Future Market Insights (FMI) in its recent market analysis highlights growth drivers, opportunities, threats, and restraints prevailing in the global sodium hydroxide market. The report highlight recent developments across segments of the market including product type and applications across seven regions.
As per a recent market survey by Future Market Insights (FMI), demand for sodium hydroxide is expected to rise at a 4.3% CAGR, reaching US$ 28.6 Bn in 2021. With growing applications of sodium hydroxide in water treatment and textile industry, sales are expected to surpass US$ 43.7 Bn in 2031.
Sodium hydroxide has a myriad of applications comprising soaps and detergents, drinking water treatment, textiles, and pulp & paper. Increasing adoption of sodium hydroxide compounds in industrial applications is also expected to boost sales in the forthcoming years.
Expansion of the chemical industries in emerging economies such as India, China, Vietnam, and Indonesia is spurring demand for sodium hydroxide for various end-use applications. This trend is projected to continue in the forthcoming years, augmenting growth in the sodium hydroxide market.
As alumina is used in the construction of roadways and railways, growing demand for alumina for the manufacturing of various automotive components is expected to fuel sodium hydroxide sales.
In addition to this, alumina is also used in vehicle exteriors, construction of tankers, and designing vessels for freight. This trend is expected to bode well for the sodium hydroxide market.
As per FMI, demand for sodium hydroxide is expected to rise at a prolific rate in the U.S., owing to the presence of robust pharmaceutical, consumer goods, and automotive industries.
China and India are expected to follow suit, emerging as key exporters of sodium hydroxide over the assessment period.
“Increasing sales of personal hygiene products such as soaps and detergents driven by the unprecedented coronavirus outbreak is spurring demand for sodium hydroxide. Consecutively, growing organic applications of sodium hydroxide in the chemical industry will continue augmenting growth in the market over the forecast period,” says an FMI analyst.
- In terms of product type, the caustic lye segment is expected to account for approximately 68% of the total sodium hydroxide market in 2021.
- Based on applications, sales of sodium hydroxide in the textile segment are expected to account for 23% of the total market share in 2021.
- Sales of sodium hydroxide in the U.S. are projected to increase at 4.2% CAGR, totaling US$ 8,152.6 Mn by 2031.
- Germany is expected to dominate the Europe sodium hydroxide market, with demand increasing at 3.4% CAGR through 2031.
- India will emerge as a lucrative sodium hydroxide market, holding 37% of the South Asia sodium hydroxide market share through 2031.
- China will continue leading the East Asia sodium hydroxide market, holding 63% of the East Asia market share by 2031.
- Expansion of the paper & pulp industry driven by print media is expected to boost sales of sodium hydroxide.
- Rising establishment of wastewater treatment plants in emerging economies is anticipated to spur the demand for sodium hydroxide.
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Key players operating in the global sodium hydroxide market are focusing on research and development to improve their product portfolios and diversify applications of sodium hydroxide in various end-use industries.
In addition to this, players are also aiming at production facility expansions via mergers, acquisitions, and collaborations to gain a competitive edge. For instance:
- In April 2021, Chemfab Alkalies announced its plans to expand its production capacity from 45,600 tons to 56,575 tons by leveraging membrane cell production technology.
- In November 2020, India-based Meghmani Organics invested approximately US$ 3.2 Mn to expand its production capacity of caustic soda from 294 Kilo Tons to 400 Kilo Tons. The plant is expected to start its operations by the end of the first quarter of 2022.
Leading players operating in sodium hydroxide market profiled by FMI include: 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.