BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global sodium thiosulphate market size at USD 104.75 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global sodium thiosulphate market size to grow at a significant CAGR of 6.1% reaching a value of USD 158.02 million by 2029. Major growth factors for global sodium thiosulphate market include increasing product demand in the healthcare and medical industries, growing healthcare and medical sector and advancements in these sectors. Similarly, the rising prevalence of chronic kidney failure illnesses, particularly calciphylaxis, is expected to drive demand for sodium thiosulphate. According to reputable estimates, calciphylaxis affects 1% to 4.5% of dialysis patients, with the majority of patients being diabetic, obese, or suffering from chronic liver disease. For the treatment of calciphylaxis, sodium thiosulphate serves as an antioxidant and calcium chelating agent. Also, developing mining operations in various regions, such as North America and Asia Pacific are paving the way for the sodium thiosulphate market in the coming years. According to Gold.org, global gold mining contributes around 2,500 to 3,000 tons of gold to the total above-ground supply of gold each year. Therefore, these factors are expected to boost the expansion of global sodium thiosulphate market during the period in analysis. However, increasing cost of the raw materials is anticipated to restrain the market growth.
Sodium thiosulphate is a colorless inorganic sodium salt that dissolves readily in water. It is made up of sodium and thiosulfate ions in a 2:1 ratio. It is used in the treatment of photographic paper and films. Prior to discharge into the environment, sodium thiosulphate liquid is employed to de-chlorinate ballast waters. The increasing use of sodium thiosulphate for heavy metal removal from industrial wastewater is estimated to drive the global sodium thiosulphate market size during the forecast period. Rising demand for sodium thiosulphate from the healthcare sector for the creation of antidotes used to treat cyanide poisoning contributes to market expansion. Sodium thiosulphate is widely used in gold extraction. This compound is also employed as a cyanide replacement lixiviant. In iodometry, sodium thiosulphate is employed as a measurement agent for oxygen in water for approximating substances such as hydrogen peroxide. This is expected to boost the sodium thiosulphate market overall throughout the forecast period. Consumers’ growing worry about their health is expected to benefit the whole market during the next seven years. Another key end-use business is water treatment. It is used to reduce chlorine levels and to treat settled backwash water in swimming pools, spas, and aquarium.
Based on application, global sodium thiosulphate market is divided into Medical, Photographic Processing, Iodometry, Gold Extraction, and Water Treatment segments. The water treatment segment held the highest market share. Sodium thiosulphate neutralizes chlorine, avoiding additional bactericidal effects on organisms in transit water. It also forms soluble complexes with heavy metals like lead, mercury, arsenic, and cadmium, making it easier to remove them from industrial waste effluents. Heavy metals are carcinogens, which can destroy the lungs, liver, kidneys, and other important organs. As a result, rising health concerns and demand for freshwater drive the sodium thiosulphate industry forward. According to the Organization for Economic Cooperation and Development (OECD), worldwide freshwater consumption is expected to rise by 55% between 2000 and 2050. It, in turn, is expected to boost the growth of the water treatment segment.
Major players operating in global sodium thiosulphate market include Esseco SRL, Galactic, Allan Chemical Corporation, Samirian Chemicals Inc., Noah Chemicals, Dastech, INEOS, DBWINC, Southern Ionics Incorporated, Skyhawk Chemicals, Inc., Liyang Qingfeng Fine chemical Co. Ltd, Changsha weichuang chemical Co. Ltd, and Haimen Wuyang Chemical Industry Co. Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Sodium Thiosulphate Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Sodium Thiosulphate Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Source : Blue Weave Consulting