DUBAI, U.A.E /PRNewswire/ -- The sodium hydroxide market value will total US$ 28.6 Bn in 2021, as per the latest study by Future Market Insights (FMI). Exhibiting a CAGR of 4.3% between 2021 and 2031, the market is expected to reach US$ 43.7 Bn by the end of 2031.
The sodium hydroxide market is anticipated to grow at a steady rate owing to the rising demand from pulp and paper industries. Also, growing demand for alumina in the transport sector will present a positive demand outlook.
Among various applications, the textile sector will dominate the market, accounting for 23% of the global market share in 2021. Future Market Insights (FMI) also has predicted that textile segment, alumina, and inorganic segments will cumulatively total US$ 12 Bn in 2021.
In the coming years, the market will witness increasing investments in research and development activities and expansion of production capacities. Besides this, favorable policies implemented by governments will bode well for the growth of the sodium hydroxide market.
Demand will continue increasing in Asia Pacific. This can be attributed to the growing application in water treatment facilities and automotive sector. On the other hand, rising scope for organic applications in chemical formulations will further bolster growth prospects.
FMI has predicted that among various product types, caustic lye will remain a top priority among end users over the forecast period due to ease of accessibility and affordable price. Consequently, it is expected to account for over 68% of the global market share in 2021.
As per the study, India will emerge as a highly attractive market, accounting for over 37% of sales in South Asia by the end of 2031. Meanwhile, factors such as rising investments in research and development activities and labor and material cost benefits will create lucrative opportunities of growth for the expansion of chemical industries in the India market. This is turn will enhance sales prospects for sodium hydroxide.
"Leading players are focusing on improving their market footprint. As a result, the emphasis on strategic acquisitions and collaborations is at all-time high. This in turn will continue offering lucrative growth opportunities for market in the near future," said a Future Market Analyst.
Key Takeaways from Sodium Hydroxide Market Survey
- The Germany market for sodium hydroxide is expected to reach US$ 1.3 Bn in 2021, growing at a healthy CAGR of 3.4% between 2021 and 2031.
- The U.S. is expected to lead the market in North America, exhibiting growth at a CAGR of 4.2% over the forecast period 2021-2031.
- Demand outlook for China remains optimistic, China is expected to account for 63% of the East Asia market by the end of 2021.
- India is projected to emerge as a lucrative pocket, accounting for over 37% sales in South Asia by the end of 2021.
- Based on application, textile sector accounted for over 23% of sodium hydroxide market in 2021.
Key Drivers
- Applications across diverse sectors, including automotive, pulp and paper, and construction sectors will remain chief growth driver, especially in countries exhibiting rapid industrialization.
- Consistently surging applications as catalyst, reactants, and more in the chemical industry will guarantee growth in the coming years.
Key Restraints
- Fluctuations in the prices of sodium hydroxide will pose a threat to the market growth.
- The sodium hydroxide production process is costly and less feasible, resulting in restricted market growth.
Competitive Landscape
Sodium hydroxide manufacturers are adopting strategies such as new product launches to strengthen their product portfolio. Also, they are entering into strategic acquisitions and collaborations to solidify their footprint in the market.
For instance, in 2021, Olin Corporation announced its new agreement with ASHTA Chemicals, Inc to purchase and sell the chlorine manufactured at ASHTA's Ashtabula, OH facility. This association provides an opportunity to enhance administration across the portfolio of ASHTA and Olin Corporation, thereby catering to the combined needs of consumers of both the organizations.
In 2021, Vynova Group announced its new ISCC PLUS-approved renewable caustic soda, which is produced using renewable energy sources. Vynova's newly manufactured renewable caustic soda registers reduced carbon footprint further helping consumers across a vast range of industries to accomplish their sustainability goals.
Some of the leading players operating in the sodium hydroxide market profiled by Future Market Insights are:
- FMC Corporation
- Olin Corporation
- Tosoh Corporation
- BASF SE
- Formosa Plastics Corporation
- Dow Chemical Company
- Shin-Etsu Chemical Co Ltd
- Westlake Chemical Corporation
- Covestro AG
- Solvay S.A.
- Gujarat Alkalies and Chemicals Limited
- Occidental Petrochemical Corporation
- Tata Chemicals Ltd.
- Xinjiang Zhongtai Chemical Co. Ltd.
- Vynova Group
- CJ Chemicals
- GJ Chemical
- ProChem, Inc.
- Chemical Store Inc.
- GFS Chemicals, Inc.
More Valuable Insights on Market
FMI, in its new report, offers an unbiased analysis of the global sodium hydroxide market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in sodium hydroxide market with detailed segmentation:
By Product Type:
- Flakes
- Caustic Lye
By Application:
- Alumina
- Textile
- Pulp & Paper
- Soaps & Detergent
- Dyes & Inks
- Pesticides
- Pharmaceuticals
- Water Treatment
- Petrochemicals
- Power & Steel
- Food Processing
- Organics
- Inorganics
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
Key Questions Covered in the Sodium Hydroxide Market Report
- The market survey also highlights projected sales growth for sodium hydroxide market between 2021 and 2031
- The report offers insight into sodium hydroxide demand outlook for forecast period 2021-2031
- Sodium hydroxide market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Sodium hydroxide market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Explore FMI's Extensive Coverage on Chemicals and materials Domain
Hydro fluorocarbon market: The global hydro fluorocarbon market report by FMI gives an in-depth insight on the future expansion prospects, trends and challenges that market is likely to face in the upcoming decade. Key statistics regarding key segments have been presented across prominent geographies, along with a detailed assessment of the market's competitive landscape.
Hydrotalcite market: The hydrotalcite market study published by FMI offers a comprehensive analysis and focused views on major trends expected to provide shape to future growth prospects. The report provides detailed analysis of the significant drivers, trends, challenges and opportunities prevailing for the forthcoming decade across key geographies along with competitive landscape of the upcoming decade.
Hydroxyapatite market: Future Market Insights gives a detailed segmentation on the global hydroxyapatite market with upcoming market trends, challenges and future growth dynamics across key geographies and prominent segments. The report provides a holistic approach, mapping the competitive landscape with detailed analysis on established players, new entrants, and opportunities likely to prevail across the 2021-2031 decade.
-Ends-
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Contact:
Abhishek Budholiya
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com/
Report: https://www.futuremarketinsights.com/reports/sodium-hydroxide-market
Press Release Source: https://www.futuremarketinsights.com/press-release/sodium-hydroxide-market
SOURCE Future Market Insights
CONTACT: +1-347-918-3531 / + 44 (0) 20 7692 8790
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
