In 2022, the global sodium molybdate market is expected to be worth US$ 2.62 billion. The market is expected to increase at a CAGR of 7% from 2022 to 2032, reaching a worth of US$ 5.15 billion by 2032. Sodium Molybdate also known as disodium dioxido(dioxo)molybdenum is a chemical compound extensively consumed in fertilizer application.
Other uses of sodium molybdateinclude nutritional supplement in food industry and as corrosion inhibitor in industrial applications. Sodium molybdate is often found as dehydrate and was first synthesized by the method of hydration.
Sodium molybdate is an organic salt which is found in dietary supplements and other nutritional supplement. Sodium molybdate is a good source of molybdenum, it is used to for nitrogen fixation to support healthy growth of leguminous plants such as peas & leans, clover & Lucerne.
Sodium molybdate is used as corrosion inhibition in industry. In addition, sodium molybdate is also used for reducing nitrite requirement of fluids inhibited with nitrite-amine in chemical plants and improves corrosion protection.
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Sodium molybdate Market: Dynamics
Rapid industrialization across the globe is leading to increasing discharge of waste water and associated chemicals in to ecosystem, stringent government regulations on water disposal and environmental safety is leading towards increasing capacities of chemical and water treatment.
Sodium molybdate is used for corrosion inhibition and water treatment in these facilities. Such investments in these facilities are expected to drive sodium molybdate consumption across the globe. Growing civil infrastructure and textile market require high performance pigment and dyes which in turn is expected to drive demand for sodium molybdate in dyes and pigment application.
Increasing awareness towards health and nutritional supplements coupled with changing lifestyle and increasing number of working population has created significant demand for dietary supplements. As sodium molybdate is one of the ingredient in these supplements, its demand is expected to witness consistent increase in near future.
Increasing urbanization leading to decreased availability of arable land and increasing demand for yield and productivity improvement has led to significant developments in fertilizers.
New and advanced formulations of fertilizers incorporating sodium molybdate are available in the market to address yield and productivity concerns. Apart from nutritional supplement, food and beverage industry utilizes sodium molybdate as ingredient in other formulations and preservatives.
Sodium molybdate is emerging as possible alternative additive for sodium dichromate in the electrolytic production of sodium chlorate to reduce environmental impact without hampering performance in maintaining high current efficiency. Increasing use of sodium molybdate for aforementioned applications is a growth factor for sodium molybdate consumption in near future.
Sodium molybdate Market: Key Players
Some of the key players and service providers identified and include in the report of Sodium molybdate Market are: Climax molybdenum, Chem-met Company, Jinduicheng molybdenum co.ltd, Grishma metal technology, Columbus Chemical Industries, Inc., Nippon Inorganic Colour & Chemical, Luoyang Dingding Molybdenum and Tungsten Material CO., LTD, Anqing Yuetong Molybdenum Co., Ltd among other key participants in the market.
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The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types and applications.
Sodium molybdate Market: Segmentation
Global Sodium molybdate market can be segmented on the basis application, product type, and region.
On the basis of application, global molybdate market can be segmented as:
- Water treatment
- Fertilizer
- Pigments & dye
- Corrosion inhibition
- Others
On the basis of product type, global molybdate market can be segmented as:
- Crystal
- Solution
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Global Sodium molybdate Market: Region-wise Outlook
Global Sodium molybdate market is divided into the main region, Asia-Pacific, Western Europe, Eastern Europe region, Middle East Africa, Japan, and North America & Latin America. North America is expected to grow in future due to demand of fertilizer & nutrition supplement. Asia-pacific also expected to grow in future because of industrialization and growing food industry can shape global sodium molybdate market.
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