Market Research Future (MRFR) announces the publication of its research report –Sodium Percarbonate Market 2017-2023
Market Research Future (MRFR) recognizes the following companies as the key players in the Global Sodium Percarbonate Market: Solvay AG, Evonik Industries AG, OCI Peroxygens LLC, Kemira, Khimprom, HOGYE HOLDING GROUP CORPORATION LIMITED, JINKE Company Limited., Jiangxi Boholy Chemical Co.,Ltd, Wuxi wanma chemical co.,ltd,, Hodogaya Chemical Co., Ltd.
Commenting on this report, an analyst from Market Research Future (MRFR)’s team said, Global Sodium Percarbonate Market was valued at USD 1146 million in 2016 and is predicted to grow at 8.24% CAGR to reach USD 1950 million by the end of 2023. Sodium Percarbonate is gaining importance in the global market with the increasing usage in end use industries such as household cleaning, laundry, textile, laundry, chemical, papermaking, food, industrial cleaning, and others.
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Some of the key market factors that positively influence the market growth are, increasing demand from household cleaning industry, growing production of Sodium Percarbonate based detergent, and increasing urbanization. Rapid industrialization coupled with rising disposable income in developed and developing countries are expected to drive the growth of the market over the forecast period. Rising usage of Sodium Percarbonate as a disinfecting agent in end use industry such as food and pharmaceutical owing to increased demand for safe food and pharmaceuticals, is predicted to fuel the growth of the market during the review period. Additionally, tremendous growth of textile industry due to increasing trend of aesthetic clothing is predicted to propel the demand for bleaching agent, which in turn, is expected to fuel the growth of market over the forecast period. However, availability of substitute such as sodium carbonate and other oxygen based bleaching agents is estimated to hinder the growth of the market.
The Global Sodium Pearbonate Market is segmented into type, application, end use, and region. On the basis of type, the global market has been segmented into coated, uncoated and tablet. Among these, coated type of Sodium Percarbonate dominate the segment and accounted for around 60% market share among others. On the basis of application, the market is divided into detergent agent, cleaning agent, bleaching agent, water treatment, and others. Among these, detergent agent segment has accounted for around 48% market share in 2016, with a market value of USD 551.2 million and is predicted to grow with the highest CAGR of 11.09% during the forecast period. End use segment comprised of household cleaning, laundry, industrial cleaning, textile industry, papermaking industry, chemical industry, food industry, others. Household segment is expected to be the largest segment and exhibit 53% of market share in 2016, with a market value of USD 607.4 million and is predicted to grow with a healthy CAGR owing to rising urbanization and growing purchasing power. Laundry holds the second largest segment and is expected to grow with the highest CAGR of 8.29% during the assessment period. Increasing population and rising tourism activities are the key driving factors for the growth of laundry segment in the upcoming years.
Regionally, Sodium Percarbonate Market is segmented into five regions namely North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among all the regions, Europe dominates the market and accounted for around 41% of the overall market share in 2016, and predicted to reach USD 816 million during the review period. Asia Pacific is expected to grow with the highest CAGR of around 8.25% during the assessment period. China and India are expected to be the key dominating market due to strong growth in industrial sector. In 2016, European market is trailed by Asia Pacific, which is followed by North America. Developed regions such as Latin America and North America are predicted to witness a significant growth owing to stringent regulatory framework along with the high technology advancement.
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