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The sodium methoxide industry is being driven by the growing product demand from the major end use sectors. North America is one of the significant regions for sodium methoxide and is significantly contributing to the overall industry growth. This can be attributed to the increasing demand for sodium methoxide in the United States for large-scale biodiesel production. Further, the United States biodiesel market is expected to witness a healthy growth in the forecast period owing to the favourable government initiatives. In addition to the growth of the renewable fuels market, the life sciences industry is also driving the demand for high quality sodium methoxide, thus, providing a further impetus to the global market for sodium methoxide.
The growing investments by the key industry players to enhance their production capacity is expected to further drive the market growth over the forecast period. In April 2020, BASF (OTCMKTS: BASFY) announced its expansion of the production capacity for its sodium methoxide plant in Brazil, which is expected to reach 80,000 metric tons by 2021 from 60,000 metric tons, marking a growth of 30%. The capacity expansion will allow the company to meet the increasing customer demand for sodium methoxide in the region. In December 2018, Evonik Industries AG (ETR: EVK), another leading player in the industry, decided to expand its sodium methoxide capacity at its Mobile, Alabama facility to achieve a production volume of up to 90,000 metric tons per year. Such developments are expected to significantly aid the global market for sodium methoxide in the coming years.
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The major players in the global sodium methoxide market are BASF SE, Evonik Industries AG, Anhui Jinbang Medicine Chemical Co., Ltd, Allegro Specialty Chemicals Pvt Ltd, Inner Mongolia Lantai Industrial Co. Ltd, and Kimia Pars Co., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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