Caustic Soda Market is expected to reach $62.27 Billion by 2028 | Rising Demand for Caustic Soda in the Pharmaceutical Industry
Global Caustic Soda market size was valued at USD 48.45 billion in 2021, and it is expected to reach a value of USD 62.27 billion by 2028, at a CAGR of 3.65% over the forecast period (2022–2028).
Westford, USA, Jan. 16, 2023 (GLOBE NEWSWIRE) — SkyQuest’s analysis of the Caustic Soda market provides valuable insights. Caustic soda accounts for more than 40% of total inorganic chemicals and is used in a variety of applications including pulp and paper, chemicals, alumina, soaps and detergents, and textiles. The increase of end-use industries is closely related to the growth of the caustic soda market. Increased demand from the pulp and paper sectors, as well as the textile industry, is likely to drive market expansion throughout the forecast period.
Some key players dominating the global caustic soda market are Dow Chemical Company, Formosa Plastics Corporation, PPG Industries, INEOS Group Limited, Tosoh Corporation, Hanwha Chemical Corporation, Solvay SA, FMC Corporation, and Occidental Petroleum Corporation.
The manufacturing of caustic soda is an energy-intensive process. This results in high manufacturing costs, which hampers market expansion. Price volatility is another problem that market participants will experience over the projection period. Caustic soda is anticipated to be the sole commodity chemical with a price volatility of 5 to 15% in the spot market. Increased R&D initiatives for the development of new goods and manufacturing methods are projected to provide market participants with new opportunities. To meet the increased demand, major market players will concentrate on capacity development and collaborative ventures in growing countries such as India and China.
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Asia Pacific is the largest consumer of caustic soda, driven by the large population
Asia Pacific dominates the worldwide caustic soda market, accounting for more than half of the global caustic soda market in 2021. China is a major player in the Asia Pacific caustic soda market. Due to its huge forest reserves (22.5% of its land area), China is the world’s largest pulp and paper manufacturing country. The country is also a chemical processing centre, accounting for a significant portion of all chemicals produced globally.
Furthermore, caustic soda installed capacity in India was around 3.9 million metric tons in fiscal year 2021. The Indian chemical industry is extremely diverse. The south Asian country is one of the world’s top chemical producers, producing approximately 80,000 products.
Top Trends in Global Caustic Soda Market
- Growing adoption of the membrane cell technology: The membrane cell technology is becoming increasingly popular in the production of caustic soda, as it is more energy-efficient and has lower operating costs compared to traditional methods. This technology also has a lower environmental impact, as it generates less waste and emissions.
- Increasing use of recycled caustic soda: With the growing focus on sustainability, there is an increasing trend towards the use of recycled caustic soda in various applications. This can help to reduce waste and conserve resources.
- Growing demand for bio-based caustic soda: As the demand for sustainable and environmentally friendly products increases, there is a growing trend towards the use of bio-based caustic soda. This is made from natural resources such as plant-based materials, and has a lower environmental impact compared to traditional caustic soda.
- Rising demand for high-purity caustic soda: With the growing use of caustic soda in various applications, there is a growing demand for high-purity caustic soda, which is used in applications that require high levels of purity such as semiconductor manufacturing, pharmaceuticals, and food.
- Increasing use of digital technologies: The use of digital technologies such as artificial intelligence, machine learning, and the internet of things (IoT) is becoming more widespread in the caustic soda industry. These technologies can be used to improve production processes, optimize supply chain management, and reduce costs.
- Growing focus on safety and environment: The industry is focusing more on safety and environment, this includes the use of personal protective equipment, waste management, and the reduction of emissions.
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SkyQuest Survey Reveals that China is the largest producer & top exporter of caustic soda
- Sodium hydroxide (caustic soda) solid is the world’s 2403rd most traded product.
- China produced over 38 million metric tons of sodium hydroxide in 2021 and was the top exporter of caustic soda globally.
- In 2021, the top exporters of Sodium hydroxide (caustic soda) solid were China ($207M), India ($66.8M), Poland ($36.1M), Russia ($35.1M), and Chinese Taipei ($32.2M).
- In 2020, the top importers of Sodium hydroxide (caustic soda) solid were Vietnam ($29.6M), Nigeria ($26M), Indonesia ($25.1M), Ghana ($19M), and Turkey ($16.2M).
The full import-export analysis of Caustic Soda is available in the trade analysis section of the report.
Increasing alumina demand in major end-use industries
Caustic soda is used to refine raw bauxite to produce white power alumina, which is then melted to produce aluminum. According to the International Aluminium Institute, global alumina production in March 2021 was 11.832 million tonnes, bringing total output in the first quarter of 2021 to 34.199 million tonnes. Production in March increased by 11.41% month on month from 10.620 million tonnes and by 7.50% year on year from 11.006 million tonnes. Aluminum is refined from raw bauxite ore in an energy-intensive process that relies heavily on caustic soda (NaOH) as a dissolving agent. Caustic soda is utilized because it is inexpensive and widely available. Aluminum’s primary end-use sectors are building and construction, transportation, and containers and packaging. Aluminum is used in the building and construction business to produce frames for doors and windows, staircases, heating systems, roofs, furniture, and other items. It is also utilized in the construction of structures such as buildings, bridges, and roadways.
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Major Players in Global Caustic Soda Market
- The Dow Chemical Company (Dow)
- Olin Corporation
- AkzoNobel N.V.
- Reliance Industries Limited (RIL)
- Occidental Petroleum Corporation (Oxy)
- Formosa Plastics Group (FPG)
- Shin-Etsu Chemicals Co., Ltd. (Shin-Etsu)
- Axiall Corporation
- INEOS ChlorVinyls
- Bayer MaterialScience AG
- Meghmani Finechem Limited
- BorsodChem
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