The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Sodium Hypophosphite Introduction:
Sodium Hypophosphite, molecular formula: NaH2PO2·H2O, is white crystalline inorganic compound that can absorb moisture and is deliquescent in nature. Sodium Hypophosphite is hydroscopic in nature and soluble in water as well as in an organic solvents. Industrially, Sodium Hypophosphite are used as reducing agents owing to which it prevalently used in the electroplating application.
During the nickel electroplating, reducing agents i.e. sodium hypophosphite forms chelate compound with nickel and help to control the pH level that in turn resulted to improve surface properties and enhance the smoothness the finished products. The electroplating of metal surface help to improve its properties such as corrosion resistance, abrasion resistance, strength, and hardness, among others. Owing to which, demand for electroplated metal products is increasing in fabrication of machineries, automotive component, aviation component, and marine part, among other application. Along with this, increasing use of Sodium Hypophosphite as reducing agent in electroplating of non-metallic materials such as plastics, glass, ceramics, and quartz, among other, provides impetus for the growth of market.
Over the recent past, with the development of electroplating application, the market demand for electroplating application is increasing in several industries such as automotive, aerospace, plastics and ceramics, among other industry that in turn boost the demand for sodium hypophosphite market
Moreover, Sodium Hypophosphite also finds application in chemical and polymer industry, for instance, as catalyst in polymerization reaction and as chemical intermediate in production of Hypophosphorous Acid, diazo derivatives and other organic compounds. Also, Sodium Hypophosphite are used in water treatment, production of several industrial additives and oilfield scale inhibitors, among other application. Thus, with significant growth of chemical and polymer & plastic industry across the globe that in turn drive the Sodium Hypophosphite market.
Sodium Hypophosphite: Segmentation
On the basis of function, global Sodium Hypophosphite market is segmented into;
- Reducing Agents
- Chemical Intermediates
- Flame retardants
On the basis of application, global Sodium Hypophosphite market is segmented into;
Sodium Hypophosphite: Regional Outlook
In terms of production and consumption, the global Sodium Hypophosphite market is mainly dominated by the Asia Pacific region. Growing interest of foreign investors in developing countries such as China, India, and Indonesia is one the major factors responsible for considerable penetration of Sodium Hypophosphite in the Asia Pacific market. The growth of polymer, plastics, and chemicals industry are prompt in the APAC region that has translated into rising demand for Sodium Hypophosphite.
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Moreover, growing automotive, and aviation industry coupled with increasing demand for metal coated products from this industry in APAC region is expected to result in a significant rise in demand for sodium hypophosphite over the forecast period. North America is expected to hold the second spot in terms of consumption owing to increasing demand for a synthesis of several chemicals, polymer compound, diazo- derivative, and fire retardants, among other chemicals, that in turn expected to drive the demand for Sodium Hypophosphite market over the forecast period. North America Sodium Hypophosphite market is expected to register substantial growth over the forecast market. Europe stands as the third largest Sodium Hypophosphite market due to high demand for electroplating applications.
However, stringent government regulations over the manufacturing industry will hamper the demand for Sodium Hypophosphite within the Europe region. The Middle East and Latin America Sodium Hypophosphite market will experience steady demand and is expected to register steady growth over the forecast period.
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The market of Sodium Hypophosphite is a highly consolidated market. Manufacturers of Sodium Hypophosphite are adopting the strategy of forward integration to cater increasing demand for Sodium Hypophosphite and to increase their footprint in the global market. Some of the key players identified across the value chain of the Polyphosphoric Acid market include,
- Suzhou Yufan Chemical Co., Ltd.
- Jiangsu Kangxiang Industrial Group Co., Ltd.
- Hubei xingfa chemicals group co., LTD
- Nippon Chemical Industrial CO., LTD.
- Arkema Group
- Zhejiang Zengxin Chemical Co., Ltd
- Hubei Zhizhihe Chemical Co., Ltd.
- Changshu Xinte Chemical Co., Ltd
- Hubei Lianxing Chemical Co., Ltd., among others