Caustic Soda Market is anticipated to grow at a CAGR of 3.7% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Caustic Soda Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global Caustic market is anticipated to grow at a CAGR of 3.7% from 2020 to 2030.
The significant growth of the market can be attributed to the high demand for caustic soda across industries. Owing to its ability to dissolve or extract, caustic soda finds applications in pulp and paper, alumina and chemical industry. Additionally, it also finds application in various other industries.In the oil &gas industry, it is utilized as a drilling fluid. In the chemical industry, it is utilized in the manufacture of chemicals such as ethylene dichloride, glycerin, glycols, chlorinated solvents and chlorinated methane. In the plastics industry, it is utilized for making polyvinyl chloride (PVC),which finds applications in building &construction, packaging,and others. It also finds applications in agriculture and is used extensively in pesticides. In the healthcare industry, it is utilized in the manufacture of different pharmaceutical products including common pain killers, such as aspirin and anticoagulants to cholesterol-reducing medications.
The growing usage of caustic soda in the energy sector,including fuel cell production, is elevating the market demand for different applications such as transportation, stationary, portable, and emergency back-up applications. The Epoxy resins manufactured using caustic soda are utilized remarkablyin wind turbines. In the water treatment industry, caustic soda is widely used to control the pH content and remove heavy metals from water. Furthermore, it also helps in themanufactureof sodium hypochlorite, a common water disinfectant.
However, the rising prices of caustic soda, product recalls, and the availability of substitutessuch as magnesium hydroxide are some of the key factors that arehindering market growth. Magnesium hydroxide offers a cost-effective alternative to caustic soda across different applications including wastewater treatment, pulp &paper industry,and SOx scrubbing, among others. For instance, BleachMag from Europiren B.V. is a reagent-based on natural magnesium hydroxide that can be used to replace caustic soda in the pulp &paper industry without hampering the product quality and at reducedprocess costs.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Caustic Soda Market by Form (Liquid, Granules, and Flakes), By End-Use Industry (Pulp &Paper, Aluminum, Textile, Healthcare, Food, Detergent, Chemical, and Water Treatment)- Global Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/caustic-soda-market/282
Asia Pacific stands to be the largest market for caustic soda owing to its need in themanufactureof pulp &paper, aluminum, soaps &detergents, caustic soda,andothers. China is the largest producer of aluminum andaccounted foraround 56% of the global aluminum production in 2019.It produced over 35,700 thousand metric tons of aluminum according to the International Aluminium Institute. Furthermore, the growing demand from alumina refineries in other countries of the APAC region, such as Indonesia, Vietnam, the Philippines, and Australia, will further boost itsdemand in the coming years.
Some of the prominent players in the global caustic soda market are Dow, AkzoNobel NV, Westlake Chemical Corporation, Formosa Plastics Corporation, Xinjiang Zhongtai Chemical Co., Ltd., Olin Corporation, Vynova Group, Shin-Etsu Chemical Co., Ltd., Tosoh Corporation, and Covestro AG, among others.
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