Sellbyville, DE -- (SBWIRE) -- 10/16/2018 -- The Sodium Acetate Market is set to grow from its current market value of more than $120 million to over $200 million by 2024; as reported in the latest study by Global Market Insights, Inc.

Sodium acetate, also known as sodium ethanoate, is the sodium salt of acetic acid. It is used in various end-user industry including food, leather & textile, medical & pharmaceutical, etc. The upward trend in leather & textile market due to changing lifestyle, higher disposable income, and favorable demographic will spur the product market by the end of forecast period. Sodium ethanoate is used to neutralize sulfuric acid present in waste water in the leather & textile industry. It is also used to facilitate dye and act as a mordant in dying process. In cotton processing industry, the product is used to eliminate the static charge developed on cotton fabric. Increasing investment and schemes in leather & textile industry by the government will propel the product market growth. For instance, Government of India launched initiatives such as Technology Upgradation Fund Scheme (TUFS) with the investment of more than USD 41 billion and Scheme for Integrated Textile Parks (SITP) with investment of USD 692 million in 2016 to strengthen the textile sector in India.

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The escalation in consumption of packed and ready-to-eat food will enhance the sodium ethanoate market growth. The global packed food sales registered nearly USD 2.5 trillion in 2016 and will witness healthy growth in coming years. Sodium acetate is used as an emulsifier, preservative to increase the shelf life of food product. Additionally, it is used to enhance flavor and as a buffer to maintain the pH level of the packed food. Increasing population is treading towards sedentary lifestyle due to which demand for packed meals has augmented significantly, considering that the lure of not requiring preparing meals from scratch after a busy day is way too tempting. Taking the advantage of current economic and social trend, packed and frozen food will witness a sharp growth over next few years. This will lead to increase in use of sodium ethanoate which will drive the product market in next seven years down the line.

Primary hindrance to the growth of sodium acetate market is the availability of substitute products. The use of sodium citrate in place of sodium acetate in food product owing to its anti-inflammatory, biocompatibility properties will hamper the sodium acetate market. Moreover, sodium ethanoate increases the plasma content in human body and leads to hemodynamic instability and acidosis which will act as a restraining factor to the sodium ethanoate market.

In 2024, sodium acetate trihydrate market will reach over USD 65 million accounting for more than half of the overall market share. Sodium ethanoate is used as a diuretic and replenishing agent for lost electrolyte in medical & pharmaceutical industry.

Based on end-user industry, the product market is diversified into food, medical & pharmaceuticals, and leather & textile. The other niche applications include polyester fibers, photography, cosmetics etc. Food industry will provide a lucrative growth to the product market owing to proliferation in packed food consumption.

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Asia Pacific depicted the maximum growth and will account for around 55% of total share of the product market in 2024. Raw material availability along with cheap labor and significant production technology for leather & textile industry will propel the product market by the end of 2024.

The major participants of the market are Sisco Research Laboratories, Daito Chemical, Tokyo Chemical Industry (TCI), Gelest Inc., Spectrum Chemical, Lonza, Cayman Chemical, and American Elements.

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