by Carbonates are salts of carbonic acid, widely used as raw materials in various end-use industries such as food & beverages, plastics, construction, paints & coatings, and adhesives among others. They provide several functional and technical advantages including pH buffering, acid-base regulation, emulsification, viscosity control, and foaming. The growing demand from end-use industries is expected to drive the global carbonate market over the forecast period.
The global carbonate market is estimated to be valued at US$ 159.51 Mn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Growth of end-use industries: One of the major factors impacting the carbonate market is the significant rise in end-use industries such as food & beverages, plastics, and construction. Carbonates provide technical and functional advantages to these end-use industries. Additionally, changing lifestyles and increasing consumption of packaged and processed foods are fueling the demand for carbonates from the food industry.
Innovation and new product launches: Market players are focusing on developing new carbonate formulations for various end-use applications. They are investing heavily in R&D to introduce carbonates with improved properties. For instance, calcium carbonate nanoparticles are being developed as an effective pH regulating agent for personal care products. Such innovations are expected to support the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires significant capital investments to build manufacturing facilities and establish distribution channels.
Bargaining power of buyers: The bargaining power of buyers is high owing to the availability of substitutes in the market and price sensitivity of buyers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since key raw materials for carbonate market are commodity chemicals available from multiple suppliers.
Threat of new substitutes: The threat of new substitutes is low as carbonate offers unique benefits compared to alternatives.
Competitive rivalry: The competition in the market is high due to presence of numerous global and regional players.
Key Takeaways
The global carbonate market is expected to witness high growth over the forecast period owing to increasing demand from packaging and building and construction industries. The Global Carbonate Market Size is estimated to be valued at US$ 159.51 Mn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030.
Regional analysis: Asia Pacific dominates the global carbonate market and is expected to grow at the fastest pace during 2023-2030. Abundant raw material availability and presence of emerging economies like China and India driving the growth.
Key players: Key players operating in the carbonate market are Evonik Industries AG (RAG-Stiftung), JSR Corporation, Kumho Petrochemical Co. Ltd., Kuraray Co. Ltd., Lanxess AG, Nippon Soda Co. Ltd., Reliance Industries Limited, Saudi Basic Industries Corporation (Aramco Chemicals Company), Synthomer PLC, Synthos (Ftf Galleon S.A.), UBE Corporation, Versalis (Eni S.p.A.). Key players are focusing on expansion of production capacities and new product launches to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
