The sodium thiosulphate market is estimated at around USD 102. 63 million in 2022, and the market is projected to register a CAGR of over 6% during the forecast period (2022-2027). The market was highly impacted by COVID-19 in 2020.
New York, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Sodium Thiosulphate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06317778/?utm_source=GNW
The COVID-19 pandemic affected the sodium thiosulphate market because of supply chain and market disruption. However, the market has rebounded back in 2021-2022.
- Over the short term, increasing usage in gold leaching and increasing usage in pharmaceutical applications are some of the driving factors which are stimulating the market demand.
- Concerns about the side effects of intravenous administration are expected to hinder market growth.
- Emerging use of sodium thiosulphate in the medical industry is likely to create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is likely to witness the highest CAGR during the forecast period.
Key Market Trends
Increasing Usage in Water Treatment
- Sodium thiosulfate can be used as a dichlorination agent for swimming pools and aquariums and within water treatment plants to treat settled backwash water prior to release into rivers. Sodium thiosulfate acts as a reducing agent or antioxidant, which neutralizes free radicals.
- Sodium thiosulphate liquid is used in ballast water treatment systems that work through electrolysis and use sodium hypochlorite as a disinfectant. It works as a neutralizing agent, de-chlorinating the ballast water prior to discharging into the sea.
- Sodium thiosulphate promotes the quality of drinking water by removing chlorine or fluorine. Also, sodium thiosulfate crystallin promotes the body’s detoxification by providing sulfur to neutralize chlorine and fluorine in water or in the body.
- With the 2030 Water Resources Group, the Council on Energy, Environment & Water (CEEW) plans to improve wastewater management in India, along with increasing private investments into water treatment chemicals manufacturing companies to build wastewater treatment facilities and raw materials.
- Owing to all these factors, the market for sodium thiosulphate is likely to grow globally during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia Pacific region is estimated to dominate the sodium thiosulphate market during the forecast period. Increasing demand for water treatment sector in countries like China, India, Japan, and ASEAN countries is expected to drive the market growth.
- Sodium thiosulphate is widely used for gold extraction. China is the largest producer of gold in the world. According to the World Gold Council, in 2021, China produced 332 metric tons of gold, accounting for around 9.3% of total global production.?
- Under the Swachh Bharat Mission (Urban) 2.0 launched in October 2021, INR 15,883 crore was allocated to states/UTs for wastewater or used water management, including setting up of STPs and FSTPs (fecal sludge treatment plants). Furthermore, in the Union Budget 2022, the Government of India announced a package of INR 60 lakh crore to provide drinkable water to every household, thus, boosting the demand for sodium thiosulphate in the country.
- In December of 2021, environmental services company China Everbright Water bagged a wastewater treatment project at the Ji’nan International Center for Medical Sciences in Shandong, China, worth CNY 319.5 million (USD 67.7 million). The company will mainly provide wastewater treatment services for the municipal wastewater generated in the Taipinghe, Meili, and Emei areas within the Ji’nan Medical Centre area. The project has a concession period of 30 years, including a one-year construction period.
- Due to all such factors, the market for Sodium thiosulphate in the region is expected to have a steady growth during the forecast period.
The Sodium thiosulphate market is partially fragmented. Some of the major players in the market include INEOS, Liyang Qingfeng Fine chemical Co. Ltd., Changsha Weichuang Chemical Co. Ltd., Haimen Wuyang Chemical Industry Co. Ltd., Nissei Corporation, and among others.
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