Sodium Tungstate Market, Swot Analysis Of Top Key Player Forecasts To 2030
The global sodium tungstate
market is projected to grow at a notable CAGR between 2022-2030
as per the recent Market Research Future (MRFR) report. Sodium tungstate
(Na2WO4 ), is an inorganic compound. This water-soluble white solid is the
tungstic acid’s sodium salt that is useful for chemical synthesis. Besides, it
acts as an intermediate in converting tungsten ores to metals. It is an
intermediate in tungsten extraction from its ores, of which most are
tungstates, else this compound has niche applications.
Sodium tungstate in organic chemistry serves as a
catalyst for oxidation of alcohols into ketones or aldehydes and epoxidation of
alkenes. It is also popular for its anti-diabetic and anti-obesity effects.
Moreover, it is also used to manufacture different forms of heteropoly acid
color lakes, which are utilized in textiles, glasses, waxes, plants, and
printing inks.
Numerous factors are adding to the global
sodium tungstate market growth. These factors, according to the
recent Market Research Future report, include its growing demand as
anti-obesity and antidiabetic agent, growing medical industry, multiple
applications and uses in numerous end use industries, rising number of chemical
industries, and maximum use in industries involved in chemicals.
On the contrary, volatility in raw material prices
and availability are factors that may hamper the global sodium tungstate market
growth over the forecast period.
Market Segmentation
The Market Research Future report provides an
all-inclusive segmental analysis of the global sodium tungstate market based on
application and channel participants.
By application, the sodium tungstate
products market is segmented into anti-diabetic agent,
anti-obesity agent, permanent chemical modifier, and catalyst.
By channel participants, the sodium tungstate
market is segmented into the medical industry, glass industry, metal industry,
chemical industry, textile industry, research laboratories, and others.
Regional Analysis
By region, the sodium tungstate market report
covers the latest trends and growth opportunities across the Americas, the Asia
Pacific (APAC), Europe, and the Middle East and Africa (MEA). Of these, North
America will command the largest share in the market during the forecast
period. Factors adding to the sodium tungstate market growth in the region
include the growth rate of diverse and large manufacturing industry trends for
tracking the GDP. The US is a major contributor in this region for the growing
chemical industry and being the largest chemical exporter. Besides, the
reindustrialization trend is also adding to the sodium tungstate market growth
in the region. It is predicted that the US for the next ten years will
represent around 80% chemical market within North America.
The sodium tungstate market in Europe is predicted
to have favorable growth during the forecast period. Italy and Germany are the
major contributors in the region. Factors adding to the sodium tungstate market
growth in the region include innovations in the chemical industry and high
productivity. Besides, the growth & development of both small scale and
large-scale industries have a notable impact on the sodium tungstate market
growth in Europe.
The sodium tungstate market in the APAC region is
predicted to grow at the fastest pace over the forecast period, while in the
Middle East and Africa, the sodium tungstate market is likely to have stable
growth during the forecast period.
Key Players
Leading players profiled in the sodium tungstate
market report include Ningxiang Changyi, Taizhou BangDe, HCstarck, Yuanhang
Tungsten, Ganzhou Grand Sea W& Mo Group Co., Ltd, and Kat-Chem Ltd. Key
players have incorporated several strategies to stay head and shoulders above
others in the competition and also cater to the burgeoning needs of the
customers. These strategies include mergers and acquisitions, strategic
alliances, collaborations, new product launches, extensive R&D, strategic
partnerships, joint ventures, among others.
Browse the Complete Report: https://www.marketresearchfuture.com/reports/global-us-sodium-tungstate-market-778
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