Global sales of pharmaceutical grade sodium chloride are estimated at US$ 249.5 Mn by 2018 end, which are expected to cross US$ 430 Mn by the end of 2028, witnessing a promising CAGR of 5.6% over 2018-2028.
Valley Cottage, NY -- (SBWIRE) -- 07/13/2018 -- The global pharmaceutical grade sodium chloride market is presumed to exceed a value of US$ 430 Mn by 2028 end. The market is currently worth US$ 249.5 Mn and is projected for a positive growth outlook over the next decade, at a CAGR of 5.6%. Among all regional markets for pharmaceutical grade sodium chloride, China currently holds around 28% share of the total market revenue and will reportedly continue dominance with maximum market share by value. India, although a low-volume market, is foreseen to witness a relatively high-growth scenario in near future.
The US$ 69.8 Mn Chinese market for pharmaceutical grade sodium chloride is likely to thrive at a healthy value CAGR of 7.3% over 2018-2028. Applications in hemodialysis and hemofiltration solutions will remain top consumers, bringing over 80% of the total revenues. "China will dominate in terms of both production and consumption. Soaring production of hemodialysis solutions in China will predominantly boost the market for pharmaceutical grade sodium chloride in China," states a research analyst at Future Market Insights.
The Indian market for pharmaceutical grade sodium chloride is currently worth US$ 6.5 Mn, expected to see an impressive CAGR of 8.5% through to 2028. Future Market Insights estimates more than 38,000 metric tons of consumption volume to be attained by the Indian market by 2028 end. Soaring number of cases of patients suffering from kidney failure and other renal disorders is identified to be the key factor driving the demand for pharmaceutical grade sodium chloride in production of dialysis and perennial solutions.
Other Factors Impacting the Performance of Markets in China and India: Growing demand for hemodialysis and hemofiltration solutions, Increasing consumption of ORS solutions, Improving healthcare facilities and infrastructure, Favorable government policies, Foreign direct investments
Escalating demand from overseas markets will also provide traction to sales of pharmaceutical grade sodium chloride in both the regions. Growth of market in India is specifically uplifted by relatively higher domestic production and consumption levels, and better cost benefits.
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Some of the leading players in the global pharmaceutical grade sodium chloride market are K+S Group (ESCO Salt), AkzoNobel N.V., Morton International, and U.S. Salt LLC. According to Future Market Insights' research, Indian market for pharmaceutical grade sodium chloride has over 100 manufacturers, which make it the third largest producer on a global level. Chinese market revenue is majorly concentrated in Tianjin Changlu Haijing Group Co., Ltd., Hebei Huachen Pharmaceutical Co., Ltd., and Thai Refined Salt Co., Ltd. Several key players are focusing more on their capacity expansion and many others are considering introduction of new products to the market with additional novel functionalities.
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A few of the global key companies, including N.V. and K+S Group, are planning expansion in India. Manufacturers and end-users are prioritizing long term supply agreements, which in turn is propelling sales of pharmaceutical grade sodium chloride over the forecast period. Strengthening of distribution channels is another paramount for top market players in a bid to enhance their global reach. Will improvement in distribution channels lead to improved market conditions in developed regions and developing ones other than China and India? The report can offer more insights.