Westford USA, April 18, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the Sodium Hydroxide market will attain a value of USD 69.57 billion by 2030, with a CAGR of 4.4% over the forecast (2022-2030). The International Aluminium Institute reports that global alumina production was 11.832 million tonnes in March 2021 and 34.199 million tonnes in the first quarter of 2021. The production increased by 11.41% month over month from 10.620 million tonnes and by 7.50% year over year from 11.006 million tonnes in March. A significant amount of caustic soda (NaOH) is used as the dissolving agent throughout the energy-intensive process of refining aluminium from raw bauxite ore. Because it is commonly available and affordable, caustic soda is used. Building and construction, transportation and containers & packaging are three of aluminum's primary end-use sectors. Aluminum is used in the building and construction business to create frames for doors, windows, staircases, heating systems, roofs and furniture.
According to the SkyQuest's, A strong base that is frequently used in manufacturing is sodium hydroxide. It is involved in chemical synthesis, pH regulation and the manufacturing of sodium salts and cleaners. Since it is less expensive and simpler to manage when in mass, it is frequently handled as an aqueous media. It is also used in numerous circumstances when neutralizing acids or raising the alkalinity of a mixture is required. For instance, NaOH is employed as a drilling fluids agent in the oil and gas sector to increase the alkalinity of bentonite drilling fluids, enhance fluid viscosity and neutralize any acid gas (such as H2S and CO2) that may be detected in the geological formations as drilling advances.
Browse in-depth TOC on "Sodium Hydroxide Market"
- Pages - 242
- Tables - 126
- Figures - 77
Sodium hydroxide referred to as caustic soda, is a white, crystalline inorganic chemical. As a result of its strong hygroscopic characteristics and the air's carbon dioxide, sodium carbonate is easily formed. Caustic soda must be kept in tightly sealed containers or specific bags to prevent moisture from the environment. As a result of its exceptionally high solubility in water, sodium hydroxide combines with it to create a lot of heat and highly caustic soda lye. The acid sodium hydroxide is quite corrosive. Usually, it is utilized as a solid form or diluted to a 50% solution.
Prominent Players in Sodium Hydroxide Market
- DowDuPont
- OxyChem
- Westlake (Axiall)
- Olin Corporation
- Formosa Plastics Corporation
- Tosoh
- Ineos Chlor Ltd
- Asahi Glass
- Covestro
- Shin-Etsu Chemical
- AkzoNobel
- Hanwha Chemical
- Solvay
- LG Chemical
- Tokuyama Corp
- SABIC
- Kemira
- Basf
- Aditya Birla Chemicals
- GACL
- ChemChina
- Xinjiang Zhongtai Chemical
- Xinjiang Tianye
- Beiyuan Group
- Shandong Jinling
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50% W/W Solution Segment Is Expected to Grow Significantly Due to the Production of In Situ Sodium Methylate
50% W/W Solution segment is the largest and fastest expanding grade segment over the forecast period. In a variety of industries, including the chemical, pharmaceutical, textile, pulp & paper, metal, and food sectors, as well as in the production of soap and detergent, sodium hydroxide 50% w/w aqueous solution is utilized as a chemical reactant or neutralizing agent. Besides with producing food goods, it is also utilized to make synthetic fabrics like rayon. It is used in the production of in situ sodium methylate and for pH control while making bioethanol and biodiesel.
North America is dominating the Sodium Hydroxide market. The region is anticipated to grow steadily in the upcoming years due to a number of causes, including government support for renewable energy, rising electricity demand and the need for effective and dependable power transmission networks. The rising need for renewable energy is one of the major factors driving the Sodium Hydroxide market. Increased investments in renewable energy sources like wind and solar have resulted from the region's governments setting goals to minimize greenhouse gas emissions.
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Membrane Cell Segment Is Expanding at the Fastest Rate Due to the High Efficiency and Low Energy Consumption
Membrane cell segment is anticipated to have the largest segment during the forecast period. Most frequently, membrane grade sodium hydroxide produced by the membrane cell method is mentioned. Also, it has gained recognition as a rayon-grade product in all fields other than the production of rayon fibre. Compared to the diaphragm and mercury cell processes, the membrane cell process has a relatively lower environmental impact. Due to the manufacture of high-quality caustic soda, safe raw materials and low electricity usage, businesses are converting to membrane cell technology.
Asia Pacific has the largest and fastest-growing market for Sodium Hydroxide. China, India, and Southeast Asia are predicted to see rapid growth in the Asia Pacific region during the forecast period. Rapid industrialization, increased demand from diverse applications and rising government investment are driving the market expansion in the area. By establishing manufacturing facilities, distribution centres and research & development centres, several businesses are concentrating on these rising areas and expanding their ways.
A comprehensive analysis of the major players in the Sodium Hydroxide market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Sodium Hydroxide Market
- In April 2021, India-based Chemfab Alkalies announced that it intended to double its production capacity using a cutting-edge technology.
- In November 2020, Meghmani Organics, announced a US$ 3.2 million investment to increase sodium hydroxide manufacturing.
Key Questions Answered in Sodium Hydroxide Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
Related Reports in SkyQuest’s Library:
Global Ammonium Sulphate Market
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Global Dimethyl Carbonate DMC market
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