The market would also enjoy backing from industries like the papermaking sector, the textile industry, and others. A constant change in the fashion industry due to the impact imposed by social media and the entertainment industry is expected to boost the market outcome.
Market Research Future (MRFR) predicts that the sodium percarbonate market could surpass a valuation of around USD 1981.2 million by 2023 by registering a CAGR of 8.24% during the forecast period of 2018 to 2023. However, the awareness regarding its toxicity is also rising, which could hinder the growth of the market.
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Competitive Landscape:
OCI Peroxygens LLC, Solvay AG, Evonik Industries AG, HOGYE HOLDING GROUP CORPORATION LIMITED, Kemira, Wuxi wanma chemical co.,ltd, Khimprom, Jiangxi Boholy Chemical Co., Ltd, JINKE Company Limited., Hodogaya Chemical Co., Ltd., and others are major companies that are taking part in developing the global market for sodium percarbonate. These companies are depending on various tactical methods to develop stands that can secure their market position and boost the global rise for the market. Merger, acquisition, tie-ups, and others are some procedures that help in developing a portfolio. These companies also invest in research and development to influence innovation, branding, and launching of products, which can help in building the market prospect.
Segmentation:
The report with details of the sodium percarbonate market includes a detailed discussion of segments like type, application, and end use. These segments and their data could help players in developing strategies that would be more effective in increasing the profit margin. Data gathered from the segmentation, have been backed by scientific analyses, which make the results more reliable.
By type, the study of the sodium percarbonate market has been segmented into coated, uncoated, and tablet.
By application, the global study of the sodium percarbonate market includes a bleaching agent, water treatment, detergent agent, cleaning agent, and others. The detergent agent had around 48% of the global market share and is showing prospects of acquiring a CAGR of 11.08% during the forecast period.
By end use, the report on the sodium percarbonate market includes segments like laundry, industrial cleaning, household cleaning, chemical industry, textile industry, food industry, papermaking industry, and others. The textile industry is creating much scope for the market to percolate as a bleaching agent. In the papermaking sector, sodium percarbonate would gain substantial entry during the forecast period.
Regional Analysis:
As per the regional assessment, Europe was on the driver’s seat due to the high demand for cleaning agents in industrial and household sectors. The market can register a growth of 8.31% CAGR during the forecast period.
Industry News:
Recent news from Uzbekistan reveals that the country is now trying to make some drastic changes in its industrial sector. The country is planning to come up with a proper chemical plant that would reduce imports of hydrogen peroxide. The second stage of the plant would include procedures that would include designs to develop sodium percarbonate.
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The global market for sodium percarbonate may witness a change in the market dynamics due to the COVID-19 pandemic. This is primarily due to the growing realization regarding hygiene. In various industries and household demands, sodium percarbonate is witnessing high demand. Its demand is surging due to its inclusion in the production of a detergent agent, cleaning agent, bleaching agent, and others.
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