Expanding Applications in the F&B Sector to Push the Global Butyl Rubber Market Share
Available in a white crystalline powdered form, commercially produced sodium bicarbonate is commonly referred to as baking soda. The product finds a broadening number of applications in animal feed, food & beverages, pharmaceuticals, specialty chemicals, and flue gas desulphurization. The food & beverages industry is one of the prime consumers of sodium bicarbonate. Some of the common applications it holds in the industry are as odor absorbent, in ready-to-eat cakes and pastries, cleaning agent, and in fruit washing agent. Baking soda is used in various processed food items for controlling its pH levels and for improving the shelf-life and stability. In recent years, there has been a massive shift in trend concerning the consumption of processed and packaged food items. This is majorly due to the evolving lifestyle. Also, there has been a growing usage of baking soda as a deodorizing agent for various personal care products, thereby driving the demand for the market. However, the emergence of new substitutes can cause the growth of the market to be hampered during the forecast period. Additionally, potential health hazards and environmental implications are other key factors influencing that can influence the market.
The global Butyl Rubber Market Share is expected to garner a CAGR of 4.85% during the review period and is expected to strongly surpass its current valuation of USD 1,300 million.
The global Butyl Rubber Market Share segmentation is done on the basis of end-user and grade.
By grade, the market is segmented into pharmaceutical, food, feed, and technical. With 45.05% of the market share till 2017, the feed grade segment holds the leading position in the global standings. The market is further expected to grow at a gradual pace during the forecast period. The increasing animal feed production has steered forward a far greater requirement of sodium bicarbonate. On the other hand, the food grade segment is expected to register a high CAGR during the forecast period. This growth of the segment is primarily due to the growing usage of baking soda in bakery and confectionary items. With the bakery industry projected to grow in numbers in the forthcoming years, it will, in turn, steer the demand for the food grade segment in the Butyl Rubber Market Share.
By end-user, the market divides into flue gas treatment, animal feed, food & beverages, food & beverages, detergents & cleaning agents, personal care & pharmaceuticals, hemodialysis, textile, chemicals, and others. Herein, the animal feed segment is a highly attractive end-user market and is expected to remain the same in the forthcoming years. At present, the valuation of the segment stands at USD 300 million and is anticipated to expand with an above-average CAGR. Due to its highly favorable attributes, sodium bicarbonate is used extensively in the animal feed sector as it makes up for a precise ingredient for improving the quality of the feed. Not to mention, the food & beverages segment too is expected to garner a strong growth in the near future due to the widening range of applications sodium bicarbonate holds in the sector.
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The global Butyl Rubber Market Share is geographically segmented into the following key regions: Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa (MEA).
Geographically, the market is spearheaded by the Asia Pacific region. The region holds the maximum market share and is expected to witness a compound annual growth of 5.56% during the forecast period. In this region, the growth of various industries like the food & beverages, animal nutrition, agriculture, and the personal care & pharmaceutical sector has led to the increasing demand for sodium bicarbonate. This has propelled the regional market and has positioned it into the top and will continue to contribute in the same manner. Other factors that are influencing the global Butyl Rubber Market Share in the Asia Pacific region is the rapid scale industrialization and the surging per-capita income of.
The global Butyl Rubber Market Share comprises of various prominent players, including Kazan Soda Elektrik, Tosoh Corporation, Tata Chemical Ltd., Novacap, Sisecam Group, CIECH Group, Church & Dwight Co., Inc., Bashkir Soda Company, Solvay, Natural Soda LLC and AGC Inc.
April 2nd, 2019, a new Blue Agave plus Baking Soda Bioré® Skincare's Newest Dynamic Duo is introduced in the market that helps deep clean and nourish one’s skin with its composition.
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