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The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Hypophosphorous Acid Market: Introduction
Hypophosphorous Acid (HPA) is also known as phosphinic acid, hydroxy(oxo)-λ5-phosphane, oxo-λ5-phosphinous acid and oxo-λ5-phosphanol. Its molecular formula is H3PO2 or HOP(O)H2. Hypophosphorous acid is a hydroxy phosphine oxide or phosphorus oxyacid having a monobasic character. Hypophosphorous acid is a low-melting colorless compound, which is highly soluble in alcohols, dioxane and water. Hypophosphorous acid is majorly manufactured from Sodium Hypophosphite.
Hypophosphorous acid is widely used as a reducing agent to reduce Cu, Hg and Ag etc. to verify impurities, such as Nb, As and Ta, etc. It is also used as a catalyst during esterification and in medicines, it is used to detect tellurium and arsenic, etc. Due to the above mentioned applications of hypophosphorous acid, its demand is expected to grow during the forecast period, thereby fueling the global Hypophosphorous Acid market.
Hypophosphorous Acid Market: Dynamics
Hypophosphorous acid is used as a decolorizing or bleaching agent in plastics, chemicals and synthetic fibers. It is also used as a color stabilizer during the manufacturing of chemicals and plastics, including polyamides, nylon fibers, polyacrilonitrile, polyester fiber, epoxies, glycerols, fatty acid esters and alkyd resins. Hypophosphorous acid is also used as a polycondensation and polymerization agent, reducing agent, an antioxidant and stimulant in pharmaceuticals, etc. Thus, due to the wide areas of application of Hypophosphorous acid, its consumption is expected to grow at a significant rate during the forecast period.
Hypophosphorous Acid is used in various end use industries, such as building and construction, electronics and electrical, chemical and plastics, etc. Thus, owing to the growing use of Hypophosphorous Acid in various industries, its sales is expected to increase, thereby propelling the growth of the global Hypophosphorous Acid market during the forecast period.
Hypophosphorous Acid is significantly used as a salt (sodium hypophosphite) and also in electroless nickel plating (Ni–P), as well as Hypophosphorous Acid is also used for reducing arenediazonium salts. Though Hypophosphorous Acid finds application in chemical industry but owing to the ill effects of Hypophosphorous Acid the United States Drug Enforcement Administration has assigned Hypophosphorous Acid and its salts in List I precursor chemical and Hypophosphorous Acid handlers are ordered to keep a record and registration etc. for during the import and export
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Fluctuations in the prices of raw materials coupled with a sudden fall in production capacity and demand for Hypophosphorous Acid is expected to act as an obstacle to the growth of the Hypophosphorous Acid market during the forecast period. Hypophosphorous Acid is corrosive to eyes and skin and causes blisters and inflammation etc. upon contact. Thus, due to the health risks associated with Hypophosphorous Acid, its production and consumption is expected to suffer during the forecast period.
Hypophosphorous Acid Market: Segmentation
By Product Type, the Hypophosphorous Acid market can be segmented as:
By Grade, the Hypophosphorous Acid market can be segmented as:
By Application, the Hypophosphorous Acid market can be segmented as:
Hypophosphorous Acid Market: Regional Outlook
North America and Europe are estimated to hold a significant share in the Global Hypophosphorous Acid Market and witness growth, which can be attributed to the growing end use industries, such as pharmaceuticals, paints & coatings, etc., in the region.
Asia Pacific (APAC) is estimated to witness significant growth in the consumption of Hypophosphorous Acid during the forecast period which can be attributed to increasing demand for inks, coatings and pharmaceuticals.
Latin America and Middle East & Africa (MEA) is expected to witness steady growth, in terms of consumption, during the forecast period.
Hypophosphorous Acid Market: Key Participants
Examples of some of the key participants identified across the value chain of the global Hypophosphorous Acid market are:
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