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| Global Carbonate Market Size |
Carbonate salts find wide applications across various end-use industries such
as food and beverages, construction materials, medical, and others. The demand
for carbonate is anticipated to rise significantly owing to the increasing
awareness about environmental protection.
The Global Carbonate Market is estimated to be valued
at US$ 183.76 Bn in 2024 and is
expected to exhibit a CAGR of 14% over
the forecast period 2024 to 2030.
Carbonate salts are nature-friendly compounds and are used as key components in
industrial processes that involve neutralization, pH regulation, and
precipitation reactions. They are extensively used in manufacturing glass,
cement, soap, and detergents. Carbonates also play a vital role in
pharmaceuticals where they are used as inactive ingredients in tablets and
capsules. Moreover, rising consumption of carbonated beverages is propelling
the demand for carbonate worldwide.
Key Takeaways
Key players operating in the Carbonate market are INOVIQ, Bio-Rad Laboratories,
Inc., Abbott, Becton, Dickinson and Company, Merck KgaA, QIAGEN, Thermo Fisher
Scientific Inc., CENTOGENE N.V., PerkinElmer Inc., and Siemens Healthcare
Private Limited.
Some of the key players are focusing on strategic acquisitions and partnerships
to expand their production capacity and geographic reach. For instance, in
2021, Thermo Fisher Scientific Inc. acquired clinical next-generation
sequencing and genomics company, Novaseq, Inc., to strengthen its genetic
sciences portfolio.
North America and Europe currently dominate the Global
Carbonate Market Size. However, Asia Pacific is anticipated to offer
significant growth opportunities during the forecast period due to the rapid
industrialization and rising infrastructure development activities in countries
such as China and India. Key market players are investing heavily in these
emerging economies to capitalize on the opportunities.
Market Drivers:
- Increasing consumption of packaged food and beverages is driving the demand
for carbonate salts as leavening and pH-regulating agents in the food industry.
Carbonates help maintain freshness and enhance flavors.
- Rising industrial activities such as manufacturing of cement, glass, and
detergents are boosting the carbonate demand. Carbonates such as calcium
carbonate, sodium carbonate, and potassium carbonate find extensive
applications in various industrial processes.
Market Restraints:
- Volatility in raw material prices exerts pricing pressures on carbonate
manufacturers and distribution channels. Prices of key carbonate salts such as
sodium carbonate and calcium carbonate fluctuate based on supply-demand forces
and global commodity cycles.
- Stringent regulations pertaining to carbonate emissions during manufacturing
may increase compliance costs for producers. Various developed economies are
imposing restrictions to reduce carbon footprints of industries.
Segment Analysis
The carbonate market is dominanted by the bicarbonate sub segment which holds
around 40% of the total market share. Bicarbonates are one of the most
versatile and widely used ingredient in pharmaceuticals, foods and several
other industries. It is used as an acid neutralizer, pH regulator and leavening
agent. The widespread applications in variety of products like antacids, baking
powder, cream of tartar etc has contributed to its large market share over the
past years.
The phosphate and citrate sub segment are also holding significant shares in
the market. Phosphates help in regulating pH, acting as buffer and sequestering
calcium ion. It is commonly used as emulsifying, stabilizing and acidifying
agent. Citrates aid in improving the taste and extending the shelf life of
foods and beverages. Due to their functionality and compatibility with wide
range of products, these sub segments have remained popular choices among
manufacturers.
Global Analysis
The North American region currently dominates the global carbonate market
accounting for over 30% share. Factors such as booming food & beverage
industry, advanced pharmaceutical sector and presence of major players in the
region has consolidated its leadership. Europe holds the second largest share
and is expected to remain lucrative during the forecast period due to rising
health consciousness in countries like Germany, UK and so on.
The Asia Pacific region is poised to witness the fastest growth over the next
few years with CAGR of around 16%. Rapid urbanization, growing population,
increasing per capita income and expanding industrial activities in countries
like China and India is propelling the demand. Changing lifestyle and diet
patterns are also augmenting the demand for processed food and pharmaceuticals
wherein carbonates has widespread applications thus driving the market growth.
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