Market Overview:
The global caustic soda market is
expected to expand significantly over 2019-2027 owing to various end user
industries that require caustic soda in several chemical procedures. Increasing
use of aluminum in the automotive industry due to light weighting of vehicles
to enhance fuel efficiency has resulted in the increased demand for alumina in
the automotive industry as caustic soda is used in alumina production. The
paper and pulp industry have also been expanding and the use of caustic soda in
paper bleaching has been adding impetus to caustic soda market growth.
Environmental impact of carbon emission due to energy-intensive operations has
resulted in hampering the growth of the caustic soda market. However, membrane
cell technology that has been developed to surpass some of the concerns is
expected to counter such deterring factors for the caustic soda market. Over
2019-2027, caustic soda market CAGR is anticipated to be 5.92% and market value
might surpass USD 63,415.1 million by 2027.
Competitive Scenario:
·
Dow DuPont
·
Solvay
·
Occidental Petroleum Corporation
·
Xinjiang Zhongtai Chemical Co. Ltd
·
Olin Corporation
·
Formosa Plastics Corporation
·
Gujarat Alkalies and Chemicals Limited Tata
Chemicals Limited
·
AkzoNobel NV
·
Westlake Chemical Corporation
Industry News:
The fact that market players in
the caustic soda industry will considerably contribute to the growth of the
business can be cited through the recent announcement by Gujarat Alkalies and
Chemicals that it will be expanding its caustic soda plant at the Dahej
Complex. The capacity of the plant will be increased from 785 MTPD to 1310
MTPD. An investment of Rs. 875 crore will be made for the proposed expansion.
It expected that on implementation, the project will contribute around Rs. 480
crores to the sales of the company.
Market Segmentation:
Caustic soda market has been
segmented based on type and application.
Based on 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 Analysis:
Caustic soda market is evaluated
based on various geographical regions which include the Americas, Europe,
Asia-Pacific and Middle East & Africa.
Asia-Pacific due to favorable
regulatory policies and rapid industrialization witnessed in the region is
expected to be the largest caustic soda market. In 2018, Asia-Pacific region
accounted for 52.3% share in the caustic soda market and is anticipated to
register a CAGR of over 5.5% during the forecast period. China has accounted
for the largest revenue in Asia-Pacific caustic soda market in 2018 and the
trend is expected to witness a 4.6% CAGR during the forecast period.
In 2018, North America was the
second-largest regional caustic soda market owing to the expansive demand for
the chemical in paper & pulp industry. Over the forecast period North
America caustic soda market is anticipated to register a 4% CAGR. The U.S.
accounted for a comparatively higher market share in 2018 and is anticipated to
register the highest CAGR in the region of around 4% during the forecast
period. Owing to the presence of industries such as dyes & inks, chemical,
textile and water treatment which are essential end users of caustic soda,
Canada caustic soda market is projected to exhibit a CAGR of over 3.5%.
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