Persistence Market Research released a new research study on the global sodium alginate market for the historical period of 2014 to 2018, and the forecast period of 2019 to 2029. The research study includes the sodium alginate market outlook and forecast for the coming ten years, along with the annual growth rate of individual segments. The global sodium alginate market is estimated to be valued at around US$ 170 Mn by the end of 2019, and is projected to grow at a significant growth rate, due to rising end-use industries, such as the textile industry, across the world.
Among the end-use segments of sodium alginate, the textiles segment is estimated to capture a prominent market share in the global sodium alginate market, owing to increased disposable income among the middle-class population and their changing lifestyles. Moreover, European countries are implementing new rules & regulations on the usage of synthetic chemicals for various end-use applications, especially in food & beverages and pharmaceuticals. Owing to this, the demand for bio-based products such as sodium alginate is increasing.
Geographically, the sodium alginate market in East Asia is anticipated to capture a relatively high market value share in the global sodium alginate market, due to prominent economies such as China, South Korea, and Japan present in the region. Furthermore, increasing regulations in EU countries are estimated to surge the usage of bio-based materials for manufacturing applications.
Sodium Alginate Market: Segmentation Analysis
The global sodium alginate market is segmented on the basis of product grade, function, end use, and region.
- A technical textile is a textile product, manufactured for functional purposes. The use of technical textiles is increasing at regional levels due to their wide range of applications in agriculture, automotive, defence, and aerospace, among others. By product grade, the technical grade sodium alginate segment is projected to be a prominent segment in the global market in terms of market value and market volume by the end of the forecast period.
- The demand for grab-and-go food products leads to the requirement of large amounts of raw materials or intermediates such as sodium alginate, along with better quality to cater and comply with consumer requirements. This is expected to bolster the food & pharmaceutical grade segment in the global sodium alginate market.
Sodium Alginate Market: Regional Market Projections
On the basis of geography, North America and Europe are prominent producers of sodium alginate. These regions are investing in the export of sodium alginate to highly demanding regions such as East Asia and South Asia. In East Asia, especially, China & South Korea are expected to pick up substantial shares in terms of the market volume of sodium alginate during the forecast period. The consumption of sodium alginate majorly depends upon the textile manufacturing units located in a region. Thus, EU countries are expected to drive the global sodium alginate market growth. For instance, Europe is projected to hold around one-fourth of the market share in the global sodium alginate market, during the forecast period.
North America and Europe are estimated to hold prominent market shares in the global sodium alginate market over the forecast period, due to the increasing number of textile manufacturers across these regions. For instance, the United States is one of the world’s prominent frontrunners in terms of textile research and development. Moreover, vendors operating in the sodium alginate marketplace are noted to strengthen their distribution networks in countries where they have low local presence. For the same, they are adopting the inorganic growth strategy. Thus, strengthening the distribution network is an influencing factor for the sodium alginate market.
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Sodium Alginate Market: Vendor Insights
The global sodium alginate market is a fragmented market, owing to the presence of a number of market players in the global market. A few of the market players identified across the value chain of the sodium alginate are KIMICA Corporation, Zibo Wangfei Seaweed Tech. Co., IRO Alginate Industry Co., Ltd, Maabarot Products Ltd, Ashland Inc., The JRS Group Ltd., Ltd, Qingdao Gfuri Seaweed Industrial Co., Ltd., Meron Group, Lianyungang Fengyun Seaweed Manufacturer Co., Ltd., WIBERG Canada, Qingdao Lanneret Biochemical Co., Ltd., Hangzhou Mobel Biotechnology Co., Ltd, and WillPowder, LLC, SNP Inc., among others.
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