and others.

Future Drivers and Constraints Affecting the Market Growth:
One of the major factors spurring the market growth is the healthy growth of the end-use industries. Being a raw material for end-use industries, the demand for sodium tripolyphosphate has increased. For instance, the poultry farms require their meats to look fresh and need a chemical to slow down the spoilage. Moreover, rise in per capita consumption of poultry products drives the market for sodium tripolyphosphate globally. Also, sodium tripolyphosphate is extensively used in home and personal care industry which is estimated to drive the market growth. For instance, the key ingredient used in soaps and detergents is sodium tripolyphosphate. The increasing use of such products is further fuelling the market growth over the forecast period.

Global Sodium Tripolyphosphate Market Segmentation:
Globally, the market for sodium tripolyphosphate has been segmented on the basis of end-use, application, and region.

The market has been segmented into cleaning agents, ceramic tiles, detergent, water treatment, paints & dying, food preservative, metal treatment, and others based on application. Among these, detergent was the most promising application and accounted for 26 % of the market share. The segment is anticipated to continue its dominance over the assessment period by expanding at 1.40 %.

The market has been segmented into agriculture, food & beverages, pharmaceuticals, textile, household cleaning, cosmetics, and others based on end-use industry. Among these, household segment dominated the market and accounted for 27 % of the market share, owing to the growing household applications. Trend for dishwashing has gained traction in household application, thereby resulting the global market for sodium tripolyphosphate to fuel.

Regional Analysis:
Geographically, the market for sodium tripolyphosphate has been spanned across Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Asia Pacific emerged as the global leader in 2016 and accounted for 42 % of the global share. China is of the major regions driving the Asia Pacific region, owing to the export activities as well as growing production.

North America was the second largest market for sodium tripolyphosphate and accounted for around one-fourth of the total market share. In order to eliminate environmental impact, the region has banned the use of sodium tripolyphosphate, owing to the overuse of phosphate in detergents. Due to the contribution of the U.S. coupled with growing demand for food preservation, there has been a growth in this region.

Due to strict government mandates, and increasing awareness towards eco-friendly products, the European region has experienced a drastic change in terms of sodium tripolyphosphate consumption. This has resulted the European market to expand at 1.13 % CAGR over the assessment period.

Contact Info:
Name: Abhishek Sawant
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Organization: Market Research future
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Phone: 6468459312

Release ID: 88925388