The global caustic soda market is setto gain momentum from its increasing usage as awater treatmentchemical. It canabsorb water and carbon dioxide and surge its pH level. This information isgiven by Fortune Business Insights™ in a new report, titled, “Caustic SodaMarket Size, Share &COVID-19 Impact Analysis, By Application (Organics,Alumina, Soaps, Water Treatment, Food, Inorganics, Paper & Pulp, andOthers), and Regional Forecast, 2020-2027.” The report further states that the marketsize was USD 44,959.2 million in 2019 and is projected to reach USD 55,557.7million by 2027, exhibiting a CAGR of 3.1% during the forecast period.
COVID-19 Pandemic: Low Aircraft &Automobile Manufacturing to ObstructGrowth
The demand for caustic soda experienceda decline amid the COVID-19 pandemic. As it is extensively used in chemical,pulp & paper, and water treatment industries globally, shortage ofworkforce and stringent lockdown measures affected their usage. Also, aslowdown in aircraft and automobile manufacturing has hampered growth. Ourdetailed research reports will help you gain a complete insight into theindustry for choosing the appropriate investment area.
What Does This Report Contain?
This report includes in-depthinformation associated with change in material usage, new product launches, andtechnological advancements. It provides market dynamics based on variousfactors, such as opportunities, challenges, drivers, hindrances, and dynamics.At the same time, it will deliver a complete insight from the supply siderespondents related to market share, distribution, and size.
Drivers & Restraints-
Increasing Demand from Building &Construction Industry to Aid Growth
The International AluminumInstitute declared that in 2019, the total alumina production was 131,910thousand metric tons.Sodium hydroxideis considered to be a significantingredient for alumina production. It is therefore mainly demanded by containers& packaging, transportation, and building & constructionindustries. Besides,the usage of hybrid cars is set to surge in the upcoming years because of theirability to enhance fuel economy. The metal can also reduce the weight ofvehicles. These factors are set to propel the caustic soda market growth in thenear future. However, caustic soda is highly corrosive which can cause severedamage to eyes. It may hinder growth.
Segment-
OrganicsSegment to Remain at the Forefront Stoked by Usage in Ceramicsand Paints
Based on the application, theorganics segment generated the largest caustic soda market share in 2019. Thisgrowth is attributable to the increasing usage of this inorganic sodain themanufacturing of ceramics, glass, and paints. It is also used in theproductionof cosmetics and fuel cells.
Regional Insights-
Rising Government Subsidies to Favor Growth in Asia Pacific
Geographically, Asia Pacific heldUSD 25,280.17 million in terms of revenue in 2019. The region would lead themarket throughout the forthcoming years on account of the increasing consumerspending, interest rates, construction activities, and government subsidies. In2019,Europe and North America procured more than 25% of the global market. Inthe U.S., prominent manufacturers have started inclining rapidly towards membranetechnology from diaphragm or mercury cell process.
Competitive Landscape-
Key Players Focus on Acquisition Strategy to Gain a Competitive Edge
The global market is fragmentedwith the presence of a large number of prominent companies operatingdomestically and internationally. Most of them are striving to gain acompetitive edge by acquiring local firms. Some of the others are increasingprices of sodium hydroxideto fulfil the high demand. Below are the two latestindustry developments:
· March 2020:Brenntagacquired the distribution business of Suffolk Solutions, Inc. It will help theformer to enhance its position in the Eastern U.S. and strengthen its supply chain.
· February2020:OxyChem surged the price of caustic sodato $40/dst. Economic slowdowns in Europe and China have resulted in tremendouspressure on the price of this chemical compound. It has alsoincreased thedemand from numerous sectors.
A list of all the renownedcaustic soda manufacturers operating in theglobal market:
· Olin Corporation (Clayton, Missouri, United States)
· Tata Chemicals Limited (India)
· Aditya Birla Chemicals (India) Limited (India)
· Gujarat Alkalies and Chemical Limited (India)
· Occidental Petroleum Corporation (OXY) (Houston,Texas, United States)
· Formosa Plastics Corporation (Taiwan)
· PPG Industries (Pittsburgh, Pennsylvania, UnitedStates)
· Xinjiang Zhongtai Chemical Co., Ltd. (China)
· Hanwha Chemical (South Korea)
· Brenntag North America, Inc. (North America)
· Other Key Players
Information Source
https://www.fortunebusinessinsights.com/caustic-soda-market-104711
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