Global Ammonium Carbonate Market Will Grow at a CAGR of 6% During 2019-2023 | Technavio
LONDON--(BUSINESS WIRE)--Jan 9, 2019--Technavio has announced the release of their research report on the Global Ammonium Carbonate Market for the forecast period 2019-2023. This ammonium carbonate market analysis report segments the market by application (pharmaceutical and chemical, food and beverages, foaming agent, and others) and geography (the Americas, APAC, and EMEA).
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Technavio forecasts the global ammonium carbonate market size to grow by almost 53.28 thousand tons during 2019-2023, at a CAGR of nearly 6%. (Graphic: Business Wire)
Global ammonium carbonate market size will grow by almost 53.28 thousand tons during 2019-2023, at a CAGR of nearly 6%. Ammonium carbonate is used to formulate expectorants and pharmaceutical aids. The rise in medical spending and the increasing awareness of healthcare insurance are anticipated to drive the growth of the pharmaceutical industry. The global pharmaceutical drugs sales are likely to exceed 1 trillion by 2022. The rising R&D activities in the pharmaceutical industry, particularly in countries such as the US, Germany, France, Canada, and the UK will fuel the growth of the pharmaceutical industry, thereby driving ammonium carbonate market growth.
Demand for ammonium carbonate in paint stripper applications
Ammonium carbonate with anionic exchange resins is used to remove sulfur from calcareous stone surfaces in residential and non-residential buildings. The increase in the remodeling and restructuring of residential and non-residential buildings will drive the ammonium carbonate market. In 2017, the paint and coatings market in APAC and Europe were valued at USD 74.14 billion and USD 33.51 billion respectively. The remodeling of residential facilities in countries such as the China, India, UK, Germany, France, and Russia will result in increased use of paint strippers, which will promote the adoption of ammonium carbonate.
“Nearly 41% of the market’s growth will come from the EMEA region. The use of ammonium carbonate as a leavening agent in food and beverages and to produce lebkuchen and other baked products is expected to drive the growth of the market in EMEA. The increasing requirements for energy-efficient buildings in Europe will drive the demand for polyurethane foam, which is a commonly used insulation material. Additionally, the remodeling and restructuring of residential buildings to reduce energy consumption will boost the demand for ammonium carbonate,” says an analyst at Technavio.
The rising cost of raw materials is one of the major factors increasing the production cost of ammonium carbonate vendors. The backward integration of ammonium carbonate companies will help in increasing their profit margins, offering them a competitive edge. BASF and Yara International opened a new ammonia plant in Freeport, the US in April 2018. The plant will have a capacity of 750 thousand metric tons per annum and uses hydrogen by-product instead of natural gas to produce ammonia.
This ammonium carbonate industry research report provides an in-depth analysis of the major drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several ammonium carbonate products manufacturers including –Avantor BASF Honeywell International Sandvik Taixing Dongyu Chemical
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Technavio’s report library consists of more than 10,000 reports covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.
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CONTACT: Technavio Research
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KEYWORD: EUROPE ASIA PACIFIC NORTH AMERICA SOUTH AMERICA AFRICA MIDDLE EAST
INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES
SOURCE: Technavio Research
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PUB: 01/09/2019 10:27 AM/DISC: 01/09/2019 10:27 AM