Sodium Trimetaphosphate Market: Introduction
Sodium Trimetaphosphate, abbreviated as STTP is a metaphosphate of sodium. Sodium Trimetaphosphate complies with the Food Chemicals Codex (FCC) and finds applications is the food industry. Sodium Trimetaphosphate is produced by reacting sodium polyphosphate with an alkaline solution to form a white granular powder.
Key applications of Sodium Trimetaphosphate in the food industry include its use as a starch modifier, water retention agent, and a stabilizing agent. Another key end-use industry for Sodium Trimetaphosphate is the building & construction industry. Adding sodium Trimetaphosphate to gypsum not only optimizes the setting time but also enhances the structural integrity of the wallboard used in the construction and home remodeling industry.
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Sodium Trimetaphosphate Market: Dynamics
The key driving factor for the global Sodium Trimetaphosphate market is the growing industrialization, building & construction and food & beverages industry. Excellent gel and shear resistance properties of Sodium Trimetaphosphate can be leveraged in the cross-linking of cassava starch used in soups. The increasing population coupled with increasing disposable income and changing consumer perception towards ready to eat foods in emerging economies is pushing for demand growth of Sodium Trimetaphosphate.
The global meat production has nearly tripled over the last few decades, with the industry registering an average double digit growth. The shift in consumer preference towards vegan products has seen some decline in meat consumption in the Western economies, which has been offset by the meat consumption in Asia. These demand fluctuations have to some extent impacted the demand for Sodium Trimetaphosphate in meat processing.
Lastly, the demand for plasterboard due to the sustainability of gypsum has led to an increase in demand greatly in the United States which accounts for around 50% of the plasterboard demand. The construction industry witnessed a severe downturn during the 2008 financial crisis and has slowly recovered since then. The industry registered a healthy growth averaging 5% between 2014 and 2017.
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The application of Sodium Trimetaphosphate in food & beverages is estimated to account for around half of the global Sodium Trimetaphosphate market over the forecast period owing to its versatility and wide scale applications in starch modification, meat processing, etc.
Sodium Trimetaphosphate Market: Regional Outlook
The use of Sodium Trimetaphosphate is diverse across the globe. Consumption in the US is evenly distributed between the food & beverage and construction industry, which is not the same globally. Based on region, the global Sodium Trimetaphosphate market is segmented into seven regions including North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa. US, Germany, France, China, India, Japan and GCC countries together account for a foremost percent of the global Sodium Trimetaphosphate market.
Europe, East Asia and South Asia are estimated to be the key growth driving countries in the Sodium Trimetaphosphate market. The regions are anticipated to register growth rates averaging in and around the global average on the back of India and China. Moreover, Europe is projected to showcase impressive growth in the global Sodium Trimetaphosphate market in the mid-term forecast. Middle East & Africa and Latin America account for a mere single digit market share in terms of demand and are projected to witness a growth below than that of the global average.
Sodium Trimetaphosphate Market: Prominent players
Prominent players for the global Sodium Trimetaphosphate market Hubei Xingfa Chemicals Group Co., Ltd, Innophos, ICL, Xuzhou Hengxing Chemical Co., Ltd., are some of the key stakeholders in the Sodium Trimetaphosphate market. The Sodium Trimetaphosphate market consists of well-diversified global and regional players with the global vendors are ruling the market.
The research report presents a comprehensive assessment of the Sodium Trimetaphosphate market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The Sodium Trimetaphosphate market report provides analysis and information, according to market segments such as geographies, application and industry.
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The Sodium Trimetaphosphate report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The Sodium Trimetaphosphate report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The Sodium Trimetaphosphate report also maps the qualitative impact of various market factors on market segments and geographies.