DUBAI, United Arab Emirates, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The global sodium hydroxide market is anticipated to create lucrative opportunities over the assessment period by exhibiting a CAGR of 4.0% from 2023 to 2033. The global market is likely to reach a worth of US$ 31,108.9 million in 2023 and surpass a market valuation of US$ 46,048.7 million in 2033. The global sodium hydroxide market was observed to register a valuation of US$ 29,882.6 million in 2022.
According to the historical analysis conducted by Future Market Insights, the global sodium hydroxide market growth outlook remained extremely sluggish, registering a 1.1% CAGR from 2018 to 2022. A low growth outlook in the historical period was augmented by the pandemic impact in 2020, which resulted in a dip in the consumption volume between 2018 and 2022.
Sodium hydroxide is commonly utilized to dissolve grease, oils, fats, as well as protein-based deposits. Also known as caustic soda, it is used in the production of active agents or builders, as well as household bleach products. Furthermore, it is also used in the saponification process, which involves converting vegetable oil into soap.
The chemical is utilized in the production of anionic surfactants for the saponification process. Increasing demand from key end-use industries such as water treatment, soaps, detergent manufacturing, and others is driving the demand for sodium hydroxide.
The worldwide market for sodium hydroxide is likely to gain momentum from key end-use industries in the long run. Innovative research & development in the field of chemical industry verticals are making their usage more convenient for key end-use industries.
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The East Asian region is expected to remain a key market for sodium hydroxide on the basis of both production and consumption. Owing to the exemplary expansion of the commodity chemical sector in China in the past decade. Prominent sodium hydroxide manufacturers are focusing on the expansion of their respective production capacities for catering to both global and regional demand.
Government-backed favorable policies will bolster the manufacturing industries in their regions benefiting regional key players in emerging countries like India. Moreover, manufacturers have increased product features, yield, and efficiency for industrial applications to fulfill end-user requirements. These aforementioned factors are propelling the demand resulting in a higher growth outlook between 2023 and 2023.
Key Takeaways
- Accelerated production of pulp and paper is one of the key factors driving the growth of global caustic soda demand. Caustic soda is predominantly utilized in the pulp and paper industry with its augmenting application in the processing or cooking of chemical pulps.
- This chemical is primarily utilized to digest wood in order to generate wood pulp and is also utilized as a bleaching agent for neutralizing bleached pulp and paper. Furthermore, caustic soda is also used for waste paper deinking.
- The inorganic chemical assists in the extraction of lignin elements from raw materials such as wheat straw, wood, and bagasse. It is used in almost all pulp bleaching methods, including sulfate, sulfite, and soda. Substantial volume production of paper all over the globe is augmenting the consumption of sodium hydroxide.
- The usage of sodium hydroxide is common across a diverse array of industries. Across industrial settings, it is primarily used as a base that facilitates the production of sodium-based detergents and salts. It is also used for applications such as organic synthesis and pH regulation.
- Sodium hydroxide also consists of various other applications. They are excessively used as drain cleaners, in paper manufacturing, in creating artificial textile fibers, and in treating pretzel dough and bagels. East Asia currently holds dominance in the global market, accounting for around 44.9% of the sodium hydroxide demand.
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Key Companies Profiled
- FMC Corporation
- 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
- GJ Chemical
- ProChem, Inc.
- Chemical Store Inc.
- GFS Chemicals, Inc.
Competitive Landscape
The caustic soda market is anticipated to account for around 35% of the global sodium hydroxide market. Furthermore, prominent manufacturers in the market are investing in capacity expansions to cater to the growing demand. Major companies are also focusing on demographic expansion into the untapped market by strengthening their distribution network.
European-based manufacturers are concentrating on forward-chain integration by getting hold of key suppliers of caustic soda in other regions to increase their sales footprint. North American market players are investing in acquisitions and merger activities to maintain their dominance in the global market.
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Global Sodium Hydroxide Industry by Category
By Product Type:
- Flakes
- Caustic Lye
By Application:
- Alumina
- Textile
- Pulp and Paper
- Soaps and Detergent
- Dyes and Inks
- Pesticides
- Pharmaceuticals
- Water Treatment
- Petrochemicals
- Power and Steel
- Food Processing
- Organics
- Inorganics
By Region:
- North America
- Latin America
- East Asia
- South Asia
- Europe
- Oceania
- Middle East and Africa
More Insights into the Global Sodium Hydroxide Market
Top five countries within the global market for caustic soda account for nearly 70% of the overall consumption. India and China are estimated to remain the key markets with an anticipated increase of 50 bps and 110 bps in the global market share.
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Table of Content
1. Executive Summary | Sodium Hydroxide Market
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product innovation and Diversification
4.3. Marketing and Brand management
4.4. Supply Chain Management
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Magnesium Hydroxide Market Growth: Future Market Insights (FMI) has anticipated the demand of magnesium hydroxide to witness a year over year growth of 5.6% in 2022 reaching a value of about US$ 992.5 Mn by the end of 2022.
Sodium Bisulphite Market Outlook: The sodium bisulphite market size is anticipated to rise at a CAGR of 4% from 2022 to 2032, from a value of US$ 461.19 Mn in 2022 to US$ 682.68 Mn by 2032.
Sodium Metabisulphite Market Size: Future Market Insights (FMI) has forecasted the sodium metabisulphite Market to grow with a year on year growth of 5.2% in 2022 reaching a value of about US$ 192.7 Mn by 2022 end.
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