April 18, 2024
Sodium Acetate Trihydrate & Sodium Acetate Anhydrous Market

Sodium Acetate Trihydrate & Anhydrous Market Sustaining Growth on Back of Pharmaceutical Applications

The sodium acetate trihydrate & anhydrous market comprises products that find wide application in pharmaceutical, food, and other industrial applications. Sodium acetate is commonly used as a pH regulator and preservative in pharmaceutical formulations. It acts as an analgesic, buffering agent, and viscosity-enhancing agent. The growing generics market and demand for over-the-counter drugs are propelling the need for sodium acetate.

The Global Sodium Acetate Trihydrate & Anhydrous Market is estimated to be valued at US$ 136.98 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Sodium Acetate Trihydrate & Anhydrous Market are AbbVie Inc., Ablynx NV by Sanofi SA, Arrowhead Pharmaceuticals, Inc., Baxter International Inc., AstraZeneca PLC, Boston Scientific Corporation, Becton, Depomed, Inc., Fraunhofer Gesellschaft Munchen, Janssen Global Services, LLC., Luye Pharma Group, Pfizer Inc., Quark Pharmaceuticals Inc., Rexahn Pharmaceuticals Inc., Savara Inc., Roche Holding AG, Suda Limited, Vectura Group PLC, Taiwan Liposome Company, Ltd., and 3M Company.

The growing demand for pharmaceutical products is fueling the sodium acetate trihydrate & anhydrous market. Sodium acetate finds widespread application as an excipient and buffering agent in tablets, capsules, injectable, and other dosage forms. It is used in controlling pH and enhances drug stability during manufacturing and storage.

Major players are expanding globally to leverage opportunities. For instance, manufacturers are strengthening their presence in Asian countries by setting up production plants. This is owing to the increasing generics production in regions like India and China. Additionally, companies are diversifying the application scope of sodium acetate to food and other industrial uses.

Market Key Trends

One of the key trends in the sodium acetate trihydrate & anhydrous market is the rising demand from the food industry. Sodium acetate is used as a color fixative and pH regulator in various foods. It prevents discoloration in seafood, meat, and other products. The thriving packaged and processed food industry is thus accentuating market growth. Furthermore, sodium acetate finds applications as a de-icing agent and corrosion inhibitor. The growing infrastructure and construction activities are boosting its consumption. Overall, the versatility and cost-effectiveness of sodium acetate are increasing its appeal across multiple end-use industries.

Porter’s Analysis

Threat of new entrants: The sodium acetate trihydrate & sodium acetate anhydrous markets require large capital investments as it is a specialized chemical markets with established global players.

Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of substitutes and commoditization of sodium acetate.

Bargaining power of suppliers: The market is dominated by a few global suppliers giving them higher bargaining power over buyers.

Threat of new substitutes: There are several substitutes present like other acetate salts and acids that limit the threat of new substitutes.

Competitive rivalry: The sodium acetate trihydrate & sodium acetate anhydrous market is dominated by global players.

Geographical Regions with Highest Market Share

North America accounts for the largest share in the global sodium acetate trihydrate & sodium acetate anhydrous market due to wide applications in end-use industries like food, pharmaceuticals and others. Asia Pacific is expected to grow at the fastest pace during the forecast period driven by expanding pharmaceutical industry in countries like China and India.

Fastest Growing Geographical Region

Asia Pacific is projected to be the fastest growing region in the sodium acetate trihydrate & sodium acetate anhydrous markets between 2024-2030. This can be attributed to rising pharmaceutical production and increasing food demand from populated countries like India and China.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.