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    Sodium Thiosulphate Market Forecast to Reach $627 Million by 2026
    (I-BusinessNews.Com, May 23, 2021 ) Sodium Thiosulphate Market is forecast to reach $627 million by 2026, after growing at a CAGR of 4.5% during 2021-2026. Sodium thiosulphate is a colorless inorganic sodium salt that dissolves well in water composed of sodium and thiosulfate ions in a 2:1 ratio. It is used for the processing of photographic paper and photographic films. Sodium Thiosulphate liquid is used to de-chlorinate ballast waters prior to discharge to the environment. The surging use of sodium thiosulphate for the removal of heavy metals from industrial wastewater is expected to drive the growth of the sodium thiosulphate market size during forecast period. Furthermore, accelerating demand of sodium thiosulphate from healthcare sector for the formulation of antidotes used to treat cyanide poisoning also aids to the market growth.



    Sodium Thiosulphate Market Segment Analysis - By Type



    Sodium thiosulphate pentahydrate segment holds the largest share of more than 60% in the sodium thiosulphate market in 2020. Sodium thiosulfate pentahydrate is a hydrate consisting of sodium thiosulfate with 5 molar eq. of water. Sodium thiosulphate pentahydrate is used by photographers to fix developed negatives and prints. It acts by dissolving the part of the silver salts coated onto film which remain unchanged by exposure to light. Sodium thiosulphate pentahydrate is also used as an oxygen scavenging agent in steam boilers which may aid the growth of the market.



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    Sodium Thiosulphate Market Segment Analysis - By Application



    Medication segment holds the largest share of more than 25% in the sodium thiosulphate market in 2020. Sodium thiosulphate is used as an intravenous medication for metal poisoning. Sodium Thiosulphate acts as an antidote to cyanide poisoning, a nephroprotective agent and an antifungal drug. According to the American Association of Poison Control Centers Toxic Exposure Surveillance System, 2 of the 272 cyanide exposure cases in 2018 were fatal. Hence, fatality caused by cyanide poisoning coupled with increase in number of cases drive the growth of the sodium thiosulphate market. Furthermore, sodium thiosulphate also has potential for treating neurodegenerative diseases such as Alzheimer disease and Parkinson disease which in turn augment the market growth. Additionally, in the United States, the growing cases of chronic kidney diseases is expected to drive the market growth during the forecast period.



    Sodium Thiosulphate Market Segment Analysis - By End-Use Industry



    Based on the end-use industry, the water and wastewater treatment segment hold the largest share of more than 30% in the sodium thiosulphate market. Sodium thiosulphate neutralizes the chlorine, thus preventing further bactericidal effects on organisms in the water during transit. It also forms soluble complexes with certain heavy metals such as lead, mercury, arsenic, and cadmium facilitating their removal from industrial waste effluents. Heavy metals are known as carcinogens and may cause harm in lungs, liver, kidneys, and other vital organs. Therefore, surging health concerns and demand for freshwater fuels the growth of sodium thiosulphate market. According to the Organisation for Economic Co-operation and Development, freshwater demand is projected to increase by 55% globally between 2000 and 2050, significantly aiding the market growth.



    Sodium Thiosulphate Market Segment Analysis - Geography



    Asia Pacific holds the largest share of more than 45% in the sodium thiosulphate market in 2020 owing to developing industrial sector across the region leads to drive the demand for sodium thiosulphate. Sodium thiosulphate is used as an antichlor agent for the removal of chlorine from reaction vat in textile and pulp industries. Surging use of paper & pulp products as an alternative to single use plastics also aids the growth of the market in APAC region. According to the Japan Paper Association, the total paper and paperboard demand for domestic applications such as tissue paper, newsprint, and boxboard reached to 26,581 thousand metric tons in 2017 in Japan. Additionally, the Government of India provides financial assistance up to 50% of project cost for Common Effluent Treatment Plants (CETPs) subject to a ceiling of USD 11.5 million. The Indian Ministry of Textiles has implemented the Integrated Processing Development Scheme (IPDS) to enable the textile processing sector in meeting environmental standards. Thus, the growing investment and developing industrial sector across the region are fueling the growth of sodium thiosulphate in APAC region.



    Sodium Thiosulphate Market Drivers



    Increasing usage of sodium thiosulphate in food & beverages



    Sodium Thiosulphate acts as a sequestrant that forms chelate complexes with polyvalent metal ions, especially copper, iron and nickel, and prevent the oxidation of the fats in the food. According to Flexible Packaging Association (FPA), Flexible Packaging is the second largest packaging segment in the U.S., garnering about 19 percent of the $170 billion U.S. packaging market as of June 2019 and largest market for flexible packaging is food (retail and institutional), accounting for about 59 percent of shipments. In addition, Food and Agriculture Organizationís (FAO) estimated that the demand for food will grow by 60% by 2050. Growing demand for packaged foods due to health concerns and changing lifestyle of the consumers is expected to drive the growth of the sodium thiosulphate market during the forecast period.



