Global Sodium Triphosphate Market to See 4.9% CAGR Growth Through 2030

IndexBox has just published a new report: World - Sodium Triphosphate (Sodium Tripolyphosphates) - Market Analysis, Forecast, Size, Trends And Insights.

The market for sodium triphosphate is on the rise, with an expected CAGR of +4.9% in volume and +6.9% in value from 2023 to 2030. This growth is driven by increasing demand worldwide, leading to a forecasted market volume of 1.8M tons and market value of $2.5B by the end of 2030.

Market Forecast

Driven by increasing demand for sodium triphosphate (sodium tripolyphosphates) worldwide, the market is expected to continue an upward consumption trend over the next seven years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +4.9% for the period from 2023 to 2030, which is projected to bring the market volume to 1.8M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.9% for the period from 2023 to 2030, which is projected to bring the market value to $2.5B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Sodium Triphosphate (Sodium Tripolyphosphates)

In 2023, consumption of sodium triphosphate (sodium tripolyphosphates) decreased by -3.5% to 1.3M tons for the first time since 2020, thus ending a two-year rising trend. Overall, consumption, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 8.8%. As a result, consumption reached the peak volume of 1.4M tons. From 2017 to 2023, the growth of the global consumption failed to regain momentum.

The global sodium triphosphate market revenue dropped to $1.6B in 2023, with a decrease of -9.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.2% over the period from 2013 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $1.7B, and then shrank in the following year.

Consumption By Country

China (472K tons) constituted the country with the largest volume of sodium triphosphate consumption, comprising approx. 36% of total volume. Moreover, sodium triphosphate consumption in China exceeded the figures recorded by the second-largest consumer, Tunisia (131K tons), fourfold. Belgium (84K tons) ranked third in terms of total consumption with a 6.5% share.

From 2013 to 2023, the average annual rate of growth in terms of volume in China amounted to +1.1%. In the other countries, the average annual rates were as follows: Tunisia (+18.9% per year) and Belgium (+5.4% per year).

In value terms, China ($503M) led the market, alone. The second position in the ranking was taken by Belgium ($148M). It was followed by Tunisia.

From 2013 to 2023, the average annual growth rate of value in China totaled +2.1%. In the other countries, the average annual rates were as follows: Belgium (+7.9% per year) and Tunisia (+20.4% per year).

The countries with the highest levels of sodium triphosphate per capita consumption in 2023 were Tunisia (11 kg per person), Belgium (7.2 kg per person) and Kazakhstan (3.9 kg per person).

From 2013 to 2023, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Tunisia (with a CAGR of +17.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Sodium Triphosphate (Sodium Tripolyphosphates)

In 2023, the amount of sodium triphosphate (sodium tripolyphosphates) produced worldwide amounted to 1.3M tons, remaining relatively unchanged against the previous year. In general, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 0.7% against the previous year. As a result, production attained the peak volume of 1.3M tons; afterwards, it flattened through to 2023.

In value terms, sodium triphosphate production declined to $1.6B in 2023 estimated in export price. The total output value increased at an average annual rate of +1.6% from 2013 to 2023; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2022 when the production volume increased by 24%. As a result, production reached the peak level of $1.7B, and then fell in the following year.

Production By Country

China (678K tons) remains the largest sodium triphosphate producing country worldwide, accounting for 51% of total volume. Moreover, sodium triphosphate production in China exceeded the figures recorded by the second-largest producer, Tunisia (167K tons), fourfold. Belgium (128K tons) ranked third in terms of total production with a 9.6% share.

In China, sodium triphosphate production remained relatively stable over the period from 2013-2023. The remaining producing countries recorded the following average annual rates of production growth: Tunisia (+0.8% per year) and Belgium (+0.4% per year).

Imports

World Imports of Sodium Triphosphate (Sodium Tripolyphosphates)

In 2023, approx. 414K tons of sodium triphosphate (sodium tripolyphosphates) were imported worldwide; declining by -8.8% against the previous year's figure. In general, imports saw a deep slump. The growth pace was the most rapid in 2018 when imports increased by 6.1% against the previous year. Over the period under review, global imports reached the peak figure at 729K tons in 2013; however, from 2014 to 2023, imports stood at a somewhat lower figure.

