The global causticsoda market is set to gain momentum from its increasing usage as a water treatmentchemical. It can absorb water and carbon dioxide and surge its pH level. Thisinformation is given by Fortune BusinessInsights™ in a new report, titled, “CausticSoda Market Size, Share & COVID-19 Impact Analysis, By Application(Organics, Alumina, Soaps, Water Treatment, Food, Inorganics, Paper & Pulp,and Others), and Regional Forecast, 2020-2027.” The report further statesthat the market size was USD 44,959.2million in 2019 and is projected to reach USD 55,557.7 million by 2027, exhibiting a CAGR of 3.1% during theforecast period.
COVID-19 Pandemic: Low Aircraft & AutomobileManufacturing to Obstruct Growth
The demandfor caustic soda experienced a decline amid the COVID-19 pandemic. As it isextensively used in chemical, pulp & paper, and water treatment industriesglobally, shortage of workforce and stringent lockdown measures affected their usage.Also, a slowdown 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.
To get to know more about the short-term and long-term impactof COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/caustic-soda-market-104711
What Does This Report Contain?
This reportincludes in-depth information associated with change in material usage, newproduct launches, and technological advancements. It provides market dynamics basedon various factors, such as opportunities, challenges, drivers, hindrances, anddynamics. At the same time, it will deliver a complete insight from the supplyside respondents related to market share, distribution, and size.
Drivers & Restraints-
Increasing Demand from Building & Construction Industry toAid Growth
The InternationalAluminum Institute declared that in 2019, the total alumina production was 131,910thousand metric tons. Sodium hydroxide is considered to be a significantingredient for alumina production. It is therefore mainly demanded by containers& packaging, transportation, and building & construction industries. 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-
Organics Segment to Remain at the Forefront Stoked by Usagein Ceramics and Paints
Based on theapplication, the organics segment generated the largest caustic soda marketshare in 2019. This growth is attributable to the increasing usage of thisinorganic soda in the manufacturing of ceramics, glass, and paints. It is alsoused in the production of cosmetics and fuel cells.
Regional Insights-
Rising Government Subsidies to Favor Growth in Asia Pacific
Geographically,Asia Pacific held USD 25,280.17 million in terms of revenue in 2019. The regionwould lead the market throughout the forthcoming years on account of the increasingconsumer spending, interest rates, construction activities, and governmentsubsidies. In 2019, Europe and North America procured more than 25% of theglobal market. In the U.S., prominent manufacturers have started incliningrapidly towards membrane technology from diaphragm or mercury cell process.
Competitive Landscape-
Key Players Focus on Acquisition Strategy to Gain aCompetitive Edge
The globalmarket is fragmented with the presence of a large number of prominent companiesoperating domestically and internationally. Most of them are striving to gain acompetitive edge by acquiring local firms. Some of the others are increasingprices of sodium hydroxide to fulfil the high demand. Below are the two latestindustry developments:
· March2020: Brenntag acquired the distribution business of SuffolkSolutions, Inc. It will help the former to enhance its position in the EasternU.S. and strengthen its supply chain.
· February2020: OxyChemsurged the price of caustic soda to $40/dst. Economic slowdowns in Europe andChina have resulted in tremendous pressure on the price of this chemicalcompound. It has also increased the demand from numerous sectors.
A list of all the renowned caustic soda manufacturersoperating in the global market:
· Olin Corporation (Clayton,Missouri, United States)
· Tata Chemicals Limited (India)
· Aditya Birla Chemicals (India)Limited (India)
· Gujarat Alkalies and ChemicalLimited (India)
· Occidental Petroleum Corporation(OXY) (Houston, Texas, United States)
· Formosa Plastics Corporation(Taiwan)
· PPG Industries (Pittsburgh,Pennsylvania, United States)
· Xinjiang Zhongtai Chemical Co.,Ltd. (China)
· Hanwha Chemical (South Korea)
· Brenntag North America, Inc. (NorthAmerica)
· Other Key Players