    Growing demand from mining and oil industries



    In the oil and gas industry, sodium thiosulphate is used to improve thermal stability of fluidized polymer suspensions. Energy Information Administration (EIA), estimated that the U.S. petroleum production in 2018 increased by 16% while production of natural gas rose by 12%, significantly proliferating the sodium thiosulphate market growth. Furthermore, investments and collaborations in petrochemical sector are expected to boost the market growth. For instance, in early 2017, the Danish government signed an agreement aimed at continuing oil production in the North Sea. As per the agreement, there will be a two-figure billion kroner investment in oil and gas extraction and the rebuilding of the Tyra field. This allows for the possibility to generate $3.9 billion by 2042. Additionally, Saudi Aramco and SABIC have also signed a memorandum of understanding to build a complex worth USD 20 billion to convert crude oil into chemicals in the country. Besides, Sodium Thiosulphate leaching is also used an alternative to cyanidation for the extraction of gold. According to United States Geological Survey, in 2017, domestic gold mine production was estimated to be about 245 tons, 10% more than that in 2016, and the value was estimated to be about $9.9 billion. Increase in mining activities and demand of gold for Jewellery and dentistry also boost the demand for sodium thiosulphate.



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    Sodium Thiosulphate Market Challenges



    Efficacy and harmful effects of sodium thiosulphate



    Sodium thiosulfate is a reducing agent. However, it scavenges less oxygen than sodium sulfite, sodium bisulfite or sodium metabisulfite. Prolong exposure to sodium thiosulphate may irritates skin, eye, nose, and throat. Sodium thiosulfate reacts slowly with chlorine under some conditions, and requires more time for dechlorination than most dechlorination chemicals. Over dechlorination with sodium thiosulfate may encourage thiobacillus and some other bacterial growth in water streams, particularly during low flow condition. In addition, presence of alternatives such as ammonium thiosulphate, Phenylarsine Oxide (PAO) solutions etc. which has better efficiency, restraints the market growth of sodium thiosulphate.



    Emergence of COVID-19



    The outbreak of COVID 19 has hampered the growth of sodium thiosulphate market. The supply chain disruption, price fluctuation of oil, and closure of manufacturing units due to coronavirus pandemic have lowered the demand globally. According to the Organization of the Petroleum Exporting Countries (OPEC), a 1.5 million barrel per day (mb/d) production cut for the second quarter of 2020, significantly lowering the demand for sodium thiosulphate. In addition, decrease in purchasing capital impacted the growth of textile, paper & pulp, and mining industries negatively affecting the growth of the sodium thiosulphate market.



    Market Landscape



    Technology launches, acquisitions and R&D activities are key strategies adopted by players in the sodium thiosulphate market report. In 2020, the market of sodium thiosulphate has been consolidated by the top 10 companies accounting for xx% of the share. Major players in the sodium thiosulphate market are NISSEI CORPORATION, Sankyo Kasei, Liyang Qingfeng Fine chemical Co. Ltd., Skyline Chemical Corporation, INEOS Group AG, Merck KGaA, Seidler Chemical Co, Inc., Wintersun Chemical, Hubbard-Hall, Veckridge Chemical Co Inc., Cater Chemicals Corporation, and Allan Chemical Corporation., among others.



    Acquisitions/Technology Launches



    In May 2017, Fennec Pharmaceuticals Inc. launched a Named Patient Programme (NPP) in Europe with a focus on the development of Sodium Thiosulfate (STS) for the prevention of platinum-induced ototoxicity in pediatric patients.



    Key Takeaways



    Rise in mining activities in the U.S also raises the demand for sodium thiosulphate. According to the U.S. Geological Survey, U.S. mines produced an estimated $82.2 billion of raw mineral materials in 2018, a 3 percent increase over the revised total of $79.7 billion in 2017.



    Increasing environmental concerns and government restrictions augments the demand for sodium thiosulphate for water treatment and bleaching process.



    Decline in manufacturing activities and disruption of supply chain due to the outbreak of coronavirus has hampered the growth of the sodium thiosulphate market.



    Related Reports :



    A. Photographic Chemicals Market

    https://www.industryarc.com/Report/16088/photographic-chemicals-market.html



    B. Sodium Acetate Market

    https://www.industryarc.com/Report/17731/sodium-acetate-market.html



    For more Chemicals and Materials Market reports, Please click here



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