(I-BusinessNews.Com, March 18, 2020 ) The sodium hypophosphite market is estimated to be valued at USD 664 million in 2019 and is projected to grow at a CAGR of 5.0% from 2019, to reach a value of USD 890 million by 2025. Increasing demand from various end-use industries such as automotive, aviation, electronics, and construction is expected to drive this market in the coming years.
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The reducing agent segment is projected to be the fastest-growing in the sodium hypophosphite market during the forecast period.
Sodium hypophosphite acts as a reducing agent for electroless nickel plating application. Electroless nickel plating finds its usage in the electronics and automotive industry. These industries are booming in the emerging Asia Pacific, South America, and the Middle East and African regions. In Asia Pacific, the rise in the number of vehicles in countries such as China, India, and Japan, holds high growth prospects for sodium hypophosphite manufacturers within the automotive industry in the coming years. In water treatment as well, sodium hypophosphite, acts as a reducing agent, to reduce the metal ion content in industrial waste before being discharged in water.
The electroplating segment is projected to record the fastest growth during the forecast period.
Sodium hypophosphite finds its usage widely for electroplating application. The automotive and electronics industries utilize the electroless nickel plating application. The corrosion resistance property of electroless nickel plating makes it an ideal choice for both the industries. The Asia Pacific region, a hub of export of electronic products, boasts of high growth prospects for sodium hypophosphite manufacturers in the coming years. Key revenue generating countries in the region include China, among the largest producer of electronics at a global level, Vietnam, Japan, South Korea, Taiwan, and Thailand, the hub of production of hard drives, semiconductor, and integrated circuits.
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Rising demand for water treatment in industrial applications is projected to drive the sodium hypophosphite market in Asia Pacific.
The growing industrialization has increased the amount of waste discharged in water bodies. Additionally, the unregulated discharge of industrial and domestic contaminants into water bodies causes health problems in human beings and the destruction of aquatic life, thereby necessitating the use of water treatment chemicals. The polluted water further affects the use of water for drinking, recreation, household needs, transportation, and commerce.
This report includes a study of marketing and development strategies along with the product portfolios of leading companies in the sodium hypophosphite market. It consists of the profiles of leading companies such as Arkema (France), Solvay S.A. (Belgium), Nippon Chemical Industrial Co., Ltd. (Japan), Sigma-Aldrich (US), Hubei Xingfa Chemicals Group Co., Ltd. (China), Changshu New-Tech Chemicals Co., Ltd. (China), Jiangxi Fuerxin Medicine Chemical Co., Ltd. (China), Jiangsu Kangxiang Industrial Group Co., Ltd. (China), Hubei Lianxing Chemical Co., Ltd. (China), Jiangsu Danai Chemical Co., Ltd. (China), Hubei Sky Lake Chemical Co., Ltd. (China), and Huanggang Quanwang Chemical Co., Ltd. (China).
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