In value terms, sodium triphosphate imports reduced rapidly to $605M in 2023. Over the period under review, imports showed a perceptible reduction. The most prominent rate of growth was recorded in 2022 when imports increased by 42% against the previous year. Global imports peaked at $873M in 2013; however, from 2014 to 2023, imports failed to regain momentum.

Imports By Country

In 2023, India (51K tons) and the United States (41K tons) were the key importers of sodium triphosphate (sodium tripolyphosphates)in the world, together achieving 22% of total imports. It was followed by Indonesia (26K tons), the Netherlands (24K tons) and Brazil (20K tons), together comprising a 17% share of total imports. Vietnam (11K tons), Russia (10K tons), Peru (9.7K tons), Thailand (9.6K tons) and Spain (8.9K tons) held a minor share of total imports.

From 2013 to 2023, the biggest increases were recorded for Thailand (with a CAGR of +11.9%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($79M), India ($61M) and Brazil ($31M) were the countries with the highest levels of imports in 2023, together accounting for 28% of global imports. The Netherlands, Indonesia, Vietnam, Spain, Thailand, Russia and Peru lagged somewhat behind, together accounting for a further 20%.

Thailand, with a CAGR of +13.6%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average sodium triphosphate import price stood at $1,464 per ton in 2023, waning by -11.9% against the previous year. In general, import price indicated a moderate expansion from 2013 to 2023: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, sodium triphosphate import price increased by +43.3% against 2020 indices. The most prominent rate of growth was recorded in 2022 when the average import price increased by 45%. As a result, import price attained the peak level of $1,661 per ton, and then contracted in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($1,920 per ton), while Peru ($848 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Vietnam (+3.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Sodium Triphosphate (Sodium Tripolyphosphates)

In 2023, the amount of sodium triphosphate (sodium tripolyphosphates) exported worldwide rose slightly to 452K tons, growing by 2.4% on the year before. Overall, exports, however, showed a abrupt setback. The growth pace was the most rapid in 2018 when exports increased by 10%. The global exports peaked at 782K tons in 2013; however, from 2014 to 2023, the exports failed to regain momentum.

In value terms, sodium triphosphate exports shrank to $639M in 2023. Over the period under review, exports, however, showed a pronounced slump. The pace of growth appeared the most rapid in 2022 with an increase of 30% against the previous year. Over the period under review, the global exports hit record highs at $877M in 2013; however, from 2014 to 2023, the exports failed to regain momentum.

Exports By Country

In 2023, China (210K tons) represented the main exporter of sodium triphosphate (sodium tripolyphosphates), generating 46% of total exports. It was distantly followed by Belgium (46K tons), Russia (45K tons), Tunisia (36K tons), Kazakhstan (30K tons) and Canada (24K tons), together committing a 40% share of total exports. Thailand (17K tons) and the Czech Republic (7.8K tons) followed a long way behind the leaders.

Exports from China decreased at an average annual rate of -1.3% from 2013 to 2023. At the same time, Thailand (+4.8%) and the Czech Republic (+3.6%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in the world, with a CAGR of +4.8% from 2013-2023. By contrast, Canada (-2.9%), Kazakhstan (-4.9%), Belgium (-5.0%), Russia (-7.8%) and Tunisia (-12.2%) illustrated a downward trend over the same period. From 2013 to 2023, the share of China and Thailand increased by +16 and +2.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($253M) remains the largest sodium triphosphate supplier worldwide, comprising 40% of global exports. The second position in the ranking was taken by Belgium ($100M), with a 16% share of global exports. It was followed by Russia, with a 7% share.

From 2013 to 2023, the average annual rate of growth in terms of value in China was relatively modest. In the other countries, the average annual rates were as follows: Belgium (-0.6% per year) and Russia (-7.9% per year).

Export Prices By Country

In 2023, the average sodium triphosphate export price amounted to $1,414 per ton, waning by -11.1% against the previous year. Over the period under review, export price indicated pronounced growth from 2013 to 2023: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, sodium triphosphate export price increased by +49.1% against 2020 indices. The pace of growth was the most pronounced in 2022 when the average export price increased by 43% against the previous year. As a result, the export price reached the peak level of $1,591 per ton, and then fell in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Belgium ($2,174 per ton), while Russia ($991 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Belgium (+4.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform