Caustic Soda Market will witness a rapid growth to 2024
Date: 2019-02-07   Author: Ronak Bora  Category: #market

Caustic Soda Market will witness a rapid growth to 2024

Caustic Soda Market in Asia Pacific dominates the major market share for global caustic soda by the end of 2016, whereas North America is estimated to be one of the fastest growing region over 2024. Industrialisation and growing consumer demand in developing economies like Japan, China and India are some of the factors which are anticipated to drive the Asia Pacific market in the coming years. In Europe highest volume of caustic soda is used as essential reactant for manufacturing organic chemical. 

The North America region Caustic Soda Market is predicted to grow at a reasonable CAGR by the end of the forecast period. The North America market is highly driven by rising application in household product and increasing consumer spending have further augmented market demand, which will drive the market over the coming years. Middle East and Africa are forecasted to grow at a moderate CAGR in coming years. Latin America market is estimated to show relatively slow growth over the forecast timeframe.

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The caustic soda market is estimated to witness growth from 2017 to 2024. The growth is primarily contributed by its increasing application in chemical industry as well as rising demand for alumina in automotive industry. Further increasing demand for paper & paperboard across the globe is driving the caustic soda market during the forecast timeframes. 

Caustic soda is primarily used in various industrial application. The major consumption is driven by wide application in household products such as detergent, it is basic raw material for cleaning drain and oven. It is a kind of basic chemicals used for various kinds of chemical production, which is reactive and corrosive in nature. Caustic soda is used for manufacturing alumina, inorganic & organic chemical, pulp & paper, textiles, detergent as well as used for water treatment. 

The demand for pulp and paper is increasing due to rising domestic household tissue paper requirements, application of pulp and paper in printing and writing paper is also growing which will boost the demand for caustic soda. Growing usage of magazine and newspaper across the globe is positively impacting the caustic soda market. Moreover, textile industry is expanding owing to technological development and pouring investment, hence these factors are propelling overall market growth in coming years.

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It serves as strong alkali chemical substance and easily reacts with several other substances which includes aluminum and zinc which will further grow metallurgical applications. These factors along with rising demand for chlorine and growing technological advancement for processing caustic soda is projected to drive the market demand over coming years. Moreover, the caustic soda market is forecasted to grow alumina extraction has increased the consumption pattern of caustic soda. 

The market is challenged by its reactive and corrosive nature, that have harmful ecological impact which is restricting its usage in consumer products, this factor will negatively influence the market. Secondly its energy intensive production process is challenging several manufacturers by reducing overall profit margin. Growing concern regarding its harmful effect on human health as well as environmental will hinder the global caustic soda market over the forecast timeframe. 

The market is projected to restrain due to frequent price fluctuation, arising due to variation in raw material prices. During past few years price fluctuation is posing a challenge for small manufacturers and suppliers of the market which is further decelerating growth. Although, the demand for caustic soda is increasing owing to increasing application in end-user industries and growing application in paper and pulp industry thereby positively influencing the global demand in the forecast periods.

The size of global caustic soda market is predicted to be highly competitive. Some of the primary companies in the market are Nirma Limited, Occidental Petroleum Corporation, Olin Corporation, Formosa Plastics Corporation, Xinjiang Zhongtai Chemical Co. Ltd.,PPG Industries,Tosoh Corporation, Dow Chemical Company, Hanwha Chemical., FMC Corporation, Kemira, Solvay SA, Bayer MaterialScience., FMC, Arkema and SABIC.

 

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About Author


Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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