The global Sodium hypophosphite | NaO2P market witnessed significant growth in 2020 and is anticipated to continue registering steady revenue growth throughout the forecast period. The growing demand for sodium hypophosphite as a reducing agent in water treatment facilities, industrial additives, and oilfield scale inhibitors is one of the key factors driving market revenue growth. The chemical, polymer, and plastic industries worldwide are expected to bolster the sodium hypophosphite market revenue growth.
Sodium hypophosphite | NaO2P is a naturally occurring deliquescent white crystalline inorganic substance that is widely used as a reducing agent in electroplating applications, a catalyst in chemical reactions, and a stabilizer. Sodium hypophosphite's high-strength, heat-resistant, and corrosive-free properties make it a useful component in the automotive, aviation, and electronics industries. The expansion of the electronics and automotive industries and the increasing demand for electroplated metal products in the manufacturing of machinery, aviation components, marine parts, and aviation components among others are also contributing to the market revenue growth.
Despite the growth prospects, stringent government regulations over the manufacturing industry and a rise in the price of phosphorous rocks due to their scarcity in supply are expected to hinder the market's growth. The COVID-19 pandemic has also negatively affected the market's growth by disrupting the supply chain, causing market price fluctuations, and impacting export and import activities.
Nevertheless, the growing demand for Sodium hypophosphite | NaO2P in developing markets, favorable marketing, and positioning of sodium hypophosphite, and increasing industrialization and urbanization in various regions are expected to create lucrative business opportunities for major players and new entrants in the market. The electrical grade segment is expected to contribute the highest revenue share, while the water treatment segment is projected to dominate all other segments in terms of revenue generation during the forecast period. North America emerged as the largest market for sodium hypophosphite in 2020.
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Here are some of the top companies in the Sodium Hypophosphite market:
- Solvay SA
- Arkema SA
- Hubei Xingfa Chemicals Group Co., Ltd.
- Changshu New-Tech Chemicals Co., Ltd.
- Jiangsu Kangxiang Industrial Group Co., Ltd.
- Jiangsu Danhua Group Co., Ltd.
- Hubei Lianxing Chemical Co., Ltd.
- Jiangsu Hongphosphate Chemicals Co., Ltd.
- Zhejiang Zengxin Chemistry Co., Ltd.
- Changshu Alliance Chemicals Co., Ltd.
Sodium Hypophosphite Market: Notable Innovation
In recent years, there have been notable innovations in the Sodium hypophosphite | NaO2P market, such as the development of high-purity grades of sodium hypophosphite for use in advanced applications. Additionally, manufacturers are investing in research and development to improve the production process and reduce the cost of sodium hypophosphite. Another area of innovation is the use of sodium hypophosphite as a reducing agent in electroless nickel plating, which has led to improved plating performance and reduced waste in the plating process.
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