Global Sodium Tungstate Market

Sodium Tungstate Market Size, Share, Growth Analysis, By Type(Purity Above 99.0% and Purity Below 99.0%), By Application(Mordant, Catalysts) - Industry Forecast 2024-2031

Report ID: SQMIG15F2125 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 63 | Figures: 65

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Global Sodium Tungstate Market size was valued at USD 3.0 billion in 2022 and is poised to grow from USD 3.29 billion in 2023 to USD 6.90 billion by 2031, growing at a CAGR of 9.7% in the forecast period (2024-2031).

The competitive environment of the global Sodium Tungstate market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry. 'Andermatt Biocontrol Ag', 'Certis USA L.L.C.', 'Futureco Bioscience S.A.', 'Jaivik Crop Care', 'Mark Organics', 'Nufarm', 'Parry America Inc.', 'Sikko Industries Ltd.', 'UPL LIMITED', 'Vision Mark Biotech'

The increasing demand for industrial products in the market due to increased urbanization has led to an increase in manufacturing industries requiring raw materials such as sodium tungstate. This could boost sales as long as they are more accessible at competitive prices to the growth of local manufacturers who have better access to raw materials across the country.

Sodium tungstate is often used to make tungsten, which is then widely used in the textile industry. Sodium tungstate is widely used in the textile industry for fire retardant and waterproof fabrics. The textile industry was booming in various places. For example, the Indian textile and apparel market was worth US$108.5 billion in 2015 and is expected to grow to US$226 billion by 2023, with a compound annual growth rate of 8.7% in 2009 and between 2023. The Malaysian Investment and Development Authority (MIDA), in 2018, approved a total of 18 projects in the textile and apparel products industry totaling RM851 million in Malaysia.

The North America region holds the largest share in this market owing to high demand from end-use industries such as textile manufacturing. The North America market is expected to be a potential segment in the global market by 2024-2031. In the North America region, the United States held the largest market share in this region, and the U.S. is expected to hold the largest share of the market. will follow the same trend over the forecast period, followed by Canada.

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