Global Sodium Methylate Market, according to MRFR, was valued at USD 354.7 Million in 2018 and is slated to grow at a CAGR of around 4% during the forecast period.
The growing usage ofsodium methylatesin biodiesel processing for the automobile industry and many other industries is a major driver of global sodium methylate demand. Furthermore, the widespread usage of sodium methylate in the pharmaceutical business is predicted to fuel global demand growth, as well as the worldwide pharmaceutical industry's healthy expansion. Furthermore, the need to reduce carbon emissions in the automotive industry, the Paris climate change targets and public awareness of global warming are all driving biofuel demand.
Indeed, the expanding market for biodiesel, combined with government attempts in several nations to blend it, has increased biodiesel production possibilities. The ability to produce biodiesel has increased, which has resulted in a growth in sodium methylate consumption. Furthermore, the presence of mercury in the sodium methylate solution during manufacture contributes to product contamination and has an effect on sodium methylate's catalytic activity. As a result, in order to prevent the existence of mercury, alternative ways based on other raw materials will continue to drive up global demand for sodium methylate.
Vitamins, trimethoprim, sulfadoxine, sulfadiazine, and other drugs are increasingly being used in pharmaceutical applications, which is fueling market growth. Market growth is being fueled by widespread use in the production of edible oil, grease, and synthetic detergents. In the next years, widespread use in the synthesis of grease and synthetic detergents, as well as the manufacturing of edible oil, is predicted to fuel demand growth.
During the projected period, price volatility in methanol, which is the chemical's principal raw material, is projected to stymie the growth of global demand for sodium methylate. The sluggish decrease trend of these raw materials in recent years will begin to decrease the price gap between diverse products in the future as competition develops. Similarly, profit margins are subject to change. The outbreak of COVID-19 has had a wide range of consequences, including flight cancellations, travel bans, and quarantine, restaurants closing, all indoor activities being restricted, over forty countries declaring states of emergency, major supply chain delays, stock price volatility, declining company morale, rising public fear, and uncertainty about the future. Since the COVID-19 epidemic caused an agricultural halt, sodium methylate has been in short supply.
Asia-Pacific led theSodium Methylate Market growthin 2022. The market for sodium methylate is expanding in nations like China, India, and Japan, where industrialization is accelerating and per capita income is rising. China is the main manufacturer and user of sodium methylate in Asia Pacific, followed by India and Japan. The expected growth in the pharmaceutical and chemical industries is expected to fuel the market for sodium methylate even further. The growth trend is expected to be positive, with a CAGR of 5% over the forecast period. Over the review period, regional goods demand is expected to grow at a CAGR of about 4.3 percent.
In 2017, North America was the world's largest market for sodium methylate. The area has a market value of more than USD 84 million. The United States was the largest segment of the regional industry, and it is expected to grow at a faster rate than the rest of the region over the study period. Because medications are becoming more common in North America, the use of sodium methylate is likely to rise. Furthermore, the increased use of biodiesel in the transportation sector is likely to boost regional demand.
Over the forecast period, demand for the liquid segment is expected to grow faster than demand for the solid segment in the type segment. Due to the increased usage of liquid in the manufacturing of biodiesel, the liquid segment is likely to develop significantly.
The pharmaceuticals segment had the greatest market share of over 35% in 2018 and is expected to grow at a substantial rate over the forecast period. Vitamin A, Vitamin B, Sulfamethoxazole, Sulfadiazine, and Trimethoprim are some of the active chemicals used in pharmaceuticals. Sodium methoxide is the sodium salt of methoxide and is utilized in the production of dehydro-halogenation and other reaction types.
FRP Services & Company, TGV Group, The Good Scents Company, MSSA, Evonik Industries AG, Fenix Process Technologies Pvt Ltd, Brenntag NV, BASF SE, Supra Group of Companies, Inner Mongolia Lantai Industrial Co., Ltd, Desatec, Alfa Aesar, Gelest, Inc., and American Elements are major players of the global sodium methylate market.
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