Sodium Methylate Market Annual Sales, Size Analysis, To Reach USD 219.3 Million By 2028
January 14, 2022
Reports And Data
An increase in demand for sodium methylate in pharmaceutical industries is a significant factor estimated to drive the market demand.
NEW YORK CITY, NY, UNITED STATES, January 14, 2022 /EINPresswire.com/ -- The global Sodium Methylate Market is expected to reach USD 219.3 Million by 2028, according to a new report by Reports and Data. Sodium methylate, also popularly known as sodium methoxide with the chemical formula of CH3ONa, may be produced as a result of an exothermic reaction between elemental sodium and methanol. Commercially, sodium methylate can be obtained either in solid or liquid (solution) form. Usually, sodium methylate is sold as a 25% to 30% solution in methanol for use in several applications, like the production of vitamin A1, B1, sulfadiazine, trimethoprim, and analytical agents among others. It is also used extensively as a catalyst in the production of bio-diesel.
An increase in demand for sodium methylate as a base, nucleophile, catalyst, reagent to carry out numerous chemical reactions in organic chemistry is anticipated to stimulate market growth. Further, a growth in the implementation of this chemical in the pharmaceutical industry in the production of vitamins, Sulfadoxine, Sulfadiazine, Trimethoprim, etc., is driving the market demand. Widespread application in grease, and synthetic detergents synthesis, and edible oil processing, is projected to drive the market growth in the upcoming years. Also, the rise in global demand for biodiesel supported by favorable government initiatives in many countries is forecasted to push the market growth during the forecast period.
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Top Companies Profiled in the Report:
Evonik Industries AG, Brenntag NV, Desatec, American Elements, TGV Group, MSSA, BASF SE, Supra Group of Companies, FRP Services & Company, and DuPont among others.
Further key findings from the report suggest:
Powdered sodium methylate is expected to dominate the market with a growth rate of 2.4% during the forecast period. The market dominance of the powdered form is owing to its increasing applications in pharmaceuticals, perfumes, dyes, and organic intermediates. It is used extensively as a catalyst in the production of biodiesel. Sodium methylate in solution form is a versatile intermediate and finds application in a variety of organic syntheses.
Pharmaceutical industry contributed to the largest market share in 2020 and is projected to grow at a rate of 2.4% during the forecast period. The growth of the pharmaceuticals industry with increased healthcare spending is anticipated to drive the demand for sodium methylate during the period 2019-2028.
The bio-energy industry is projected to witness the fastest growth rate of 2.5% in the forecast period attributing to increasing demand for biodiesel in the transportation industry.
The markets in the regions of North America and Europe are expected to witness significant growth in the forecast period owing to the increasing application of sodium methylate in the pharmaceuticals industry. Moreover, the growing preference for biodiesel in the transportation sector due to an increase in environmental regulations to curb CO2 emissions is forecasted to drive the market growth in these regions during the forecast period.
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The rise in materials and chemicals companies’ deployment of digital technologies to enhance efficiency gains and increase reliability are the key factors stimulating materials and chemicals industry trends. The industry players are allocating huge budgets for advanced sensing and automation machines to enhanced optimization of operations.
Materials and chemicals are used across various end-use industries such as manufacturing, medical & pharmaceutical, automotive, food tech, among others. New product launches, technological advancements, growing consumer demand variety in daily use items, and increasing automation in the industry will accrue to major revenue gains in the coming years. Also, increasing consumer awareness regarding energy-efficiency and associated demand for sustainable products will boost market growth during the forecast period.
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Global Sodium Methylate Market Segmentation:
Powder Sodium Methylate
Liquid (Solution) Sodium Methylate
Packaging Type Outlook
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Regional Analysis covers:
Middle East & Africa
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