Sodium Tungstate Market COVID-19 Impact
A wide range of stakeholders, including manufacturers, vendors, distributors, and consumers, have called for action in response to the global COVID-19 crisis. The profitability of sodium tungstate manufacturers and vendors has been put under pressure due to a five-month drop in business in 2020, as well as lower demand from a few major markets. However, the negative impact of COVID-19 on the sodium tungstate market was compensated over the medium to long-term future. Sodium tungstate importers are trying to keep a condensed output, shrink product inventory, and keep their feedstock consumption at low levels. Furthermore, some companies have postponed feedstock shipments, while others continue to reduce spot purchases. Amid the COVID-19 pandemic, reducing the demand for chemical modifiers, dyes, and the medical agent has led to decreasing global demand for sodium tungstate, which limited the sodium tungstate market growth during the pandemic.
Sodium Tungstate Market Segment Analysis By End-Use Industry
The chemical segment held the highest share in the sodium tungstate market in 2020 and is forecasted to grow at a CAGR of 4.8% during 2021-2026. Sodium tungstate is used as a catalyst in organic chemistry for the epoxidation of alkenes and the oxidation of alcohols to aldehydes or ketones. Sodium tungstate is used as a catalyst in paint dyes, pigment pharmaceuticals, and a variety of other chemical reactions such as alkene epoxidation and alcohol oxidation to aldehydes or ketones. These wide applications of sodium tungstate in the chemical industry are accelerating its demand in the chemical industry.
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Sodium Tungstate Market Segment Analysis By Geography
North America region held the largest share in the sodium tungstate market in 2020 up to 37% and is estimated to grow at a CAGR of 5.2% during 2021-2026. The textile, chemical, and medical industry is flourishing in the region, which is accelerating the demand for sodium tungstate in the region. For instance, according to the Government of Canada, the pharmaceutical and medicine manufacturing subsector is a significant contributor to chemical manufacturing, accounting for over a third of its workers and more than a quarter of its sales. Since 2014, average sales for this subsector have been steadily increasing. In addition, between 2016 and 2017, Canada saw a 7.6% increase in patented drug sales, more than double that of the previous year. According to Select USA summit of the U.S. Department of Commerce’s International Trade Administration, when measured by the value of industry shipments, the textile and apparel industry in the United States is worth nearly US$70 billion. It is still one of the most important sectors of the manufacturing industry, and its export value of US$23 billion in 2018 places it among the top markets in the world. This growth in the North American textile, chemical, and medical sectors is set to accelerate the demand for sodium tungstate in the region, thereby driving the market growth.
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Sodium Tungstate Market Drivers
Significant Demand from the Metal Industry
Because sodium tungstate binds tightly to PTP-1B, it was used to form a heavy-metal derivative in the structure determination. The structure of the tungstate complexed to PTP-1B provides the first details of the interactions between PTP-1B and its active site ligands, implying that it acts as a phosphate mimic. It’s a step in the process of turning tungsten ores into metal. The steel and copper industry has a positive outlook for the future owing to the increasing demand for steels and coppers from various end-use industries. According to the World Steel Association’s (world steel) Short Range Outlook (SRO) for 2021 and 2022, steel demand will increase by 5.8% in 2021 to 1,874.0 million tonnes (Mt), and by 2.7 percent in 2022 to 1,924.6 Mt. According to the International Copper Study Group (ICSG), world copper mine output is expected to rise by about 3.5 percent in 2021 and 3.7 percent in 2022, adjusted for historical disruption factors. Global production is expected to rebound from 2020 constrained levels in 2021, benefiting from increased supply resulting from the ramp-up of recently commissioned mines and expansions, as well as from the planned start-up of larger projects. Kamoa Kakula in the Democratic Republic of Congo, Quellaveco in Peru, Spence-SGO (already underway), Quebrada Blanca QB2 in Chile, and Udokan in Russia are among the major projects set to begin in 2021/2022. Additional production from ramp-up mines that opened in previous years, the start-up of new major ventures and expansions, as well as an improvement in the global pandemic situation, could support 3.7 percent growth in 2022. With the increase in production of steel and copper, it is anticipated that the demand for sodium tungstate will also increase, which will drive the market during the forecast period.
Increasing Textile Industries
The sodium tungstate is often used to manufacture tungsten, which is then extensively utilized in the textile industry. Sodium tungstate is extensively utilized in the textile industry to fireproof and waterproof fabrics. And the textile industry is growing in various regions. For instance, India’s textile and apparel market was valued at US$108.5 billion in 2015 and is projected to rise to US$226 billion by 2023, with a compound annual growth rate of 8.7% between 2009 and 2023. According to the Malaysian Investment Development Authority (MIDA), in 2018, a total of 18 projects were approved in the textiles and textile products industry with investments totaling RM851 million in Malaysia. The 18 projects for approved investment consisted of primary textiles (RM398 million), specialized apparel (RM181.6 million), technical textile (RM108.6 million), made-up garments (RM14.3 million), and textile products (RM148.5 million). The growing textile industry is anticipated to aid the market growth of sodium tungstate, owing to its extensive application in the industry.
Sodium Tungstate Market Challenges
Hazardous Nature of Sodium Tungstate
Sodium tungstate is known to cause eye irritation and skin irritation. It may be harmful if absorbed through the skin and harmful if swallowed. Its exposure may cause anorexia, muscle incoordination, weight loss, respiratory tract irritation, and more. Owing to these health hazards this chemical is considered hazardous by the 2012 OSHA Hazard Communication Standard. Thus, sodium Tungstate is known to be hazardous which may potentially restrict its market growth.
Sodium Tungstate Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the sodium tungstate market. Sodium tungstate market top companies are:
1. Kat-Chem Ltd
2. Ganzhou Grand Sea W& Mo Group Co.
3. Ltd, Yuanhang Tungsten
4. HCstarck
5. Taizhou BangDe
6. Ningxiang Changyi
7. Alpha Chem
8. Nova Oleochem
9. Yuanhang tungsten
10. Taizhou BangDe and others
Key Takeaways
North America dominates the sodium tungstate market. The escalating chemical, medical and textile industry in North America is expected to benefit the sodium tungstate industry growth in the region.
The global diabetes prevalence in 2019 is estimated to be 9.3% (463 million people), rising to 10.2% (578 million) by 2030 and 10.9% (700 million) by 2045. This increase in diabetes patients will bolster the growth of the sodium tungstate market as it is being used as an anti-diabetic agent.
Furthermore, sodium tungstate is used in manufacturing various types of heteropoly acid color lakes that are then used in printing inks, plants, waxes, glasses, and textiles. These vast applications of sodium tungstate will also flourish its market growth.
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