Global Pharmaceutical Grade Sodium Carbonate Market Growth Forecast
According to Future Market Insights, the global pharmaceutical grade sodium carbonate market is projected to rise at a value CAGR of 2.8% during the forecast period. In 2022 the global market was valued at around US$ 38 Mn and is estimated to touch a valuation more than US$ 50 Mn by the end of the assessment period.
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Increase in the Consumption of Drugs to Treat Gastrointestinal Diseases Expected to Fuel the Demand for Pharmaceutical Grade Sodium Carbonate
Owing to unhealthy food habits, demographic changes, sleeping habits and changes in other daily activities, rate of gastrointestinal diseases has increased. According to World Gastroenterology Organization, about 35% to 40% of the world’s population is suffering from chronic or acute gastrointestinal diseases. Due to changes in diet and associated irregularities in food consumption, higher percentage of population is developing gastrointestinal disorders.
This has spurred the consumption of antacids and other gastrointestinal drugs. Pharmaceutical grade sodium carbonate is largely used as an API in various antacids to treat gastrointestinal drugs. This has fuelled the consumption of the chemical at a global scale consequently fuelling the growth of the global pharmaceutical grade sodium carbonate market.
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Key Companies Involved in the Global Pharmaceutical Grade Sodium Carbonate Market
Prominent players involved in the global pharmaceutical grade sodium carbonate market are concentrating on expanding their production capacity with a view to meet the increasing demand for pharmaceutical grade sodium carbonate at a global level from various end users for different applications. Solvay SA, Novacarb (Novacap Group), Dr. Paul Lohmann GmbH KG, CIECH S.A., Natural Soda LLC, Jost Chemical Co., Tianjin Chengyuan Chemical Co. Ltd., Weifang Hongyuan Chemical Co. Ltd., and Tronox Alkali Corporation are few of the major players operating in the global pharmaceutical grade sodium carbonate market. Analysis on these players is included in this research report, the scope of which covers financial data, product portfolio, expansion strategies and key developments and innovations.
Higher Price of Pharmaceutical Grade Sodium Carbonate to Hinder the Growth of the Global Market
The consumption of pharmaceutical grade sodium carbonate is limited to specialty, niche and certain high cost applications that require high levels of purity. Pharmaceutical grade sodium carbonate is manufactured using batch process to obtain high purity. Extreme caution is essential during the manufacturing process of pharmaceutical grade sodium carbonate coupled with low volume of production, the costs incurred in production are high as compared to regular grades of the chemical. This has resulted in increased pricing of pharmaceutical grade sodium carbonate which has a negative impact on the growth of the global market.
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Segmental Highlights from the Report
The global market for pharmaceutical grade sodium carbonate is categorised on the basis of applications of pharmaceutical sodium carbonate and its grade. Its market scenario across various regions in the globe is also covered.
With respect to region, North America, Western Europe and Asia Pacific excluding Japan (APEJ) are highly lucrative regions. The pharmaceutical grade sodium carbonate market in APEJ is projected to expand at the highest rate in the coming years owing to increasing demand and use of pharmaceutical grade sodium carbonate across various applications in this region.
In the grade category, the coarse segment is the largest with a high market valuation. The use of coarse pharmaceutical grade sodium carbonate is high as compared to the fine grade. Coarse grade, also known as technical grade, contains higher amount of sulphur. Several companies provide coarse grade at a much lesser price as compared to fine grade as coarse grade sodium carbonate needs less purification and is easy to manufacture.
By application, the use of pharmaceutical grade sodium carbonate is largely observed in API segment as pharmaceutical grade sodium carbonate is widely used as an API in various pharmaceutical companies for drug enhancement. It is also used as a pharma excipient.
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