New York, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The global sodium chlorate market size is projected to expand at ~5% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 6.2 Billion by the end of 2035, up from a revenue of ~USD 3.3 Billion in the year 2022. The major factor influencing the market is the growing production of cotton. In a single year, 27 million tons of cotton are produced worldwide. Moreover, the production of cotton is anticipated to exceed 29 million tons by 2028. Hence, with this the demand for sodium chlorate is expected to rise as it is extensively used for cotton production.
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Additionally, along with cotton it has various advantages in agricultural and non-agricultural application. For instance, in case of agricultural application sodium chlorate is used for the growth of rice, wheat, dry beans, potatoes, sunflowers, and more. Hence, the growing production of agricultural crops the market for sodium chlorate is anticipated to increase. In 2022 harvesting year, about 509 million metric tons of milled rice have been generated globally. Furthermore, it is employed as a nonselective herbicide to eliminate grasses and weeds in commercial and non-agricultural settings including tennis courts, driveways, and recreational areas.
Sodium Chlorate Market: Key Takeaways
- Market in North America to propel the highest growth
- Paper & pulp segment to garner the highest growth
- Market in the Asia Pacific market to garner the highest rate.
Growing Mining Activities to Boost the Growth of Global Sodium Chlorate Market
About 3 billion tons of metals has been extracted all across the world in 2021. As a result, the market is growing on account of this. The most extensive metals extracted using sodium chlorate are uranium and vanadium. Uranium is further used to manufacture naval ships, whereas vanadium is employed in manufacturing spacecraft or aircraft. Hence, with the growing production of naval ships and air craft the market is expected to be influenced consequently.
Sodium Chlorate Market: Regional Overview
The global sodium chlorate market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing On-Site Generation of Chlorine Dioxide to Drive the Market Expansion in North America
The iNorth America sodium chlorate market is estimated to garner the highest share of about 31% over the coming years. This could be on account of rising on-site generation of chlorine dioxide. For the production of sodium chlorite, sodium chlorate is utilized. Furthermore, it serves as the main precursor for the on-site production of chlorine dioxide, which is widely utilized in the treatment of water. Additionally, more than 89% of the sodium chlorate used in North America comes goes to on-site production of chlorine dioxide for the bleaching of wood pulp in the paper sector. The second most common application of sodium chlorate is in pesticide and herbicide formulations, which account for about 3% of total sodium chlorate use in the United States. Therefore, the market for sodium chlorate is growing in this region.
Rising Adoption of Automotive to Evaluate Growth of Market in Asia Pacific
The market in Asia Pacific for sodium chlorate is projected to have notable growth in the market over the coming years. The major factor to influence the growth of the market in this region is growing demand for automotive. According to estimates, about 36 million passenger automobiles were sold in the Asia-Pacific area in 2022, including the Middle East, with approximately 22 million of those sales taking place in China. As a result, the market is growing since it is utilized for surface treatment in automotive.
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Sodium Chlorate, Segmentation by End User
- Paper & Pulp
- Chemical
- Mining
The paper & pulp segment is projected to garner the highest revenue in the market over the projected period. This could be influenced by growing production of paper & pulp. After a few years of gradual decline from 2017 to 2020, the world's paper production reached a record peak of about 416 Mt in 2021, an approximately 3% rise over the previous year. The use of sodium chlorate in the paper pulp industry greatly raises the overall standard of the paper products. It improves the brightness, opacity, and printability of the paper by getting rid of lignin and other color-causing substances. Additionally, it makes sure that the end result is more durable against ageing and yellowing, extending its lifespan.
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Sodium Chlorate, Segmentation by Form
- Crystalline
- Solution
The crystalline segment is poised to capture the largest share of about 35% over the coming years. The main element encouraging the growth of this segment is need to manage pest. Each year, pests destroy between 20% and 40% of the world's food supply. According to the Food and Agriculture Organization of the United Nations, invading insects cost the global economy over USD 70 billion per year and plant diseases approximately USD 220 billion. Another key biotic barrier to the production of food on a worldwide scale is weeds. Hence, the demand for crystalline sodium chlorate is on rise.
Sodium Chlorate, Segmentation by Application
- Bleaching Agents
- Herbicide
- Oxidizing Agents
A few of the well-known market leaders in the global sodium chlorate market that are profiled by Research Nester are Kemira Oyj, China First Chemical Holdings Limited, ERCO Worldwide, Arkema S.A., Nouryon Chemicals Holding B.V., Mil-Spec Industries Corporation, Chemtrade Electrochem Inc., Chemfab Alkalis Limited, Chemtrade Logistics Inc., Tronox Inc., and others.
Recent Development in the Market
- In May 2020, a long-term contract was reached by Kemira Oyj and UPM-Kymmene Corp. to increase the production of sodium chlorate and hydrogen peroxide in Uruguay.
- In September 2019, for its hydrogen peroxide and sodium chlorate product lines in Europe and on international markets, Arkema has announced a price rise.
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