Sodium Hexametaphosphate (SHMP) Market Report Overview
The global Sodium Hexametaphosphate (SHMP) market size was valued at USD 577.3 million in 2020. As per our research, the market is expected to reach USD 697.1 million by 2027, exhibiting a CAGR expansion of 2.4% during the forecast period.
Sodium hexametaphosphate (SHMP) is a chemical compound with the formula (NaPO3)6. It is a versatile hexamer composed of six linked phosphate units, which forms a cyclic structure. SHMP is commonly used in various industrial applications, including food processing, water treatment, and detergents.
The demand for SHMP is closely tied to various industries, including food processing, water treatment, and detergents. The overall growth of these industries can impact the demand for SHMP. Stringent regulations regarding water quality and environmental protection can drive the demand for water treatment chemicals, including SHMP. If governments implement stricter regulations, companies may need to invest in water treatment solutions, contributing to market growth.
COVID-19 Impact: Market Faced a Fall in Demand Due to Disruptions in Supply Chain During the Pandemic
The global COVID-19 pandemic has been unprecedented and staggering, with the Sodium Hexametaphosphate (SHMP) market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The pandemic has caused disruptions in global supply chains, affecting the production and transportation of chemicals. Delays in the supply chain can impact the availability of raw materials and finished products, potentially affecting the SHMP market.
Latest Trends
"Increased Emphasis on Water Treatment Encourages More Developments in the Market "
The Sodium Hexametaphosphate (SHMP) market is as dynamic as any other market. With a global focus on water scarcity and water quality, the demand for water treatment chemicals, including SHMP, may be on the rise. Efforts to improve water infrastructure and address water-related challenges could contribute to increased usage.
Sodium Hexametaphosphate (SHMP) Market Segmentation
- By Type Analysis
According to type, the market can be segmented into food grade and technical grade.
In terms of services, food grade is the largest segment. Sodium hexametaphosphate (SHMP) is commonly used in the food industry as a food additive and is generally recognized as safe (GRAS) when used in accordance with good manufacturing practices.
- By Application Analysis
Based on application, the market can be divided into food industry, water treatment, paper industry, industrial cleaner, and others.
In terms of services, food industry is the largest segment. Sodium hexametaphosphate (SHMP) is a versatile compound used in both the food industry and various industrial applications due to its properties as a sequestrant, emulsifier, and water treatment agent.
Driving Factors
"Rising Awareness About Water Treatment has Increased Demand in the Market"
SHMP is extensively used in water treatment processes. The increasing need for clean water, both in industrial processes and municipal supplies, drives the demand for water treatment chemicals, including SHMP. It helps in preventing scale formation and controlling water hardness. SHMP is effective in preventing the formation of scale deposits in water systems. Scale can accumulate on the surfaces of pipes, boilers, and other water-handling equipment, leading to reduced efficiency and potential damage. By acting as a scale inhibitor, SHMP helps maintain the integrity and efficiency of water-related infrastructure.
"Rising Application in Food Industry has Influenced the Demand in the Market"
The food industry utilizes SHMP as a sequestrant, emulsifier, and texture modifier. The growth in the processed food industry, coupled with the demand for improved food quality and stability, contributes to the increasing use of SHMP in food applications. Food processing is a significant driver of the Sodium Hexametaphosphate (SHMP) market. Sodium hexametaphosphate is commonly used in the food industry for various purposes, and its demand is influenced by the needs of food processing applications. The growth of the food processing industry, driven by factors such as changing consumer preferences, demand for convenience foods, and advancements in food technology, contributes to the increased use of SHMP in various applications. As food manufacturers seek to improve the quality, shelf life, and sensory attributes of their products, the demand for additives like SHMP is likely to remain robust in the food processing sector. Additionally, compliance with food safety regulations and the need for innovative food formulations further influence the adoption of SHMP in the food industry. In this way this factor resulted in Sodium Hexametaphosphate (SHMP) market growth.
