Demand for pharma grade sodium chloride in Spain is estimated to develop at a CAGR of 4.2%, with healthcare manufacturers developing innovative solutions for chronic diseases.
NEWARK, DE / ACCESSWIRE / August 14, 2024 / Future Market Insights' new survey estimates that the pharmaceutical-grade sodium chloride market is anticipated to be worth USD 355 million in 2024. It is projected to reach USD 618 million by 2034, witnessing a CAGR of 5.70% from 2024 to 2034.
Sodium chloride, or common salt, is a vital chemical in various industries, including cosmetics, pharmaceuticals, and processed foods. It is used in manufacturing products like dialysis and infusion therapies, oral rehydration salts, injections, and salt drops in the pharmaceutical industry. The demand for pharmaceutical sodium chloride is projected to compel enriched healthcare expenditure and substantial growth in the pharmaceutical industry, primarily in developing regions such as China and India.
The pharmaceutical and healthcare industry has experienced significant growth, with substantial investments in the sector. Pharmaceutical-grade salt is predominantly used in injections, hemodialysis, oral rehydration salts, and other pharmaceutical chemicals and products. However, the complex and costly process of producing and selling sodium chloride at high purity levels has deterred many small and medium-sized manufacturers from entering the market.
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The global pandemic has caused a downturn in the market, but it is anticipated to rebound and witness significant growth in the forthcoming decade. Oral drug delivery has proven superior due to high patient compliance, cost-effectiveness, decreased sterility restrictions, flexibility in dosage form design, and ease of production. The demand for matrix tablets infused with medicated salt is important for controlled and sustained-release dosage forms, and pharmaceutical-grade sodium chloride is commonly used to produce matrix tablets.
The growing prevalence of stress and lifestyle-related disorders in patients is propelling innovation and research in drug-delivery technologies, leading to an increasing market for novel drug formulations. The pharmaceutical sector is anticipated to develop exponentially due to health insurance awareness and affordability.
The pandemic has disrupted many business lines, including the pharmaceutical industry, causing decreased demand and lockdown regulations. However, the rising consumption of pharmaceutical-grade sodium chloride for various applications is predicted to accelerate market growth.
"A common ingredient found in end-use sectors such as processed foods, pharmaceuticals, and cosmetics is sodium chloride. The increase in chronic and renal disorders is one of the main factors pushing the demand for pharmaceutical-grade sodium chloride. The market is favorably impacted by elements such as new product development, application growth, the role of governmental and nonprofit organizations in creating pharmaceutical-grade solutions, the rate of industrialization and urbanization, the expansion of the healthcare sector, and rising purchasing power. The market is expected to develop because of its extensive applicability in future projects." - Opines Nikhil Kaitwade Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Pharmaceutical Grade Sodium Chloride Market Report
The pharmaceutical grade sodium chloride industry in South Korea is projected to experience a CAGR of 2.5% through 2034.
Spain's pharmaceutical grade sodium chloride market is estimated to demonstrate a CAGR of 4.2% through 2034.
The pharmaceutical grade sodium chloride industry in the United States is anticipated to see a CAGR of 3.2% from 2024 to 2034.
China's pharmaceutical grade sodium chloride sector is projected to showcase a CAGR of 6.3% through 2034.
The pharmaceutical grade sodium chloride market in India is anticipated to display a CAGR of 8.4% through 2034.
Competitive Landscape of the Pharmaceutical Grade Sodium Chloride Market
With major companies spending on research and development, mergers, and manufacturing capacity, the pharmaceutical-grade sodium chloride market is expanding into emerging areas. Well-planned technology and marketing tactics drive market expansion.
The market features a sizable pool of suppliers, a solid healthcare system, and strong alliances throughout the value chain. To meet the demands of a growing client base, businesses are concentrating on robust research and development initiatives and strategic partnerships with end-users and local distributors.
Key Companies
K + S AG
Akzonobel
Cargill
Hebei Huachen
Swiss Saltworks
Sudsalz Gmbh
Tata Chemicals
Cheetham Salt
Salinen
Dominion Salt Ltd.
US Salt
Recent Developments in the Pharmaceutical Grade Sodium Chloride Market
With United States Department of Justice permission, SCIH Salt Holdings was on the verge of purchasing Morton Salt from K+S in April 2021. The proposed settlement calls for US Salt to sell its evaporated salt business. The DOJ's Antitrust Division filed a lawsuit to stop the deal.
Leading supply chain partner for the United Kingdom, Wincanton, and Tata Chemicals Europe (TCE), which comprises British Salt Limited, inked a ten-year deal for warehousing and logistics in May 2023. The partnership will manage the pharmaceutical company's new 185,000-square-foot warehouse in Middlewich, Cheshire.
Full Report URL: https://www.futuremarketinsights.com/reports/pharmaceutical-grade-sodium-chloride-market
Pharmaceutical Grade Sodium Chloride Market: Key Segmentations
By Type:
API-NaCl
HD-NaCl
By Application:
Injections
Hemodialysis
Oral Rehydration Salts
Osmotic Agents
Others
By Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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