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Sodium Thiosulphate Market size is anticipated to grow at a commendable rate between 2023 to 2032, attributed to the rising product demand from the medical and healthcare sectors.
The rising prevalence of chronic renal failure illnesses, in particular, calciphylaxis, is increasing the demand for sodium thiosulfate. Sodium thiosulphate functions as an antioxidant and a calcium-chelating agent which is used for the treatment of calciphylaxis. Some studies indicate that between 1% and 4.5% of dialysis patients experience calciphylaxis, with the majority of these patients being diabetic, obese, and dealing with active liver conditions.
Developments in these sectors are expected to create new business opportunities for market players. Furthermore, rising mining operations across multiple regions, including North America, Asia Pacific, and others could lead the way for sodium thiosulphate market growth over the forthcoming years. According to Gold.org, the total amount of above-ground gold is increased by roughly 2,500 to 3,000 tons annually due to worldwide gold mining. In 2022, US mines produced more than USD 98 million of nonfuel mineral commodities which is nearly a 3.8% increase over the 2021 numbers.
Sodium thiosulphate market from medical sector is anticipated to hold a sizable proportion through 2032 as it reduces the side effects of cisplatin, a cancer medication. STS is utilized as an intravenous therapy for toxicities and metal poisoning. As a neuroprotective and anti-inflammatory medication, it has been found effective in numerous in vitro tests like the treatment of neurodegenerative illnesses such as Parkinson's disease and Alzheimer's disease. The rising rates of these disorders would improve the market outlook. According to NIH, nearly 5.5 million Americans are believed to be affected by Alzheimer's disease and the number is expected to keep rising in the coming years.
Asia Pacific sodium thiosulphate market will increase at a substantial rate through 2032 due to the expanding product demand in the fields of water treatment, medicine, and paper production. The requirement for STS is anticipated to increase because of the growing investments in water treatment chemicals across India and China.
The sodium thiosulphate industry is anticipated to make significant gains from the food grade sector. Health authorities have determined that STS, a common food additive, is generally safe when used in the recommended dosages for food preservation. The substance is a potent antioxidant when employed in food processing, suggesting that it aids in preventing food oxidation, which can cause problems with the flavor, texture, and odor of the food products. Moreover, STS functions as a sequestrant, drawing certain ions that inhibit fat oxidation.
Sodium thiosulphate market key players includes Merck KGaA (E. Merck KG), NISSEI CORPORATION (Brother Industries), INEOS Group AG (INEOS Limited), Seidler Chemical Co., Skyline Chemical Corporation, Hubbard-Hall, Liyang Qingfeng Fine Chemical Co. Ltd. To establish a dominant position in the international market, these market players are engaging in strategic initiatives like mergers and acquisitions, product launches, and collaborations.
For instance, in 2022, Merck KGaA it is considering large-scale acquisitions of biopharmaceutical businesses from 2023. Such efforts are expected to foster growth opportunities in the global sodium thiosulphate industry.