Sodium Sulphite Market to Witness Sluggish Growth during COVID-19 Pandemic, with Recovery Expected in Late 2021
Published : 29 Sep 2020 Industry: Chemical & Materials
The sodium sulphite market is forecast to witness a slow growth rate of around 2% CAGR through 2030. Further, the coronavirus pandemic has led to a decline in demand over the 2nd quarter of FY2020. Most of the historical demand for sodium sulphite is attributed to the pulp & paper industry, but this sector is correlated with the economic trajectory. However, growing economies such as East Asia & South Asia are projected to create increased demand during the forecast period of 2020-2030, owing to the product line-up of different applications.
As per Fact.MR analysis, the market is set to recover by mid-FY2021 onwards, thereafter going back to its normal growth pace.
Key Takeaways from Sodium Sulphite Market Study
- The global sodium sulphite market is anticipated to create a value opportunity of around US$ 800 Mn during the forecast period, adding 1.3X value as compared to 2019 by 2030.
- The MEA region is set to gain 50 BPS over the forecast period of 2020-2030.
- On the basis of grade, industrial grade is set to expand at a CAGR 2.8% over the forecast period.
- Declining demand for sodium sulphite in food preservative applications is set to be observed during the short-term forecast period.
- China holds a lion’s share of global sodium sulphite production; however the scenario might change over the short-team forecast period.
- Preservation applications will drive the growth of the sodium sulphite market over the mid-term forecast period.
“The COVID-19 pandemic is set to further impede the already sluggish demand for sodium sulphite,”says a Fact.MR analyst.
Diversified Product Portfolio to Strengthen Stance of Key Players
The sodium sulphite market space is fragmented in nature, but despite this, market players are delivering products with broadened portfolios. Key players in the market are BASF, Ineos Calabrian, Solvay Minerals Inc., Rongda Chemical Corporation, Indspec Chemical, Southern Ionics, Olympic Chemicals, Aditya Birla Chemicals, Hemani Group of industries, Guangdi Chemicals, Jinchuan Group Limited, Kayon Chemicals, Weifang Industry, and Chemicals products Ltd. Though the market is highly fragmented in nature, key players are following the likely demand curve, shifting their stance from manufacturing food grade to technical grade sodium sulphite. For instance, BASF has reformed sodium sulphite food grade as a conservative agent used in the production of dried fruits. Solvay shifted its possibility curve toward manufacturing technical grade sodium sulphite to ensure its stance in the global market.
More Valuable Insights on Sodium Sulphite Market
Fact.MR, in its new offering, presents an unbiased analysis of the global sodium sulphite market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the sodium sulphite market on the basis of application (dissolving agents, de-chlorinating agents, oxygen scavengers, intermediates, preservatives, and photographic films), end use (pulp & paper industry, water treatment, food & beverages, cosmetics, pharmaceuticals, and chemical industry), and grade (industrial and food), across six major regions.
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