Increasing research and development (R&D) activities aimed at the development of new production technologies are expected to create growth opportunities for sodium hydroxide market, finds by Future Market Insights (FMI) in a recent research study. According to the report, the sodium hydroxide sales are anticipated to surge at a CAGR of 4.3%, reaching US$ 43.7 Bn by the end of the assessment period in 2031.
The growing demand for sodium hydroxide from various end-use sectors is encouraging market players to invest heavily in expanding their production capacities. East Asia is estimated to remain a key regional market owing to increasing applications, particularly driven by the demand for textile chemicals in textile industry.
Request a sample to obtain authentic analysis and comprehensive market insights at- https://www.futuremarketinsights.com/reports/sample/rep-gb-13328
Furthermore, the outbreak of the COVID-19 virus has resulted in reduced growth of many end-use industries including automotive and construction. This outbreak also has impacted the chemical industry. The losses arising during the pandemic have resulted in subduing growth for the sodium hydroxide market. However, the increasing demand in the pulp and paper industry is expected to support recovery of the sodium hydroxide market.
Key Takeaways from Sodium Hydroxide Market Study
- Caustic lye holds over 63% of the global value share in 2021 owing easier applications particularly in the chemical industry.
- Textile applications will account for over 19% of the market through the end of 2031, driven by inking and dyeing applications.
- China is dominant in East Asia with a share of over 63% through the assessment period, supported by the presence of prominent end-use industries in the country.
- The U.S. is a lucrative market accounting for over 89% of North America, propelled by demand in the automotive and construction sectors.
- India followed by ASEAN countries account for a cumulative share of over 72% of the South Asia and Pacific market, albeit driven by a fragmented end-use sector.
“Global trade tensions and COVID-19 outbreak have had a considerable negative impact on buyer confidence. This in turn has affected short term sales figures in the sodium hydroxide market. However, demand has been gradually recovering since last quarter of 2020 and is expected to reach pre-pandemic level in the coming years,” said a lead analyst at FMI.
Sodium Hydroxide Market Competitive Landscape
Major players in the market include 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, ProChem, Inc., Chemical Store Inc, GFS Chemicals, Inc.
Companies operating in Sodium Hydroxide market are aiming at expanding the production capacities by acquisitions and collaborations with other manufacturers to relish the increase in demand.
Contact Sales for Further Assistance in Purchasing this Report- https://www.futuremarketinsights.com/checkout/13328
For instance,
- In April, 2021, India Based Chemfab Alkalies planning to increase its production capacity from 45,600 tons to 56,575 tons through membrane cell production technology process.
- In November, 2020, India based Meghmani organics decided to invest around US$ 3.2 Mn to expand its production capacity of caustic soda from 294 Kilo tons to 400 Kilo tons. The plant is expected to be operational by the end of 2022 first quarter.
- K-Petro researchers unveiled a new method of extracting bio-diesel through black soldier fly larvae, which is processed using sodium hydroxide, for applications in the automotive and logistics sector.
Sodium Hydroxide Market by Category
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 Answered in the Report
What is the current valuation of the sodium hydroxide market?
At what rate did the sodium hydroxide market expand in the last 5 years?
What is the sodium hydroxide market demand outlook?
What are the key trends prevailing in the sodium hydroxide market?
What are the key factors driving the sales of sodium hydroxides?
Who are the key importers of sodium hydroxide?
What is the cumulative share of the top five companies in the sodium hydroxide market?
Who are the key exporters of sodium hydroxide?
Which are the top 5 countries exhibiting high demand for sodium hydroxides?
Which countries are the key producers of sodium hydroxide?
Contact Us:
Future Market Insights
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com