Modern applications of sodium hypophosphite and expansion of electronics, automotive, chemical, and other key industries is driving the global sodium hypophosphite market
The global market for the Sodium Hypophosphite is anticipated to develop at a compound annual growth rate (CAGR) of 5.43% throughout the course of the forecast, to reach USD 1,021.2 Million by 2027.
Covid-19 Impact & Market Status
Industries are suffering as economies throughout the world deal with the effects of COVID-19. The pharmaceutical sector is flourishing as researchers work to create effective drugs that will stop the transmission of the virus. This can help to meet the global sodium hypophosphite market, which has several uses in the pharmaceutical sector. There was a decline in desire for sodium hypophosphite in industries including construction and chemicals, among others. Currently, these industries essentially don't exist. As the sector tries to recover from the third quarter of 2021, the demand for sodium hypophosphite is anticipated to rise during the following several years.
Reducing Agent Segment’s Market Shares on the Up
The global sodium hypophosphite market is anticipated to be dominated by the reducing agent segment in terms of function during the forecast period. Sodium hypophosphite is used as a reducing agent, catalyst, stabilizer, and chemical intermediate. Sodium hypophosphite is used as a corrosion inhibitor in electroless nickel plating in the automotive and electronics sectors. These sectors are thriving in South American, Middle Eastern, and African emerging countries. In the water treatment process, sodium hypophosphite also serves as a reducing agent to reduce the metal concentration of ions of hazardous effluents before to discharge into the water.
Prospects for Electrical Segment look bright in 2022
During the anticipated period, the electrical sector is anticipated to rule global sodium hypophosphite market in terms of grade. For electroless nickel plating, sodium hypophosphite in its electrical grade is utilized. In the electronics and automotive industries, electroless nickel plating is becoming increasingly popular. The usage of sodium hypophosphite in electroless nickel plating makes it a perfect product for the chemical, automotive, and electronics sectors. Due to urbanization, these sectors are growing quickly in the Asia Pacific area, which will present growth prospects for companies that make sodium hypophosphite in the years to come.
Electroplating To Anticipated To Witness Moneymaking Growth In Forthcoming Years
The global sodium hypophosphite market is divided into many categories depending on the use, including electroplating, water treatment, and chemicals and pharmaceuticals. During the projected period, the sector for electroplating is anticipated to develop at the greatest CAGR. Application areas for sodium hypophosphite in electroplating are many. One of the main factors driving the market's growth during the forecast period is the rising use of sodium hypophosphite in the electronic industry. One of the main causes anticipated to propel the growth for electroless nickel plating applications is the rapidly expanding electronics and automotive industries.
Asian Pacific Region And Its Sub-Regions Are Transcendent
The Asia Pacific area predominates over the rest of the world in terms of sales of sodium hypophosphite. One of the main reasons why sodium hypophosphite has such a high market penetration in the Asia Pacific region is the growing interest of foreign investors in emerging nations like China, India, and Indonesia. The APAC area has had rapid expansion in the polymer, plastics, and chemical industries, which has resulted in increased demand for sodium hypophosphite. Additionally, it is anticipated that over the course of the projection period, demand for sodium hypophosphite would rise significantly due to expanding automotive and aviation industries, as well as rising demand from these industries for metal-coated items in the APAC region.
The remarkable physical properties of sodium hypophosphite have increased its demand in many industries furthering the global sodium hypophosphite market.
The global sodium hypophosphite market is expected to be worth USD 1040 million by 2029 and grow at a CAGR of 5.0 percent during the forecast period. The increasing rate of water pollution from housing, commercial, and industrial sectors has increased the need for cleaning them improving the reliance on sodium hypophosphite. The global sodium hypophosphite market is projected to grow as a result of the increasing demand to purify natural water sources.
In addition, it is anticipated that the growing economies of the automotive and electronics industries would contribute to the global sodium hypophosphite overall rise throughout the next years.
Sodium hypophosphite is electroless nickel plating. With this technique, a sturdy nickel-phosphorus layer is applied to items with uneven surfaces. Sodium hypophosphite can be employed extensively in the field of ionics, aviation, and petroleum. It is also used as an ingredient in many food recipes. Sodium hypophosphite is used as a reduction agent, catalyst, stabilizer, and chemical intermediary. In the automotive and electronics industries, sodium hypophosphite is frequently used as a reduction agent for electrodeposition nickel plating.
Sodium hypophosphite is a material that can both store moisture and acts as a smooth solvent. Due to its tensile strength, heat endurance, and corrosion resistance, it is used as a decreasing specialist in electroplating. Due to it exceptional properties, sodium hypophosphite is widely employed in several industries including electronics, space, and automotive sectors. It also serves a unique function in the chemical and polymer sector since. It is used as a catalyst in chemical reactions. Additionally, sodium hypophosphite is used in the pharmaceutical and ceramic industries since it dissolves in both organic and inorganic solvents. Ceramic and pharmaceutical industries use it as both organic and inorganic solvents.
However, the global sodium hypophosphite market can find it difficult to grow given the presence of alternatives. Nevertheless, in the upcoming years, new development prospects, scientific developments leading to various applications, research and development investments by various firms are probably going to be a growth opportunity to the global sodium hypophosphite market.
The key players in global sodium hypophosphite market are Jiangsu Kangxiang Industrial Group, Jiangxi Fuerxin Medicine Chemical, Changshu New-Tech Chemicals, Hubei Xingfa Chemicals group, Stigma-Aldrich, Nippon chemical Industrial, Solvay, Arkema Huanggang Quanwang Chemical, and Hubei Sky Lake Chemical among others.
Latest Innovations in the Global Sodium Hypophosphite Market: A Snapshot
- A cyclic anhydride called maleic anhydride (MA) may create an ester bond with the components of wood, increasing the wood's dimensional stability and fungus resistance. The weight rise brought on by the treatment was, however, lost during the wet-dry cycle, indicating that the maleated wood's ester linkages are vulnerable to hydrolysis. So, using sodium hypophosphite, a combination was created to increase the longevity of the maleated product. Compared to untreated or specimens treatment with maleic anhydride alone, the combination treatment produced smaller saturated volumes, decreased weight loss, and increased anti-swelling efficiency (ASE).
Sodium Hypophosphite Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 1040 million|
|Growth Rate||CAGR of 5.0% during 2021-2028|
|Segment Covered||Function, Grade, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||Jiangsu Kangxiang Industrial Group, Jiangxi Fuerxin Medicine Chemical, Changshu New-Tech Chemicals, Hubei Xingfa Chemicals group, Stigma-Aldrich, Nippon chemical Industrial, Solvay, Arkema Huanggang Quanwang Chemical, and Hubei Sky Lake Chemical|
Key Segments of the Global Sodium Hypophosphite Market
Function Overview, 2022-2029 (USD Million)
- Chemical intermediates
- Reducing agents
- Catalysts & stabilizers
Grade Overview, 2022-2029 (USD Million)
Application Overview, 2022-2029 (USD Million)
- Chemicals & pharmaceuticals
- Water treatment
Regional Overview, 2022-2029 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa