Market Analysis
The global caustic soda market share is expected to exhibit a strong CAGR of 6.12% during the forecast period (2021 - 2030), according to the latest research report from Market Research Future (MRFR). The global caustic soda market is analyzed in detail in the report, including a detailed analysis of the market’s past growth trajectory, present conditions, and probable future course of growth. Major players in the global caustic soda market are also profiled in the report to provide readers with a complete overview of the market’s competitive landscape. The global caustic soda market is expected to reach a valuation of more than USD 63 billion by 2027, according to the MRFR report.
Caustic soda is an important industrial reagent and is used in several processes in the papermaking, chemical, soapmaking, and textile making industries. The growing demand for caustic soda in these applications is likely to remain the major driver for the global caustic soda market over the forecast period.
The use of caustic soda in alumina production is also likely to be a major driver for the global caustic soda market share over the forecast period. Caustic soda plays a vital role in extracting alumina from bauxite, the ore of aluminum. The growing demand for aluminum in the automotive industry is likely to support ancillary industries such as the caustic soda industry in the coming years. The pursuit of lightweight vehicles has led to a growing use of aluminum from automotive manufacturers in recent years. As aluminum is lighter than steel, many automotive manufacturers are incorporating it into their production lines. This is likely to be a major driver for the global caustic soda market, as the growing automotive industry has increased the prospects of the aluminum industry in the coming years.
Caustic soda is also used in critical applications in the pulp and paper industry. The increasing demand for paperboard packaging has sent the pulp and paper industry into overdrive in recent years. Growing use of paper in packaging applications is likely to remain one of the key drivers for the pulp and paper industry in the coming years, leading to a growing demand from the caustic soda market.
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Segmental Analysis
Caustic soda market has been segmented on the basis of type and application.
On the basis of type, caustic soda market is divided into lye, flake and others. Lye caustic soda market share had been the highest at 67% in 2018. Over the forecast period, due to its wide usage as a chemical, lye is anticipated to register a CAGR of 4.5%. Caustic soda flake, a solid, hygroscopic and white odorless substance will hold the second largest share in the caustic soda market during the coming years.
Application-wise, 18.4% share of the caustic soda market share was claimed by the alumina segment in 2018. By 2027, alumina segment of caustic soda market share is anticipated to increase to 19.4% and thus retain its dominant position in the market as caustic soda is used in alumina refineries for separation of alumina from bauxite to produce aluminum. Caustic soda is also widely used in bleaching of pulp and therefore the paper and pulp industry will also account for a considerable share in the caustic soda market. In 2018, paper and pulp accounted for 17.6% share of the caustic soda market.
Organic chemical segment that accounted for 14.8% caustic soda market share in 2018 is the third largest application segment for the chemical. Due to the role caustic soda plays as a reactant in the production process of various organic chemicals, the organic chemical segment is slated to witness CAGR of over 5% during the forecast period.
Regional Status
The geographical distribution of the caustic soda industry covers Asia Pacific or APAC, North America, Europe, MEA or Middle East Africa as well as Latin America.
In 2018, the APAC market, with the highest share of 52.3%, took the lead backed by the fast industrialization growth and the supportive government policies in a number of emerging countries in the region. The APAC market is also presumed to capture a growth rate of more than 5.5%, while China has secured the top position in the region. The Chinese market is on track to thrive at a rate of close to 4.6% over the review period, since the country is the biggest producer of alumina in the world, which ultimately fosters the demand for caustic soda.
North America, in 2018, happened to grab the second highest share in the global industry, thanks to the escalating use of caustic soda in the paper and pulp sector. Caustic soda’s increasing use as a bleaching agent in the paper and pulp sector has been a major growth booster. It is anticipated that the North America market can capture a CAGR of more than 4% in the following years, whereas the US has been identified as the most lucrative market that can also capture the highest growth rate of nearly 4% over the given period. Canada, on the other hand, should record a healthy growth rate of over 3.5% during the analysis period.
Prominent Vendors
The eminent firms profiled in the MRFR report include BASF SE (Germany), TOTAL (France), BioAmber Inc (US), Itaconix PLC (UK), Royal DSM NV (The Netherlands), Braskem SA (Brazil), Evonik Industries (Germany), Toray Industries Inc (Japan), Archer Daniels Midland Company (US), AGAE Technologies, LLC (US), GFBiochemicals Ltd (UK), Mitsubishi Chemical Corporation (Japan), Cargill Incorporated (US), DowDuPont (US), Vertec BioSolvents (US), to mention a few.
Latest Updates
March 2021
Vinnolit is on the verge of launching its latest green caustic soda that will help industry firms to cut down their carbon footprint while developing eco-friendly products. Carbon emission from the green caustic soda is said to go down by more than 30% in comparison with traditional caustic soda.
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