The versatile uses of sodium bicarbonate as an active pharmaceutical ingredient and excipient has elevated the global market positioning of the salt in terms of both demand and adoption. A recent study reveals that treatments incorporating sodium bicarbonate are effective in bringing about improvements in the endothelial function in patients suffering from stage 3 and stage 4 chronic kidney disease. Wider applications of sodium bicarbonate will boost revenues in the global market, according to a recent study published by leading market research firm Future Market Insights.
According to the study titled “Sodium Bicarbonate Market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment 2018 – 2028”, revenue growth from the sales of sodium bicarbonate in the coming decade is likely to be driven by the following factors:
- Increasing demand from multiple end use sectors including pharmaceuticals (as a key raw material in hemodialysis) and personal care and cosmetics
- Continuous product innovations
- Rapid increase in the volume of OTC drugs
Sales of sodium bicarbonate in 2018 are estimated to result in revenues to the tune of US$ 1,557.1 Mn with growth expected at the rate of 3.7% during the period 2018 to 2028 likely to push the market to US$ 2,243.1 Mn by 2028.
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“While the current rate of growth is relatively moderate, the introduction of innovative products incorporating sodium bicarbonate with diverse applications in the global market could unfold greater and more lucrative opportunities for manufacturers. Key players in the global sodium bicarbonate market should focus on launching application specific product offerings in the market with improved quality and grade. Advanced production processes underpinned by technology will play a big role in enhancing overall productivity and reducing the global carbon footprint – factors manufacturers of sodium bicarbonate cannot afford to ignore if they wish to retain their edge in this highly competitive market.” — Lead Analyst, Chemicals, Future Market Insights
Sodium Bicarbonate Market Segmentation
This Future Market Insights study segments the global sodium bicarbonate market on the basis of form, grade, and application. In terms of application of sodium bicarbonate, the food & feed segment will most likely remain a high volume–high growth segment creating more incremental dollar opportunity over other application areas. Sodium bicarbonate in crystals & pellets form will create the highest demand in the course of the next 10 years. The report also presents region-wise revenue forecasts of the sodium bicarbonate market, with North America slated to hold the highest revenue share while maximum demand for sodium bicarbonate is anticipated from China.
More Insights from the Report on the Sodium Bicarbonate Market
Opportunity analysis of the sodium bicarbonate market reveals lucrative growth prospects for manufacturers
- Advanced technologies and process engineering will dictate production in the future, with clean production methodologies being an unequivocal guarantee for market dominance
- Expanding application areas of sodium bicarbonate especially in the food and pharmaceuticals industries will enable manufacturers to cement their foothold in the global market
- Raw material innovation is a no-brainer, especially to address the increasing demand from multiple end-use industries
- Increasing applicability in colour cosmetics is another area manufacturers should explore to capture the global sodium bicarbonate market, especially in North America and Western Europe – two of the largest regional markets for colour cosmetics
High threat from substitutes could challenge revenue growth
- Commercially available alternatives to sodium bicarbonate such as calcium chloride and calcium carbonate are finding increasing adoption in pharmaceutical applications, and Future Market Insights predicts this may lead to a drop in demand for sodium bicarbonate
- High consumption of sodium bicarbonate may lead to renal disorders and cause increased pressure on the heart resulting in stroke or heart failure – this identified health hazard will likely plug revenues in the global market
- High effectiveness of calcium carbonate in quickly and safely treating heartburn with minimum side effects may also pose challenges to the adoption of sodium bicarbonate in the pharmaceuticals industry
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A highly consolidated market with an evolving value chain
The global market for sodium bicarbonate is currently witnessing high consolidation with very few manufacturers operating at the global level. More than one-third of the global sodium bicarbonate market share is held by just a single player with other players contributing to moderate shares. The key players currently hold about 50%-60% of global market revenue while the other players are estimated to account for 40%-45% of the global market share. The global sodium bicarbonate value chain is evolving by the day, and Future Market Insights observes the following trends across the sodium bicarbonate value chain: