The global sodium molybdate market size is anticipated to be worth US$ 2.62 Bn in 2022. During the projection period of 2022 to 2032, the market is predicted to grow at a CAGR of 7%, with a valuation of US$ 5.15 Bn by 2032.
Attributes
Details
Sodium Molybdate Market Value (2022)
US$ 2.62 Billion
Sodium Molybdate Market Forecast Value (2032)
US$ 5.15 Billion
Sodium Molybdate Market CAGR (2022 to 2032)
7.00%
Sodium Molybdate also known as disodium dioxido(dioxo)molybdenum is a chemical compound extensively consumed in fertilizer application. Other uses of sodium molybdate include nutritional supplement in food industry and as corrosion inhibitor in industrial applications. Sodium molybdate is often found as dehydrate and was first synthesized by the method of hydration.
Sodium molybdate is an organic salt which is found in dietary supplements and other nutritional supplement. Sodium molybdate is a good source of molybdenum, it is used to for nitrogen fixation to support healthy growth of leguminous plants such as peas & leans, clover & Lucerne. Sodium molybdate is used as corrosion inhibition in industry. In addition, sodium molybdate is also used for reducing nitrite requirement of fluids inhibited with nitrite-amine in chemical plants and improves corrosion protection.
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Key Market Study
Sodium molybdate is a versatile chemical compound applied in different segments of various end-user industries. It is adopted as a crucial micronutrient for plants and animals, as well as a key ingredient in the synthesis of inorganic and organic colors, a corrosion inhibitor, a reagent for alkaloids, and a bath additive for metal finishing.
Sodium molybdate dihydrate is made available by manufacturers in a wide range of standard grades, including Mil-Spec, ACS, food, agricultural, and pharmaceutical grade, optical grade, USP, and EP/BP.
Global Manufacturing Value Added (MVA), which was estimated to be worth $11.9 trillion in 2015 by the United Nations Industrial Development Organization (UNIDO) study issued in 2017, is expected to rise even further in the near future.
The fastest increase was also seen in emerging economies like China and India, with India moving up the list of the world's top manufacturing industries from position 14 in 2005 to position 6 in 2015.
The expansion of manufacturing production is increasing demand for water treatment solutions. As a result, the demand for sodium molybdate is expected to rise in the near future.
But over 2022-2032, demand for sodium molybdate is anticipated to be constrained by the availability of various competitive products. It is anticipated that rising raw material costs and sodium molybdate's toxicity will restrain market expansion.
The infrastructure and textile industries' growing need for high-performance pigments and dyes, along with increased consumer interest in dietary supplements and healthy living, are the main factors driving the market's expansion.
In terms of revenue share, the solution segment is most likely to dominate the global market. This is due to high demand from manufacturing industries, rapid civilization leading to infrastructure development which is further proliferating market demand.
US market for sodium molybdate is expected to gain the highest revenue share due to the growing demand for nutritional supplements in this region.
In 2021, it is anticipated that the Asia-Pacific market for sodium molybdate would be growing at the highest rate with India and China being its vital consumers. Growing infrastructural development and rapidly growing food industries are the main factors behind this success.
Climax Molybdenum, Chem-met, Jinduicheng Molybdenum Co., Ltd., Grishma Metal Technology, Columbus Chemical Industries, Inc., Nippon Inorganic Colour & Chemical, Luoyang Dingding Molybdenum and Tungsten Material CO., LTD., and Anqing Yuetong Molybdenum Co., Ltd. are a few of the major companies and service providers identified and included in this report.
Sodium molybdate Market: Dynamics
Rapid industrialization across the globe is leading to increasing discharge of waste water and associated chemicals in to ecosystem, stringent government regulations on water disposal and environmental safety is leading towards increasing capacities of chemical and water treatment. Sodium molybdate is used for corrosion inhibition and water treatment in these facilities. Such investments in these facilities are expected to drive sodium molybdate consumption across the globe.
Growing civil infrastructure and textile market require high performance pigment and dyes which in turn is expected to drive demand for sodium molybdate in dyes and pigment application. Increasing awareness towards health and nutritional supplements coupled with changing lifestyle and increasing number of working population has created significant demand for dietary supplements. As sodium molybdate is one of the ingredient in these supplements, its demand is expected to witness consistent increase in near future.
Increasing urbanization leading to decreased availability of arable land and increasing demand for yield and productivity improvement has led to significant developments in fertilizers. New and advanced formulations of fertilizers incorporating sodium molybdate are available in the market to address yield and productivity concerns. Apart from nutritional supplement, food and beverage industry utilizes sodium molybdate as ingredient in other formulations and preservatives.
Sodium molybdate is emerging as possible alternative additive for sodium dichromate in the electrolytic production of sodium chlorate to reduce environmental impact without hampering performance in maintaining high current efficiency. Increasing use of sodium molybdate for aforementioned applications is a growth factor for sodium molybdate consumption in near future.
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Global Sodium molybdate Market: Region-wise Outlook
Global Sodium molybdate market is divided into the main region, Asia-Pacific, Western Europe, Eastern Europe region, Middle East Africa, Japan, and North America & Latin America. North America is expected to grow in future due to demand of fertilizer & nutrition supplement. Asia-pacific also expected to grow in future because of industrialization and growing food industry can shape global sodium molybdate market.
Sodium molybdate Market: Key Players
Some of the key players and service providers identified and include in the report of Sodium molybdate Market are: Climax molybdenum, Chem-met Company, Jinduicheng molybdenum co.ltd, Grishma metal technology, Columbus Chemical Industries, Inc., Nippon Inorganic Colour & Chemical, Luoyang Dingding Molybdenum and Tungsten Material CO., LTD, Anqing Yuetong Molybdenum Co., Ltd among other key participants in the market.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types and applications.
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The report covers exhaustive analysis on
Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Value Chain
Regional analysis includes
North America
Latin America
Asia Pacific
Japan
Western Europe
Eastern Europe
Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors, along with market attractiveness within the segments. The report also maps the qualitative impact of various market factors on market segments and various geographies.
Sodium molybdate Market: Segmentation
Global Sodium molybdate market can be segmented on the basis application, product type, and region.
On the basis of application, global molybdate market can be segmented as:
Water treatment
Fertilizer
Pigments & dye
Corrosion inhibition
Others
On the basis of product type, global molybdate market can be segmented as:
