The Global Sodium Tripolyphosphate Market was valued at USD 2,250.7 million in 2016 and is predicted to grow at low CAGR of 1.48% to reach USD 2,497.7 million by the end of 2023. Healthy growth in key end use industries such as household cleaning industry, food & beverages, industrial cleaning is the dominant driving factor identified in this market.
Furthermore, restraining factors have greater impact in this market over drivers which has led to slow growth of this market. Some of the factors which negatively impact the market growth are stringent government regulations on the excess use of STPP in detergents, strong competition given by zeolite, and availability of reasonable substitute in various applications. Specifically, European Union has regulated policies to limit use of STPP in detergents to eliminate pollution causing effect, due to which Europe was the highly affected region in terms of regional growth.
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The Global Sodium Tripolyphosphate Market is segmented into application, end use, and region. Market segmentation based on application includes detergents, water treatment agents, food preservation, metal treatment, ceramic tiles, paints & dyeing, and others. Furthermore, based on end use industries market has been segmented into household cleaning, food & beverages, industrial, agriculture, textile, pharmaceuticals, cosmetics, and others. Household cleaning industry held major share and emerged as global leader in Sodium Tripolyphosphate Market as of 2016.
Sodium Tripolyphosphate is used for cleaning purpose, therefore, its primary application is detergents which has dominated the global market. As of 2016, detergent application segment accounted for 26% of global shares growing at CAGR of 1.40%. Food preservation application was the dynamic segment and had registered at the highest CAGR of 1.72% due to food & beverages industrial growth. It is the major revenue generating segment as well and has generated overall revenue of USD 627.2 million growing at a CAGR of 1.24%.
Some of the key players operating in the Global Sodium Tripolyphosphate Market are
- Innophos Holding Inc.
- Tata Chemicals Ltd.
- ICL Performance Ltd.
- Aditya Birla Chemicals
- Sumitomo Chemicals Co. Ltd
- Merck group
- Hubei Xingfa Chemicals Group
- Prayon S.A.
- Haifa Group
- TongVo Chemicals Limited.
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The Global Sodium Tripolyphosphate Market is spanned across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. According to the MRFR analysis, Asia Pacific was the most promising region in terms of production as well as consumption as of 2016. The region has accounted for the largest market share of 42% followed by North America at 24%. China is single handedly driving Asia Pacific STPP market by being the largest exporter across the globe.
After Asia Pacific, North America was the second largest market projected to surpass USD 590 million over during the forecast period. Growth in this region is highly credible to the booming food & beverage industry and it is anticipated to provide lucrative growth opportunities in the years to come.
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List Of Tables:
Table 1 World Population By Major Regions (2016 To 2030)
Table 2 Global Sodium Tripolyphosphate Market: By Region, 2016-2023
Table 3 North America Sodium Tripolyphosphate Market: By Country, 2016-2023
Table 4 Europe Sodium Tripolyphosphate Market: By Country, 2016-2023
Table 5 Asia-Pacific Sodium Tripolyphosphate Market: By Country, 2016-2023
To Be Continue……
List Of Figures:
FIGURE 1 Global Sodium Tripolyphosphate Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Five Forces Analysis Of Global Sodium Tripolyphosphate Market
FIGURE 4 Value Chain Of Global Sodium Tripolyphosphate Market
FIGURE 5 Share Of Global Sodium Tripolyphosphate Market In 2016, By Country (In %)
To Be Continue……
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