Sodium hydrosulfide market to derive extensive returns from textile applications, global industry valuation set to surpass the billion-dollar mark by 2024
Publisher : Fractovia | Published Date : 2018-12-05Request Sample
Predominantly driven by a robust and expansive application spectrum across various business verticals, the global sodium hydrosulfide market share has been garnering commendable momentum in the past few years. Remarkably, the substance is segmented into processes such as sodium formate, zinc, and others. In this context, it would be imperative to mention that sodium formate process is gradually obtaining acceptance over the zinc process owing to its cost-effective nature. In addition to this, sodium hydrosulfide is also being utilized in the leather industry, water treatment facilities, chemical industry, and as a food additive in the food and beverages sector.
U.S. Sodium Hydrosulfide Market Size, By Application, 2017 & 2024, (Kilo Tons)
A brief overview of how textile industry is contributing toward swift expansion of sodium hydrosulfide market
The overwhelming growth being observed in the worldwide textile sector over the recent years has been instrumental in propelling the sodium hydrosulfide market trends. In this regard, it would be prudent to mention that sodium hydrosulfide is being widely utilized as a bleaching agent in nylon, cotton, and wool textiles. In addition to this, sodium hydrosulfide has found usage in the textile sector as a dyeing auxiliary in reduction clearing of disperse dyes and vat dyeing as well.
In one of its reports published in 2016, India’s apex business organization Federation of Indian Chambers of Commerce & Industry (FICCI) noted that the global textile industry was worth USD 1.7 trillion and constituted about 2 percent of the world’s GDP. Moreover, the demand for apparels was more than 90 million tons in 2016 and is projected to reach 130 million tons by 2024, as per a few trusted estimates.
Elaborating further, the textile sector is set to witness commendable growth in the years ahead owing to increasing sales of apparels through the fast-evolving e-commerce portals complemented by the rising income levels of consumers residing in the major developing economies. Needless to mention, the aforementioned statistics are a testimony to the fact that the textile sector is bound to register phenomenal growth in the upcoming years, thus boosting the remuneration scale of sodium hydrosulfide industry. In fact, as per a research study undertaken by Global Market Insights, Inc., the textile application segment is forecast to garner remuneration of more than USD 700 million by 2024, registering a CAGR of 4% over the estimated time frame. The report also claims the textile sector to have been the largest application in 2017 and affirms that would retain the position until 2024. Undeniably, this extensive growth can be credited to the fact that the product is deployed in the textile industry as a pivotal reducing and bleaching agent.
Combating to thrive in the global specialty chemicals realm amidst rising challenges
Despite highly promising growth prospects, the commercialization scale of the global sodium hydrosulfide market might be hindered in the upcoming years owing to various characteristics of the substance. Apparently, sodium hydrosulfide is flammable solid which heats spontaneously when it contacts with moisture or air. It has a possibility of ignition in presence of oxidizing agents or combustible materials and releases toxic gases after its decomposition. Exposure to the substance might cause irritation in the respiratory tract, skin, and eyes. All these factors present substantial challenges in storing, handling, and transportation of sodium hydrosulfide, thus hampering the pace of product penetration across various geographies.
Despite being tethered by a slew of restraints, sodium hydrosulfide industry players have taken it upon themselves to face the challenges head on and further strengthen their stance in the market. Increasing R&D activities are being undertaken to bring about more safety while the product is being handled, stored, and transported. Numerous efforts are also being undertaken to ensure lesser pollution from toxic gases while the product is being deployed in end-user domains, that would most certainly have a marginal impact on the commercialization scale of sodium hydrosulfide market.
Speaking of the competitive hierarchy of the sodium hydrosulfide industry, the prominent companies in this business space include Alfa Chemistry, Triveni Interchem Pvt. Ltd, Sigma-Aldrich, Finetech Industry Limited, Tokyo Chemical Industry, Royce International Corp, AZ Chemicals, Jinhe Group, BASF SE, and Guangdong ZhongCheng Chemicals.
With a vast spate of application space including mineral flotations, textiles, wood pulp bleaching, and several others, the sodium hydrosulfide market share is certain to propel at a remarkable pace in the years ahead. As per trusted estimates, the remuneration portfolio of sodium hydrosulfide industry is slated to exceed USD 1.4 billion by the end of 2024.
