July 23, 2024

Sodium Hexametaphosphate Market Driven by Growing Demand in Food & Beverage Industry

Sodium hexametaphosphate is widely used as a sequestrant, which prevents oxidation and corrosion of various metals. It is commonly used as an additive in food & beverages to maintain clarity and stability. It prevents precipitation and discoloration by binding with minerals such as calcium and magnesium. Sodium hexametaphosphate also extends the shelf life of products by inhibiting microbial growth. Dairy products, juices, bakery products, and canned goods extensively use sodium hexametaphosphate as a preservative. The growing packaged food & beverage industry globally is driving significant demand for sodium hexametaphosphate.

The global sodium hexametaphosphate market is estimated to be valued at US$ 1,501.17 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the sodium hexametaphosphate market is its increasing usage in industrial applications such as water treatment. It acts as an effective sequestrant in various industrial wastewater treatment processes by binding calcium, magnesium, and heavy metal ions. This prevents scaling and corrosion issues. Sodium hexametaphosphate also facilitates easier removal of sludge in wastewater treatment plants. The growing stringent regulations regarding industrial wastewater discharge are propelling the demand for sodium hexametaphosphate in water treatment applications. Additionally, sodium hexametaphosphate finds usage in other industrial applications such as metal spraying, concrete production, and mining activities, which is further augmenting the market growth.

Porter’s Analysis

Threat of new entrants: Low, as setting up large-scale production facilities requires high capital investment and developing brand reputation takes significant amount of time.

Bargaining power of buyers: Moderate, as sodium hexametaphosphate has substitutes. However, it has established usage in end-use industries.

Bargaining power of suppliers: Moderate, as raw materials for manufacturing are widely available. However, major players have strong global presence.

Threat of new substitutes: Low, as limited substitutes are available and sodium hexametaphosphate has widespread applications due to its unique attributes.

Competitive rivalry: High, as the global market is consolidated with major players having strong brand presence worldwide.

Key Takeaways

The global sodium hexametaphosphate market is expected to witness high growth over the forecast period. The global sodium hexametaphosphate market is estimated to be valued at US$ 1,501.17 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030.Regional analysis: Asia Pacific is expected to grow at the highest pace during the forecast period attributed to the expanding industrial sectors and growing population in countries such as China and India.

Key players: Key players operating in the sodium hexametaphosphate market are Kraft Chemical Company, Inc., Aditya Birla Chemicals, Mexichem, Prayon S.A., Innophos, Chongqing Chuandong Chemical (Group) Co.,Ltd, Israel Chemicals Limited (ICL), Yixing Tianyuan Chemical Co., Ltd., Recochem Inc., Hubei xingfa chemicals group co., LTD, Weifang Huabo Chemical Co., Ltd., Xuzhou Tianjia Food Chemical Co., Ltd, and Guizhou Sino-Phos Chemical Co., LTD.