Sodium Bicarbonate Market Revenue, SWOT, PEST Analysis, Growth Factors, 2021–2027
The Global Sodium Bicarbonate market is forecast to reach USD 1.96 Billion by 2027, according to a new report by Reports and Data. The monosodium salt of carbonic acid with an electrolyte replacement and alkalinizing properties may be referred to as Sodium Bicarbonate. It has a chemical formula of CHNaO3 or NaHCO3. On dissociation of sodium hydrogen carbonate, it forms sodium and bicarbonate ions. Sodium hydrogen carbonate is alkaline in nature. It is crystalline, white powder, which is usually used as an electrolyte replenisher, pH buffering agent, in topical cleansing solutions, and systemic alkalizer, among others. Such a wide arena of applications is one of the mentionable factors propelling the growth of the market. It is also known as baking soda. When it is used as a baking soda in cooking, it reacts with acts and releases, which results in the expansion of the batter, and it is responsible for the characteristic grain and texture in cakes, pancakes, among other food products. Due to the alkaline nature of sodium hydrogen carbonate, it is used in treating heartburn, acid indigestion, wherein it neutralizes excess stomach acid. When sodium hydrogen carbonate is used for this purpose, it belongs to the antacid group of medicines. The government of various nations are emphasizing on minimizing emissions at thermal power plants, which would also positively drive the growth of the sector. Thus, the increasing demand for Sodium Bicarbonate in the pharmaceutical sector, supportive government policies, and the rising demand for baked food products are fostering the growth of the sector.
In regards to region, North America can be seen to occupy a considerable share of the sector. The market share held by the region is attributed to the high demand of the compound in the food industry, pharmaceutical sector, and water treatment, which is supporting the growth of the industry in this region.
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Further key findings from the report suggest
- The Sodium Bicarbonate market held a market share of USD 1.34 Billion in the year 2018 that is forecasted to grow at a rate of 4.3% during the forecast period.
- In context to Form, the Slurry segment is projected to witness a significant growth rate of 5.0% during the forecast period, which is expected to hold 17.0% of the market by 2027. The growth rate witnessed by the Slurry segment is attributed to the continuous expansion of the pharmaceutical sector and associated elevating demand for sodium hydrogen carbonate in pharmaceuticals and in various industrial applications like in abrasives cleaning part that requires the chemical compound in slurry form.
- In context to Grade, the Pharmaceutical Grade segment is projected to witness the fastest growth rate of 5.2% during the forecast period, which is expected to occupy 13.0% of the market by 2027. The growth rate witnessed by the Pharmaceutical Grade segment is attributed to the alkaline nature of the compound due to which, it is used in antacid group of medicines to treat heartburn, acid indigestion, among others, contributing to the growth rate witnessed by this segment. Pharmaceutical grade sodium hydrogen carbonate is also used in treating symptoms of duodenal or stomach ulcers.
- In regards to Application, the Animal feed segment held the largest market share of more than 20.0% in 2018, with a CAGR of 4.5% during the forecast period. The market share held by the Animal feed segment is attributed to the fact that sodium hydrogen carbonate plays an integral role in animal nutrition, due to which, it has elevated demand a dairy cow feed supplement that contributes to the market share held by this segment. In animal feed, sodium hydrogen carbonate is also used to stabilize rumen pH that reduces acidic conditions.
- In regards to the region, Europe held 24.0% of the market in 2018, which a CAGR of 4.4% during the forecast period. The market share held by this region is attributed to expanding the pharmaceutical sector, well-established personal care sector, and increasing demand for meat and eggs, which results in high demand for sodium hydrogen carbonate.
- Key participants include S.A.B. de C.V., Vitro, Solvay Specialty Polymers USA, LLC, Tosoh Corporation, Natural Soda, LLC, Tata Chemicals Limited, Crystal Mark, Inc, Opta Minerals Inc, Haohua Honghe Chemical Co. Ltd., and FMC Corporation.
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For the purpose of this report, Reports and Data have segmented the global Sodium Bicarbonate market according to Form, Grade, Application, and Region:
Form Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
- Powder
- Slurry
- Liquid
- Crystals
Grade Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
- Industrial Grade
- Feed Grade
- Pharmaceutical Grade
- Food Grade
- Others
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
- Animal feed
- Agrochemical
- Pharmaceutical
- Food & beverage
- Industrial
- Personal care
- Others
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Comprehensive Overview of the Report:
- In-depth analysis of the upstream raw materials, downstream buyers, key vendors and manufacturers, and raw material sourcing
- R&D activities, product advancements, and strategic alliances adopted by key companies
- Analysis of challenges, drivers, constraints, opportunities, risks, and future prospects of the Sodium Bicarbonate industry
- SWOT analysis of each market player to provide an in-depth understanding of the competitive landscape
- Historical analysis and a comprehensive forecast analysis is offered in the report
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