The latest market report published by Credence Research, Inc. “Global Sodium Thiocyanate Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The global sodium thiocyanate market is anticipated to grow at a substantial CAGR of 5.9% in the upcoming years. The global Sodium Thiocyanate industry was estimated to be worth USD 1.6 billion in 2022 and is expected to be USD 2.38 billion by 2030.
Sodium thiocyanate market refers to the industry involved in the production, distribution, and sale of sodium thiocyanate, which is a chemical compound with the formula NaSCN. Sodium thiocyanate is a white crystalline solid that is highly soluble in water and is commonly used in various industries for different applications. Market is influenced by factors such as industrial demand, regulatory requirements, and technological advancements. Key players in this market include chemical manufacturers, pharmaceutical companies, agricultural chemical producers, and mining companies.
North America dominated the global sodium thiocyanate market in terms of revenue share. The region is home to a developed chemical industry with a strong presence of key market players. The market growth in North America is driven by increasing demand for sodium thiocyanate in various industries, including pharmaceuticals, agriculture, and mining. Additionally, the extensive regional focus on research and development activities and technological advancements further contribute to the growth of the sodium thiocyanate market in North America.
The global Sodium Thiocyanate Market is bifurcated into Type, Application and Geography. Based on Type the market is categorized into Industrial Grade, Technical Grade & Pharmaceutical Grade. Based on Application the market is categorized into Chemical Analysis Reagent, Polyacrylonitrile Fiber Spinning Solvent, Color Film Rinses, Defoliants & Propylene Fiber. Based on geography, the market is categorized as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Sodium Thiocyanate Market Drivers are a set of factors that are propelling the growth of the sodium thiocyanate market. One such driver is the increasing demand for sodium thiocyanate in various end-use industries, including pharmaceuticals and agrochemicals. The compound finds extensive use as an intermediate in the synthesis of drugs, dyes, and herbicides. Additionally, its application as an auxiliary oxidant in gold extraction has also spurred demand from mining companies. Another key factor driving the market is technological advancements leading to improved production methods and increased efficiency in manufacturing processes.
The growth of the global Sodium Thiocyanate market can be attributed to several factors:
- Versatile Applications: Sodium Thiocyanate has wide-ranging applications across multiple industries, including pharmaceuticals, textiles, construction, and photography, among others. It is used as a spinning solvent in fiber industries, and also in the manufacturing of herbicides and synthetic resins.
- Pharmaceutical Industry: Sodium Thiocyanate is used in the pharmaceutical industry as an important raw material in the synthesis of various drugs. The growth and expansion of the pharmaceutical industry globally would contribute to the demand for Sodium Thiocyanate.
- Construction Industry: It is used as a hardening accelerator in concrete and cement mixes. With the growth of the construction sector globally, particularly in emerging economies, demand for Sodium Thiocyanate could rise.
- Chemical Industry: Sodium Thiocyanate is used in the production of several other chemicals, which are further used across a variety of industrial sectors. The expansion of the chemical industry can indirectly drive the market growth.
- Developing Regions: Emerging economies in Asia-Pacific and Latin America regions are experiencing rapid industrialization and urbanization, which is leading to growth in the pharmaceutical, construction, and textile industries. This could result in increased demand for Sodium Thiocyanate.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Sodium Thiocyanate Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- In-depth analysis of the global market segmentation on the basis of By Application and Type
- Major nations in each region with their import/export statistics
- The global Sodium Thiocyanate Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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