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North America to procure a major share of caustic soda market by 2026

Author : Ravi Chawat | Published Date : 2021-04-22 

North America holds a substantial share of the overall market and is likely to grow with a respectable CAGR of more than 2.3% through the forecast time frame. This anticipated growth is ascribed to the immense product consumption among end-use industries and higher production capacity.

Globally speaking, the sodium hydroxide demand is significantly high in Asia, led by countries like China, India, and North America, fueled by the U.S. In addition, rapid industrialization, especially across a number of emerging Asia-Pacific countries, is expected to greatly stimulate the overall market growth trends.

The caustic soda market is slated to be majorly driven be escalating product demand across numerous sectors such as water treatment, textile, pharmaceuticals, food, pulp & paper, soap & detergent, rubber, and chemical industry, among others. Moreover, factors such as rapid urbanization, high population growth, and increasing household income are likely to foster market growth over the forecast time period.

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Key industry players operating in the global caustic soda market are actively focusing on mergers & acquisitions to expand their market presence. Citing an instance, in August 2020, Brenntag, a renowned chemical distribution company, reportedly announced its plan to acquire the relevant operating assets of Suffolk Solutions Inc’s distribution business of caustic soda. This acquisition would further link the caustic soda network of Brenntag in the Eastern U.S. The new transaction would further offer extra storage capacity along with superior supply flexibility and maneuverability on the east coast of the U.S.

In terms of application, the food processing segment is likely to exceed a valuation of approximately $1.5 billion by the end of the analysis timeline. This anticipated growth is attributed to the growing demand for packaged food throughout the globe, particularly across developing countries. Caustic soda is utilized in removing skins from potatoes, tomatoes, and other fruits and also utilized in the processing of edible oils and fats. Today, the business of food processing is greatly influenced by rapid globalization and trade, high population growth, easy raw material availability, changing lifestyles, changes in taste and preference in food, and changing customer habits. These trends are greatly influencing the demand for processed food, which as stated above, would greatly help foster industry outlook.

lobal Market Insights, Inc., report, says that the caustic soda market is estimated to surpass a $32.06 billion valuation by 2026.

With growing product demand across several end-use industries, numerous key players are actively engaged in research studies in order to enhance their market presence. Citing an instance, in September 2020, Mineral Commodities (MRC), a leading West Australia-based producer, reportedly completed a pre-feasibility study for its Norway active anode materials plant. The study for the anode plant examined nearly two alternative eco-friendly methods of purification, namely a carbochlorination process and a caustic roast process, which do not utilize hydrofluoric acid.

The results of PFS concluded that both the processes replace HF but requires a high ratio of caustic soda to graphite for fueling the reaction. These processes are meant to lower the environmental footprint. In addition, conclusion regarding the two processes would be made in Q4 of 2020.

Hanwha Chemical Corporation, Formosa Plastics Corp., Akzo Nobel N.V., Grasim (Aditya Birla), Arkema S.A., Dow, Aras Petrochemical Company, Covestro AG, SABIC, and FMC Corporation among many others are some of the key players operating in the caustic soda market.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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