New York, United States , Feb. 20, 2023 (GLOBE NEWSWIRE) -- The Global Sodium Carbonate Market Size to grow from USD 13.5 billion in 2021 to USD 23.59 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period. The use of sodium carbonate in the production of goods for the automotive and construction sectors, soda-lime-silica glass, and glass containers for food and beverages, among other glass-related businesses, is anticipated to increase significantly. Thus, the need for container glass for consumer goods as well as flat glassware for the housing, automobile, and commercial building industries has increased demand for the sodium carbonate market.
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The Synthetic segment to account for the largest market size during the forecast period.
Based on the type, the Sodium Carbonate Market is categorized into Natural and Synthetic. The Synthetic segment to account for the largest market size during the forecast period. Throughout the forecast period, the Synthetic segment is anticipated to maintain its leading position while expanding at the fastest CAGR. The expansion of the synthetic sector is projected to be influenced by factors like the simple production procedure. It is also anticipated that increasing supply of raw materials including coke, limestone, and brine will hasten the market's expansion for sodium carbonate. Additionally, it is projected that the expanding usage of sodium carbonate in several sectors would fuel the expansion of the sodium carbonate market.
The Flat Glass segment to hold a higher CAGR during the forecast period.
Based on the end-users, the Sodium Carbonate Market is categorized Flat Glass, Container Glass, Other Glass, Chemicals, Soap & Detergent, Mining and Others. The Flat Glass segment to hold a higher CAGR during the forecast period. Throughout the forecast period, the Flat Glass segment is anticipated to maintain its leading position while expanding at the fastest CAGR Because the need for flat glass has risen as a consequence of the increased construction of non-residential and residential structures to fulfil the expanding demand, which is predominantly in China, India, and the United States, as well as the significant investment in new infrastructure. Demand for sodium carbonate in the United States is driven by flat glass applications, which offers the building industry fantastic development potential. The need for housing has risen as a result of expanding urbanisation and a sizable population base, which is largely responsible for the growth of the building sector in emerging Asia-Pacific countries.
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On credit portfolios, the COVID-19 epidemic has had a negative effect. The enormous growth has hampered the solvency of customers and business in unemployment and interruption of economic activity. Central banks have adopted a proactive strategy of injecting money into the market by decreasing interest rates and implementing asset purchase programmes. With persistent geopolitical tensions, global trade battles, and sporadic hurricanes and earthquakes, managing and monitoring credit, market, liquidity, and operational risk across financial markets was challenging enough. Chief risk officers and their teams have had to re-evaluate outdated methods and assumptions used to manage and monitor risk due to the present pandemic crisis. The global repercussions of COVID-19 have demonstrated the significance of interconnection in international cooperation. As a result, many governments have been hurrying to find, assess, and buy trustworthy AI-powered solutions.
Browse 50 market data Tables and 60 Figures spread through 279 Pages and in-depth TOC on “Global Sodium Carbonate Market Size, Share, and COVID-19 Impact Analysis, By Type (Natural and Synthetic), By End-user (Flat Glass, Container Glass, Other Glass, Chemicals, Soap & Detergent, Mining and Others) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030”.
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North America to hold a higher CAGR during the forecast period.
The Global Sodium Carbonate Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. Asia Pacific is estimated to account for the highest market share in 2022. The demand for Sodium Carbonate is being driven by the rising acceptance by the market. The market for Sodium Carbonate was dominated by the Asia Pacific region because A large portion of the world's exports of several chemical subsegments, including agrochemicals, dyes, and medicines, come from Asia Pacific. China has significantly increased its petrochemical and refinery investments over the past several years, making it a key player in the crude-to-chemicals supply chain. Growing end-use industries including construction, automotive, and consumer goods as a result of changing lifestyles brought on by rising disposable income and economic expansion should continue to fuel the chemicals sector and boost sodium carbonate market revenue.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Sodium Carbonate Market include Tata Chemicals Ltd, DCW Ltd., Genesis Energy, LP, Nirma Ltd., Ciner Group, Novacap Group, CIECH SA, Shandong Haihua Group Co. Ltd, Tronox limited, J M Lover ridge and Others.
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