Sodium Thiosulphate Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI4057
Sodium Thiosulphate Market size will experience considerable growth in the forecast timeframe owing to rising product demand from medical industry. sodium thiosulphate is chiefly used in treatment of cisplatin toxicity and as an antidote in cyanide poisoning treatment. It is also used as adjunct agent for patients taking cisplatin chemotherapy. Other than that, it is also used as an ingredient in production of various nontoxic agricultural pesticides, food preservatives, process regulators, laboratory chemicals, solids separation agents, processing aids, and oxidizing/reducing agents.
The medical industry will chiefly drive the global demand for sodium thiosulphate market size in the coming years. The medical industry is likely to grow significantly in North America and Asia Pacific, over the forecast timeframe. According to the U.S. Centers for Medicare & Medicaid Services, the U.S. health care spending increased 3.9% from 2016 to reach $3.5 trillion in 2017. Asia Pacific is also becoming an attractive medical tourism destination owing to its low cost treatment as compared to the U.S. and Europe. Therefore, countries including Malaysia, Singapore, India, Thailand, and South Korea actively endorse their services to global patients. These developments will propel the overall sodium thiosulphate market size in the coming years.
Sodium thiosulphate is described as an organic compound which is available in various forms such as pentahydrate, aqueous solution, anhydrous reagent, and more. Pentahydrate is the most commonly available form of the product. In solid form, it is efflorescent, that, it loses water readily. It is a nontoxic chemical with broad application range. However, rising ammonium thiosulfate production volume may function as a hindrance to the overall sodium thiosulphate market growth in the forthcoming years. This is due to the former chemical’s use in gold mining and as photographic fixer. Both ammonium thiosulfate and sodium thiosulphate are used for same applications and ammonium thiosulfate is known to react quicker than sodium thiosulphate, thus, producing better results. Nevertheless, ongoing medical research suggest that sodium thiosulphate can play key role in medications related to Alzheimer’s and Parkinson’s diseases in the near future.
On the basis of various grades, sodium thiosulphate market size is segmented into medical grade, industrial grade, food grade, agricultural grade, and others. The medical grade segment is likely to witness promising gains due to its rising applications in treatment of mercury, arsenic, bismuth, and lead poisoning. Nowadays, it is used to protect against cisplatin toxicity, treat cyanide poisoning and other rare medical conditions. In cancer treatments, cisplatin is a chemotherapy a drug administered to treat number of cancers, such as testicular cancer, brain tumors, cervical cancer, ovarian cancer, breast cancer, head and neck cancer, esophageal cancer, bladder cancer and lung cancer.
The end user segment of the overall sodium thiosulphate market size includes medical, agriculture, gold mining, paper and photo industry, water treatment, others. sodium thiosulphate is a crystalline substance which easily dissolves in water. Also, the industrial grade of sodium thiosulphate is used in the development of silver-based photographic film and prints. In gold mining, the product is an alternate lixiviant to cyanide for extraction of gold. It is strongly soluble in gold ions, making gold mining an important end user industry.
Sodium thiosulphate is known to be an anti-calcification agent with antioxidant properties which is successfully utilized in water treatment and food preservative industry. The product is also widely used in water treatment industry to process settled backwash water before releasing in the river. The increasing demand for water treatment chemicals from Asia Pacific countries, especially, China will drive the overall sodium thiosulphate market size in the forecast timeframe.
Asia Pacific held significant share in the overall sodium thiosulphate market in 2018. Economies such as Thailand, India, South Korea, Vietnam and China are heavily investing in medical services. According to the U.S. global investors, China is largest gold producing country, followed by Australia. These trends will in turn make a notable impact on the overall market size by 2025.
The companies functioning in sodium thiosulphate market are INEOS Group AG, Merck KGaA, Seidler Chemical Co, Inc, Wintersun Chemical, Hubbard-Hall, NISSEI CORPORATION, Sankyo Kasei, Liyang Qingfeng Fine chemical Co.,Ltd., Skyline Chemical Corporation, Veckridge Chemical, Cater Chemicals Corporation and Allan Chemical Corporation.
Sodium Thiosulphate Market, By Grades, 2014-2025 (Tons) (USD Million)
- Medical grade
- Industrial grade
- Food grade
- Agricultural grade
Sodium Thiosulphate Market, By End Users, 2014-2025 (Tons) (USD Million)
- Gold Mining
- Paper and photo processing
- Water treatment
The above information has been provided for the following regions and countries:
- North America
- Australia & New Zealand (ANZ)
- South Korea
- Latin America
- South Africa
- INEOS Group AG
- Merck KGaA
- Seidler Chemical Co, Inc
- Wintersun Chemical
- NISSEI CORPORATION
- Sankyo Kasei
- Liyang Qingfeng Fine chemical Co.,Ltd.
- Skyline Chemical Corporation
- Veckridge Chemical
- Cater Chemicals Corporation
- Allan Chemical Corporation
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