by Carbonate salts have wide applications ranging from construction materials, pH regulators, food additives and more. Carbonate salts are alkaline in nature and act as buffers neutralizing acids. They provide strength to construction materials like concrete, plaster and strengthen glass.
The global Carbonate Market is estimated to be valued at US$ 183.76 billion in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand from end-use industries like construction, electronics, healthcare, food and beverage is a major trend driving the carbonate market. Carbonate salts are extensively used in the construction industry owing to their alkaline properties. They are added to concrete and plaster to increase durability and compressive strength of materials. Similarly, in electronics sector, sodium carbonate is used in manufacturing of glass for screens and display units. In healthcare, carbonate salts find application as acid-base regulators and buffering agents in pharmaceutical formulations and medical devices coating. The food and beverage industry utilizes various carbonate minerals as acidity regulators, leavening agents and preservatives. Expanding construction activities along with growing electronics, pharmaceutical and packaged food industries across developing regions is expected to drive the demand for carbonate over the forecast period.
SWOT Analysis
Strength: The carbonate market has significant opportunities for growth due to increasing applications across various end-use industries such as food & beverage, cement, and paints & coatings.
Weakness: Fluctuations in raw material prices directly impact the overall production cost of carbonate products. This poses a major challenge for manufacturers.
Opportunity: Growing popularity of carbonated/flavored water among health-conscious consumers is fueling the demand for carbonates. Additionally, rising consumption in emerging nations offers lucrative opportunities.
Threats: Stringent regulations pertaining to carbon emissions during production may restrain the industry expansion to some extent over the forecast period. Raw material shortage also threatens the stability of supply chains.
Key Takeaways
Global Carbonate Market Size is expected to witness high growth at a CAGR of 14% during the forecast period of 2024 to 2031. The market size is projected to exceed US$ 183.76 billion by 2024.
Regional analysis:
North America dominates the carbonate market currently owing to robust demand from the food & beverage sector in the US and Canada. Asia Pacific exhibits the fastest growth led by China, India, and other developing nations experiencing rising consumption.
Key players:
Key players operating in the carbonate market are bioMÉrieux, Inc., INOVIQ, Bio-Rad Laboratories, Inc., Abbott, Becton, Dickinson and Company, Merck KgaA, QIAGEN, Thermo Fisher Scientific Inc., CENTOGENE N.V., PerkinElmer Inc., and Siemens Healthcare Private Limited. These industry leaders are investing in R&D to develop advanced carbonate products with enhanced properties.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
