Sodium Methoxide Market Analysis
Sodium Methoxide market is projected to be USD 2610.9 million by 2028 and will grow by a CAGR of 12.1 percent during this period.
The exothermic reaction of elemental sodium with methanol produces sodium methoxide. It is a yellowish-white powder with an odorless color. However, it is explosive and flammable. The 2530% solution of sodium methoxide in methanol is used for many purposes, including the production of vitamin A1, B1, trimethoprim, and other analytical agents.
It is also used extensively as a catalyst for biodiesel production. Sodium methoxide reacts strongly to oxygen. It must be kept out of water, moisture, and air at high temperatures (above 126C) to prevent decomposing into sodium hydroxide or methanol.
Over the last few years, this industry has seen significant growth. Due to a surge in demand for sodium methoxide in many applications, including pharmaceutical and agro-based sectors and organic synthesis, the market is likely to grow significantly.
Market growth is also supported by a growing demand for sodium methylate as a catalyst in various applications such as grease and edible oil processing. Market growth is also expected to be driven mainly by a steady increase in biodiesel production. The high cost of raw materials will slow the market growth.
This market is extrapolated to show significant growth throughout 2020-2030 due to the increasing awareness of its advantages in various applications. Using sodium methoxide for myriad uses, including polymers, plastics and agrochemicals, biodiesel, analytical and analytical reagents, paints, varnishes, personal care, and more, could provide significant growth opportunities for the market for sodium methoxide.
This Market is expected to grow at a rapid rate over the forecast period due to technological advancements and applications-specific innovations. Market players within the industry are adjusting their business model with the current norm by focusing on digitization of their operations and adjusting to new technologies such as the field of robotics and AI. Mergers and acquisitions that help acquire new technologies, build portfolios, and take advantage of capabilities will remain the main strategies of the most successful businesses within this market sector in the forecast period.
The investment into R&D as well as technology in order to enhance products will be the main driver of growth in the near to medium long term of this Market amid prevailing difficult economic conditions. The report provides an extensive overview of the current trends and advancements within this industry along with a comprehensive analytical and predictive analysis up to 2028.
This report contains a wealth of data for stakeholders and CXOS. Recent developments, growth opportunities, and upcoming innovations are just a few essential aspects explained clearly for the stakeholders. The tri-analysis (Competitive insights, Key trends, Competitive insight, and Geographical Perspective) method systematically analyzes every growth area.
Additionally, the research examines the impact of the COVID-19 virus on the market for sodium methoxide. The effects of the SARS CoV-2 outbreak have been thoroughly explained in this study. The in-depth findings of the MWR guarantee accurate and verified information on the various factors that contribute to the expansion of this market.
Sodium Methoxide Market: Competitive Landscape
A handful of players dominates the market for sodium methoxide. This makes it part of the category of consolidated. A few companies in the sodium methoxide market have a significant share of growth. Many other international and local players contribute to the expansion of the need for sodium methoxide.
The players are heavily involved in research and development. These efforts help players develop innovative formulations which are efficient for this market. The major players in the sodium methoxide industry include Evonik Industries, Anhui Jinbang Medicine Chemical Co. Ltd., and BASF SE.
Sodium Methoxide Market: Key Trends
Biodiesel’s demand is experiencing a massive increase due to the growing need to address environmental issues. The government’s initiatives and the ample incentives have led to a growth in biodiesel production to a large extent. This means that the increasing biodiesel production is directly related to the growing demand for sodium methoxide.
There are a few challenges ahead of the expansion of this market. The raw materials needed to make sodium methoxide, like sodium metal and methanol, fluctuate in their costs. This can hinder the development of the market for sodium methoxide. So, the fluctuation in the prices of raw materials leads to changes in gross margins, ultimately leading to a decrease in growth.
The new coronavirus outbreak has caused massive losses in various industries and sectors. The explosion of the deadly virus prompted an immediate shutdown. This was the norm in several countries worldwide to stop this virus’s spread. This caused the closing of production units and manufacturing facilities, increasing demand for sodium methoxide.
However, the ease of locking down restrictions imposed by certain nations has enabled the production facilities to continue to follow the SOPs. Therefore, this could aid the sodium methoxide industry regain its lost growth.
The market for sodium methoxide in Asia is predicted to have the largest share of the market between 2020 to 2030. The rising demand from pharmaceutical and chemical industries will provide enormous opportunities for growth in the sodium methoxide market within the region. Europe is last in development regionally over the period 2020-2030.
According to MWR, Segmentation of the global sodium methoxide market can be based on type, geography, and application. The market can be divided into liquid/solution and solid. The market can be divided into pharmaceuticals and agrochemicals, plastics/polymers, personal care, analytical, biodiesel, or other applications. The market is analyzed across North America, Europe, and Asia-Pacific.
To increase their market reach and maintain fierce competition, the major players in the global market have used key strategies like mergers, acquisitions, and collaborations.
Get more information on this report : Download Free Sample Pages
Key Market Segments of Sodium Methoxide Market Report
|By END-USE INDUSTRY|
Key Market Participants
- BASF SE
- Evonik Industries
- E. I. du Pont de Nemours and Company
- Anhui Jinbang Medicine Chemical Co. Ltd.
- Zibo Xusheng Chemical Co. Ltd.
- Dezhou Longteng Chemical Co. Ltd.
- Inner Mongolia Lantai Industrial Co. Ltd.
- Supra Group of Companies