Restraining Factor
"Health Concerns lead to a Declining Trend in the Market "
There may be concerns regarding the health effects of certain phosphates in food products. While SHMP is generally recognized as safe (GRAS) when used within established limits, health-related concerns or changing consumer perceptions about additives in food may influence market dynamics. As a consequence, there will be a declining trend in the market.
Sodium Hexametaphosphate (SHMP) Market Regional Insights
"North America Region Dominates the Market owing to Industrial and Economic Factors"
North America has the largest Sodium Hexametaphosphate (SHMP) market share as it has a well-developed industrial and economic infrastructure. The region's strong manufacturing base, including the food processing, water treatment, and chemical industries, could contribute to higher demand for SHMP. North America has stringent regulatory standards for food safety, water treatment, and other industrial applications. The use of SHMP in compliance with these regulations may contribute to its widespread adoption in the region. The North American region often leads in technological innovation and research and development activities. Advanced technologies and processes may be more readily adopted, contributing to a higher demand for specialized chemicals such as SHMP. The region's consumer awareness and preferences regarding food quality, safety, and environmental concerns may drive the demand for additives like SHMP in food processing and water treatment.
Key Industry Players
"Key Players Focus on Research and Development for Market Expansion"
Key players in the Sodium Hexametaphosphate (SHMP) market, as in any industry, are often major companies that have a significant impact on market dynamics. These companies tend to have substantial market shares, extensive distribution networks, and a strong presence in key regions. Leading companies invest in research and development to improve production processes, discover new applications, and enhance the properties of SHMP. This can involve developing innovative formulations, improving efficiency, and ensuring compliance with regulatory standards. Key players often engage in strategic initiatives to expand their market presence. This may include entering new geographic regions, forming partnerships or collaborations, and acquiring or merging with other companies to strengthen their market position.
List of Market Players Profile
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Mexichem(Mexico)
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TKI(U.S.)
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Recochem(Canada)
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Prayon(U.S.)
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Innophos(U.S.)
INDUSTRIAL DEVELOPMENT
April 2020: Industries are constantly exploring new applications for SHMP, driven by its versatile properties. The identification of novel uses, especially in areas such as advanced materials or specialty chemicals, can contribute to industrial development..
Report Coverage
The report brings together extensive research on the qualitative and quantitative factors affecting the market. It gives an overall macro and micro view of the online reputation service industry. This research profiles a report with extensive studies on the online reputation management services market that describe the firms affecting the forecasting period. Detailed studies also offer a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others.
Furthermore, the post-COVID-19 pandemic’s effect on international market restrictions and a deep understanding of how the industry will recover and strategies are also stated in the report. Finally, the competitive landscape has also been examined in detail to provide clarification of the competitive landscape.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 577.3 Million in 2020 |
Market Size Value By |
US$ 697.1 Million by 2027 |
Growth Rate |
CAGR of 2.4% from 2020 to 2027 |
Forecast Period |
2023-2027 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global Sodium Hexametaphosphate (SHMP) market expected to touch by 2027?
The global Sodium Hexametaphosphate (SHMP) market is expected to touch USD 697.1 million by 2027.
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What CAGR is the Sodium Hexametaphosphate (SHMP) market industry expected to exhibit during 2020-2027?
The global Sodium Hexametaphosphate (SHMP) market is expected to exhibit a CAGR of 2.4% over 2020-2027.
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What are the factors which help in pushing the Sodium Hexametaphosphate (SHMP) market?
Rising application infood industry and rising awareness about water treatment are the driving factors of the market.
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What are the key Sodium Hexametaphosphate (SHMP) market segments?
The key market segmentation that you should be aware of, which includes, Based on type the Sodium Hexametaphosphate (SHMP) market is classified as food grade and technical grade. Based on application the Sodium Hexametaphosphate (SHMP) market is classified as food industry, and water treatment, paper industry, industrial cleaner, and others.