Sodium Phosphate Market Size, Share, Industry Analysis, Trends, Growth, Forecasts 2030
The sodium phosphate market is projected to grow significantly in the coming years, with a compound annual growth rate (CAGR) of around 9.84% from 2023 to 2030. The market is expected to reach $874.12 Million by 2030, up from $412.56 Million in 2022. This growth is driven by increased demand across various industries, including food and beverage, pharmaceuticals, personal care, and water treatment.
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Key applications of sodium phosphate include its use as a leavening agent in baked goods, a pH stabilizer, and a water treatment chemical. Its role in maintaining moisture in processed foods also makes it valuable in the food industry. Moreover, the pharmaceutical sector uses sodium phosphate for laxatives and other medical treatments.
Regionally, North America, Europe, and Asia-Pacific are significant markets, with Asia-Pacific showing the fastest growth due to rising industrial demand, particularly in China and India. Major players in the global sodium phosphate market include EuroChem Group, The Mosaic Company, Israel Chemicals Ltd., and Tata Chemicals.
Global Sodium Phosphate Market: Segmentation
The global market for sodium phosphate is fragmented into its product type, application, and source. Based on product type, the global market is segregated into trisodium phosphate, monobasic sodium phosphate, and disodium phosphate. Based on the application, the market is categorized into fertilizers, metal finishing, personal care, food & beverages, detergents, and water treatment chemicals. Depending on the source, the global market is divided into igneous & weathered rock, sedimentary marine deposits, and biogenic.
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The Global Sodium phosphate market is segmented as follows:
By Product Type
- Trisodium Phosphate
- Monobasic Sodium Phosphate
- Disodium Phosphate
By Application
- Fertilizers
- Metal Finishing
- Personal Care
- Food & Beverages
- Detergents
- Water Treatment Chemicals
By Source
- Igneous & Weathered Rock
- Sedimentary Marine Deposits
- Biogenic
The key market players that are involved in the sodium phosphate market include
- PJSC PhosAgro AG
- EuroChem
- Innophos Holdings, Inc.
- The Mosaic Company
- Potash Corporation of Saskatchewan Inc.
- Agrium Inc.
- Saudi Arabian Mining Company
- Israel Chemicals Ltd.
- And others.
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