Newark, Oct. 27, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global caustic soda market is expected to grow from USD 45.13 billion in 2022 to USD 59.51 billion by 2030, at a CAGR of 3.52% during the forecast period 2022-2030.
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Due to the global shortage of freshwater supplies, the growing usage of caustic soda for wastewater treatment and management will drive the market. The already finite freshwater reserves have become contaminated due to damaging human activities. The quality of drinkable water has decreased due to manufacturing industries dumping untreated effluent into rivers and lakes worldwide. In the event of inadequate water treatment facilities, caustic soda raises the pH of the contaminated acidic water, making it fit for human use. The market for caustic soda will therefore be driven by the increasing water shortage suitable for use in industries, agriculture, or human consumption. The manufacturing of alumina is one of the important uses of caustic. The building, aerospace, and automotive industries all rely heavily on aluminum. As a lightweight material that increases vehicle fuel efficiency, it is employed in producing cars and other vehicles. Additionally, it is utilized in hybrid vehicles, which are becoming more popular in the face of accelerating climate change. The worldwide caustic soda market will be driven by the rising demand for aluminum, given its crucial role in sustainable development. Profitable opportunities will arise as fuel-efficient automobiles become more popular. However, if exposed, the highly corrosive nature of caustic soda has adverse impacts on human and environmental health. Therefore, the highly corrosive nature of caustic soda will hamper the market's growth. The uncompromising regulatory rules, regulations, and guidelines of the government will challenge the market's growth.
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Competitive Strategy
To enhance their market position in the global caustic soda market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• September, 2022 - Lord Chloro Alkali’s business is increasing its current Caustic Soda production capacity at its Alwar, Rajasthan plant by roughly 42%, or from 210 Tonnes Per Day (TPD) to 300 TPD. According to the corporation, the earlier projects are expected to be completed by September 2023. The expansion and the new projects will help the company grow in the global market.
Market Growth & Trends
Caustic soda is a chemical. The chemical name of caustic soda is sodium hydroxide. It is an inorganic alkali. The basic purpose of caustic soda is the manufacture of washing soda. It is significantly used in manufacturing petroleum products and pulp & paper. It is also used as a reagent in laboratories. Sodium hydroxide is used in food processing, soaps, water treatment, construction, metallurgy, and textiles. The growth of these industries globally will bode well for the caustic soda market. The Covid-19 pandemic spurred the demand for cleaning agents as global health agencies emphasized improving cleanliness, hygiene, and sanitation. The increase in demand for cleaning agents like soaps and detergents was a positive development for the global caustic soda market. As the virus is waning and life globally is returning to normal, the emphasis on sanitation and cleaning has not waned. Therefore, the increasing demand for soaps, detergents, and other cleaning agents will propel the global caustic soda market.
Key Findings
• In 2022, the organics segment dominated the market with the largest market share of 39% and market revenue of 17.60 billion.
The application segment is divided into organics, soaps & detergents, food processing, paper & pulp, alumina, water treatment, inorganics, textiles, petroleum processing, metallurgy, and others. In 2022, the organics segment dominated the market with the largest market share of 39% and market revenue of 17.60 billion.
• The membrane cell segment will grow at the fastest CAGR of 5.34% over the forecast period.
The production process segment is divided into membrane cells, diaphragm cells, and others. Over the forecast period, the membrane cell segment is expected to grow at the fastest CAGR of 5.34%.
• In 2022, the industrial grade segment dominated the market with the largest market share of 66% and market revenue of 29.78 billion.
The grade segment is divided into industrial grade, pharmaceutical grade, lab reagent grade, and others. In 2022, the industrial grade segment dominated the market with the largest market share of 66% and market revenue of 29.78 billion.
• In 2022, the lye segment dominated the market with the largest market share of 54% and market revenue of 24.37 billion.
The product type segment is divided into lye, flake, and others. In 2022, the lye segment dominated the market with the largest market share of 54% and market revenue of 24.37 billion.
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Regional Segment Analysis of the Caustic Soda Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region emerged as the largest market for the global caustic soda market, with a market share of around 43.68% and 19.71 billion of the market revenue in 2022. The Asia Pacific is expected to be the largest market during the forecast period. The caustic soda market in the Asia Pacific has been expanding rapidly. China dominates the caustic soda market in the Asia Pacific.
Key players operating in the global caustic soda market are:
• AkzoNobel NV
• Formosa Plastics Corporation
• Gujarat Alkalies and Chemicals Limited
• Occidental Petroleum Corporation
• Olin Corporation
• Reliance Industries Limited
• Tata Chemicals Limited
• The Dow Chemical Company
• Westlake Chemical Corporation
• Xinjiang Zhongtai Chemical Co. Ltd.
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global caustic soda market based on the below-mentioned segments:
Caustic Soda Market by Application:
• Organics
• Soaps & Detergents
• Food Processing
• Paper & Pulp
• Alumina
• Water Treatment
• Inorganics
• Textiles
• Petroleum Processing
• Metallurgy
• Others
Caustic Soda Market by Production Process:
• Membrane Cell
• Diaphragm Cell
• Others
Caustic Soda Market by Grade:
• Industrial Grade
• Pharmaceutical Grade
• Lab Reagent Grade
• Others
Caustic Soda Market by Product Type:
• Lye
• Flake
• Others
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About the report:
The global caustic soda market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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