The global sodium thiosulphate market share is slated to expand at a significant pace over the span of 2022-2028, driven by the surging product demand from the healthcare and medical industries. Thriving healthcare and medical sector and developments in these fields would further enhance the business space in the years to come.
Besides, the growing incidences of chronic kidney failure disorders, particularly, calciphylaxis, are anticipated to stimulate the demand for sodium thiosulphate through 2028. According to reliable estimates, calciphylaxis is reported to occur in 1% to 4.5% of patients in dialysis, with the majority of patients who are diabetic, obese, and living with present liver diseases. Sodium thiosulphate acts as an antioxidant and calcium chelating agent for the treatment of calciphylaxis.
Furthermore, increasing mining activities across myriad regions including North America, Asia Pacific, and others are as well leading the way for sodium thiosulphate market over the forthcoming years. As per Gold.org, global gold mining adds nearly 2,500 to 3,000 tons every year to the overall above-ground stock of gold.
However, the raw material price fluctuations are expected to act as a major restraining growth factor for the global sodium thiosulphate industry over the foreseeable time frame.
Based on the grade type, sodium thiosulphate market is poised to gain lucrative gains from the food grade segment. STS is a common food additive and is found to be generally safe by health authorities when used in appropriate amounts for food preservation. When used in food processing, the compound is a powerful antioxidant, implying that it helps in the prevention of oxidation of food, which can lead to issues with flavor, texture, and odor of the food products. Besides, STS also acts as a sequestrant, meaning that it would attract certain ions that prevent fat oxidation.
The global medical industry is expected to have a generous share in the overall sodium thiosulphate market through 2028, owing to the use of the compound to reduce the side effects of cisplatin, a cancer medicine. Further, STS is also being used as an intravenous therapeutic for metal poisoning and other toxicities. Various In vitro assays have as well showcased that it is a neuroprotective and anti-inflammatory agent, demonstrating potency for the treatment of neurodegenerative diseases like Parkinson’s disease and Alzheimer’s disease. Notably, growing incidences of these diseases would enhance the market outlook further. As per credible estimates, nearly 5.5 million Americans are affected by Alzheimer’s disease.
Regionally, APAC sodium thiosulphate market size would expand at a prodigious pace through 2028 owing to the growing product demand from water treatment, medical, and paper processing industries in the continent. In addition, rising investments in water treatment chemicals across China and India is likely to boost the demand for STS through the coming years. An upsurge in the prevalence of various renal and neurological diseases in the developing APAC nations would promote the regional industry expansion.
Prominent companies operating in the overall sodium thiosulphate industry include Merck KGaA (E. Merck KG), INEOS Group AG (INEOS Limited), Skyline Chemical Corporation, Seidler Chemical Co, NISSEI CORPORATION (Brother Industries), Liyang Qingfeng Fine chemical Co. Ltd., Hubbard-Hall, and others. These market vendors are taking up strategic measures like mergers and acquisitions, product launches, and partnerships, to secure a prominent position in the global marketplace.
The coronavirus pandemic, that took place in the early 2020 spreading across different parts of the world, has severely affected various chemical businesses, including the sodium thiosulphate market. This can be reasoned to the disruptions in the supply chain, halt in various production and manufacturing units and introduction to lockdown norms.