Dublin, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The "Soda Ash and Derivatives Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
Global soda ash and derivatives market is projected to reach a value of $29.95 billion by 2028 from $25 billion in 2022, growing at a CAGR of 3%
In 2022, the Asia-Pacific (APAC) region took the lead in the global soda ash and derivatives market, capturing a substantial share of more than 54% of the revenue. This region is poised for significant growth throughout the forecast period.
Notably, China and India are the largest consumers of soda ash, driven by high demand from the glass and soap detergent industries. Additionally, the increasing number of car manufacturing industries in China and India is expected to boost the demand for glass, further propelling the market.
Many companies in the soda ash and derivatives market are focusing on enhancing product quality to maintain competitiveness on a global scale. They are also considering various factors, such as product range, quality, pricing, functionality, size, packaging, and marketing strategies, to gain a competitive edge in the industry.
Among the major players in the global soda ash and derivatives market are companies like CIECH SA, Ciner Group Resources Corporation, Genesis Energy L.P., GHCL Limited, Lianyungang Soda Ash Co. Ltd, Sisecam Group, Solvay S.A, Tata Chemicals Limited, FMC Corporation, and others.
These market participants are actively expanding their product portfolios by leveraging the latest technologies to reach a growing customer base. To succeed in this competitive landscape, companies must allocate significant efforts and resources to introduce innovative and upgraded soda ash and derivatives products that align with consumer demands.
MARKET TRENDS & OPPORTUNITIES
Role of Soda Ash in Glass Manufacturing
Investments in solar energy have led to increased demand for processed glass used in solar panels, driving expansion in the glass manufacturing sector. For example, in July 2022, Hanwha Group acquired solar glass from Canadian Premium Sand to support its new manufacturing facility in the United States with a 3GW solar energy production capacity, leading to higher demand for soda ash in the soda ash and derivatives market.
Emerging Demand for Natural Soda Ash
Concerns about chemical compounds causing skin problems and water pollution are driving demand for biodegradable alternatives. This encourages manufacturers to invest in R&D and launch innovative products. Government concerns about wastewater disposal and plastic packaging are also boosting demand for natural soda ash, as natural ingredients are safer for the environment and human health.
Increasing Textile Industry:
Soda ash, particularly light soda ash, plays a crucial role in textile dyeing processes, adjusting pH levels for various fibers like cotton, linen, rayon, Tencel, and hemp.
This adjustment facilitates the reaction between fiber-reactive dye and cellulose fiber, resulting in a permanent bond. The textile industry's demand for organic dyes, R&D investments in non-toxic and natural dyes, and innovations in textile chemistry are driving the textile dyes market.
MARKET SEGMENTATION
Insights by Density
Light density soda ash is commonly used to adjust pH levels in textile dyeing processes. It is also a pH regulator in various industrial processes and is used in soaps and washing detergents to enhance cleaning properties.
Insights by Process
The synthetic process dominates the soda ash and derivatives market due to increased production and usage in industries like automotive, particularly in regions like Europe and Asia. China is a major producer of synthetic soda ash, while North America is a key producer of natural soda ash due to trona mines.
Insights by Application
The flat glass segment leads the market, driven by demand for soda-lime-silica glass in automotive and construction, as well as glass containers for food and drinks. Expansion of solar energy systems, adoption of glass architecture in construction, and government regulations promoting sustainable energy sources contribute to the growth of this segment.
Factors such as resource scarcity, environmental concerns, cost reductions in solar installations, and rising electricity demand support the soda ash and derivatives market's expansion.
| Report Attribute | Details |
| No. of Pages | 280 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $25 Billion |
| Forecasted Market Value (USD) by 2028 | $29.95 Billion |
| Compound Annual Growth Rate | 3.0% |
| Regions Covered | Global |
MARKET DYNAMICS
Market Opportunities & Trends
- Essential Role Of Soda Ash In Glass Manufacturing
- Exceptional Growth Of Detergent Industry
- Unprecedented Rise In Consumption Of Paper
Market Growth Enablers
- Growth Of Textile Industry
- Emerging Demand Of Natural Soda Ash
- Advances In Battery Technologies
Market Restraints
- Volatility In Raw Material Prices
- Presence Of Several Substitutes
VENDOR LANDSCAPE
Key Company Profile
- Solvay
- Tata Chemicals Limited
- Shandong Jingling Chemical Co. Ltd.
Other Prominent Vendors
- Nirma Limited
- Tokuyama Group
- Tangshan Sanyou Group Co. Ltd.
- Shandong Haihua Group
- HUBEI YIHUA CHEMICAL INDUSTRY CO. Ltd.
- GHCL Limited
- Genesis Energy LP
- Ciner Group
- CIECH Chemical
- Semnan Soda Ash Co.
- Weifang Haizhiyuan Chemistry and Industry Co. Ltd.
- Kakadiya Chemicals
- Sun Chemicals
- Adana Chem San A.S
- Olimpex Chemicals B.V.
- Su Jia Trading Co. Ltd.
- Greenline Chemicals
- Shanxi Yishunda Chemicals Co. Ltd.
- CJ Chemicals
- E&C Chemicals Inc.
MARKET SEGMENTATION
Segmentation by Process
- Synthetic
- Natural
Segmentation by Density
- Light
- Dense
Segmentation by Application
- Flat Glass
- Container Glass
- Chemicals
- Soap & Detergents
- PV Panels
- Other Application
For more information about this report visit https://www.researchandmarkets.com/r/t4wczd
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