Pune, India, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Global Caustic Soda Market Overview:
The increased usage of aluminum in the automotive industry backed by a rise in vehicles sales is anticipated to accelerate demand growth. Rapid adoption rates and the number of petrochemical plants to fulfill the rising population's energy needs are set to accelerate the petrochemical industry's growth. Thus, the continuing rise in demand for paper for producing teabags, tissue paper, photocopying paper, hard cardboard, and packaging is also expected to drive the worldwide caustic soda industry's growth. The production of alumina in the chemical industry fuels the market for caustic soda in the paper industry.
Market Research Future (MRFR) projects the Caustic Soda Market is expected to register a 5.92% CAGR and reach USD 63.41 billion by the end of 2027.
Future Market Growth Factors:
The increased urbanization and the increasing per capita disposable income in developing and emerging economies are expected to push the building industry, which uses caustic soda due to its use as an effective thickener in concrete.
However, the energy-consuming manufacturing and environmental effects of carbon pollution would undoubtedly impede the global caustic soda industry's development. Nonetheless, the anticipated global development in membrane-based cell technology would offer market players substantial growth opportunities.
Developments Post COVID-19 Outbreak:
The COVID-19 pandemic has had a detrimental impact on the production of the chief raw materials that are used to manufacture of polyglycolic acid. The novel coronavirus has weakened the supply chains of several raw materials, given the lockdown across various countries. In a nutshell, demand and sales of polyglycolic avid have gone down significantly in line with the hit taken by numerous end-users like medical, packaging and oil & gas extraction following the SARS-CoV-2 outbreak.
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Market Segmentation:
The Global Caustic Soda Market has been segmented by Application, Type, and Region.
By Type, the market has been segmented into lye, flake, and others. The lye segment's value share was 67% by value in 2018. Due to its increased use as a chemical, the segment is expected to perform well over the projected period. Caustic soda is a heavily condensed solution of sodium hydroxide. It is a vital molecule of broad potential for diverse uses in several industries. Additionally, caustic soda flakes have the second-highest share of the caustic soda industry, accounting for about 15% of the market share.
Based on the Application, the market has been segmented into alumina, pulp and paper, organic chemical, inorganic chemical, textile, soap and detergent, water treatment, dye and ink, and others. Among these, the alumina served 18.4% of the plastic packaging industry in 2018. The segment will see its domination by the end of 2027. The rising demand for caustic soda in alumina refineries as a hot solution of caustic soda is mainly used to separate alumina from bauxite to manufacture aluminum. The pulp & paper industry is notable as it is estimated to become the second-largest application market over the next few years; it accounted for 17.6% of the global market in 2018. The rising demand for bleaching pulp supports the projected increase in demand for caustic soda. The chemical component is projected to be the third-largest business segment in the chemical industry; it accounted for 14.8% of the overall market in 2018. The segment is expected to continue enjoying a CAGR of over 5%, as caustic soda is an essential reactant in manufacturing many valuable organic chemicals.
Key Players Locking Horns:
These businesses are focused on broad-scale expansion projects worldwide to boost their market share. Competition in the food sector is fierce, and new industry entrants join year after year. Most of the industry players focused in this sector are dominant by supplying a wide variety of goods. Their primary objective is to increase manufacturing capability and achieve organizational development.
Affluent vendors in the Global Caustic Soda Market are:
- AkzoNobel NV (Netherlands)
- Solvay (Belgium)
- Olin Corporation (US)
- Formosa Plastics Corporation (Taiwan)
- DowDuPont (US)
- Occidental Petroleum Corporation (US)
- Tata Chemicals Limited (India)
- Xinjiang Zhongtai Chemical Co. Ltd (US)
- Gujarat Alkalies and Chemicals Limited (India)
- Westlake Chemical Corporation (US).
Browse In-depth Market Research Report (449 pages) on Caustic Soda: https://www.marketresearchfuture.com/reports/caustic-soda-market-1499
The global caustic soda industry has been segmented depending on geography into various parts of the world.
Asia-Pacific accounted for the largest market share in 2018. The recent economic development and supportive regulatory policies in the region's developing economies assisted in the region's accelerated growth. The region's growth is projected to expand at over 5.5% CAGR, as per MRFR's report. Demand in China, India, and South Korea for caustic soda is projected to rise faster than the global market over the foreseeable future. China is estimated to exhibit an average compound annual growth rate of about 4.6 percent over the expected period.
North America remains the largest geographic market in 2018, accounting for over 26% of the overall global intake. The global demand for caustic soda for bleaching purposes is expected to increase, thereby accelerating the development of the regional caustic soda industry. The Regional market is expected to experience a continuing 4% CAGR growth over the forecast period, according to MRFR. The US will dominate a commanding share of the market in 2018 and post the fastest growth rate of about 4% over the coming 5 years. In North America, the United States and Mexico are significant contributors to the regional demand development due to the rise in global offshore and onshore operations and developments. However, Canada is expected to exhibit a CAGR of over 3.5%, owing to a growing, rising demand in the pharmaceutical, dyes & inks, fiber, and water treatment industries.
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Latest Developments:
November 2020: Meghmani Finechem, a subsidiary of Meghmani Organics, is expanding its Caustic Soda Plant from 294000 TPA to 400000 TPA and upgrading its Captive Power Plant from 96 MW to 132 MW. This latest plant is scheduled to be operating by March 2022. It is expected to add a gross revenue of USD 3.41 billion per annum.
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