Albany, NY -- (SBWIRE) -- 10/24/2018 -- Global sales of pharmaceutical grade sodium chloride are estimated at US$ 249.5 Mn by 2018 end, which are expected to cross US$ 430 Mn by the end of 2028, witnessing a promising CAGR of 5.6% over 2018-2028. China is foreseen to remain the dominant regional market with over 28% share of the global market value, whereas India is presumed to emerge as an attractive market with the fastest growth rate over the assessment period.
Surge in kidney failure incidences to generate robust demand
The current valuation of pharmaceutical grade sodium chloride in India is nearly US$ 6.0 Mn, which may reach beyond US$ 14.0 Mn by the end of 2028. In terms of volume, the consumption of salt will possibly exceed 38,000 metric tons by the end of forecast period. Pronounced instances of kidney disorders and an exploding number of cases of kidney failure in India have been responsible for accelerating the demand for a series of treatments involving the use of pharmaceutical grade sodium chloride.
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The number of dialysis patients has been constantly on the rise since the past decade, bolstering the demand for pharmaceutical grade sodium chloride for production of dialysis and perennial solutions. India is currently a meager market for pharmaceutical grade sodium chloride but the next decade will see a growing market in this region, while all other regional markets except China are expected to decline. Steadily increasing demand for hemodialysis and hemofiltration solutions will push the market up in near future. Growing demand for ORS solutions is also found to be a booster for the market recently. Evolving consumer lifestyle has been recently resulting in various lifestyle diseases, which will further highlight the need for pharmaceutical grade sodium chloride solutions. The growth of pharmaceutical grade sodium chloride market in India is strongly supported by favorable government policies, improving healthcare facilities and infrastructure, and foreign direct investments.
Domestic production and consumption to represent a key driver for growth
In tandem with economic growth, Indian market is experiencing steady growth in domestic consumption of pharmaceutical grade sodium chloride as well. This is further pushed by high efficiency and cost advantages offered by domestic production of pharmaceutical grade sodium chloride. Higher cost benefits in Indian market compared to other regional markets is likely to provide traction to domestic production and consumption of pharmaceutical grade sodium chloride. Growing demand from overseas markets is in turn augmenting exports.
With around 100 manufacturers, Indian market for pharmaceutical grade sodium chloride was the third largest producer, in a recent ranking. Due to presence of several established, small, and medium-sized companies, the Indian marketplace is highly competitive. Key players are focusing more on their capacity expansion and introduction of new products to the market with additional novel functionalities. Akzonobel N.V. and K+S Group are among the key companies in the global pharmaceutical grade sodium chloride market, which are on the verge of expanding their production facilities in India.
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Long term supply agreements between manufacturers and end-users are currently trending in the industry, which is anticipated to propel sales of pharmaceutical grade sodium chloride over the forecast period. Some of the notable players operating in the Indian market for pharmaceutical grade sodium chloride are Gulkas Pharma Pvt. Ltd., Rishi Chemicals, VM Chemicals Pvt. Ltd., Vinipul Inorganics Private Limited, Neelkanth Chemicals Pvt. Ltd., Nitika Chemical Pvt. Ltd., Anish Chemicals Pvt. Ltd., Narayan Chemicals Pvt. Ltd., Anmol Chemicals Pvt. Ltd., Avantor Performance Materials, LLC, Sujata Chemicals Pvt Ltd, and Pravina Pharma Chem Products.
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