US$ 1.4 billion Opportunity by 2024 in the Sodium Hydrosulfite Market
Date: 2019-01-21   Author: Ronak Bora  Category: #market

US$ 1.4 billion Opportunity by 2024 in the Sodium Hydrosulfite Market

Asia pacific held most of the sodium hydrosulfite market share in 2016, which is likely to exceed 65% of the total industry by 2024. Extensive production in Asia Pacific region due to increasing product demand from end user industries such as paper, textile etc. will be a key growth enabler for the industry. Substantial number of pulp and paper manufacturers in this region will further propel the sodium hydrosulfite market development in the forecast span.

Sodium Hydrosulfite Market will likely surpass USD 1.4 billion by 2024; according to a new research reports. Growth in textiles industry is likely to boost the sodium hydrosulfite market development in coming years due to its application as a bleach for several clothing fabrics such as cotton, nylon and wool. In 2016, the overall textiles market was above 85 million tons and is likely to reach over 125 million tons till 2024. The product is used as a dyeing agent in disperse dyes and vat dyeing. Shift in demographics and income trend in developing economies and significant growth in sales of clothing and other related items via e- commerce medium will spur the textiles demand in the forecast period. This in turn, will propel the sodium hydrosulfite market development till the end of forecast timeframe.

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Increasing pulp & paper demand in emerging economies will fuel the sodium hydrosulfite industry growth in future for its application in paper production process. In 2016, close to 40% of the global paper production was accounted by the Asia Pacific region. Paper products are widely used in packaging industry, and this industry has been growing at a fast rate since last decades due to growing acceptance of the online retail sector. This will further boost the sodium hydrosulfite demand in the forecast period.

The product is used as reducing agents in metakaolin and kaolin synthesis and its demand for this application is likely to rise at a rapid pace providing new prospects for the product market growth. Sodium hydrosulfite is basically used for improving the kaolin brightness, which is further used to produce paints, coatings, rubber, paper, cement, ceramics, and fiberglass. Significant growth in metakaolin and kaolin industry will propel the sodium hydrosulfite market demand in coming years.

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Flammability in the presence of sparks and open flames, release of toxic gases when decomposing, and ignition vulnerability are the product’s few adverse properties which creates difficulty in its handling, storage and transportation. Direct exposure may cause skin and eye irritation and also cause respiratory issues. These are some key restraining factors which may hinder the sodium hydrosulfite industry development in the forecast period.

Sodium hydrosulfite market is bifurcated into production process and application. The production process is segmented as zinc process, sodium formate and other processes. In 2016, textile was the major application sector in the industry and this trend is likely to continue till 2024. Textile segment market revenue will exceed USD 650 million by 2024, growing at a moderate rate. The product has been majorly used as a bleaching and reducing agent in textiles manufacturing.

The major players in the sodium hydrosulfite market include Chemtrade Logistics, Guangdong ZhongCheng Chemicals, BASF, Jinhe Group, AZ Chemicals., Mitsubishi Gas Chemical Company, Bruggemann Chemical, TCP Limited, Royce, Montgomery Chemicals, Alfa Chemistry, Tokyo Chemical Industry and others.

 

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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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