6th December 2019 – Global Caustic Soda Market is anticipated to reach USD 46.31 billion by 2024. Caustic soda is used in bleaching pulp and in verticals such as inorganic, organic, dyes, and textile. The factors that propel the growth of the caustic soda industry include growing demand from the chemicals manufacturing, the increasing demand for alumina in the automotive industry, and the growing demand with respect to paperboards and paper. On the other hand, there are factors that may hamper the growth of the market including energy-intensive procedure of the production of caustic soda.
Caustic Soda Market is anticipated to grow at a significant CAGR of 3.2% in the upcoming period as the scope, product types, and its applications are increasing across the globe. Caustic Soda industry may be explored by type, application, and geography. The market may be explored by type as Flake, Lye. Others may include prill, microprill, and pellet.
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The key applications that could be explored in the Caustic Soda industry include Inorganic chemicals, Alumina, Steel/Metallurgy – Sintering, Organic chemicals, Food and Pulp & Paper, Textiles, Soaps & Detergents, Water Treatment, and Others. The “Organic Chemicals” segment led the Caustic Soda Market in 2015 and is anticipated to maintain its dominance by 2024. Organic chemicals segment is followed by “Textiles” sector and anticipated to grow at USD 8 billion by 2024.
Asia-Pacific accounted for the major share of the Caustic Soda Market Size in 2015 and will continue to lead in the forecast period. The factors that could be attributed to the growth include high product demand; which could primarily be attributed to the textile industry development in the developing countries such as India, China, Taiwan, Vietnam, etc. The demand in this region is estimated to escalate further due to increasing consumption in organic chemicals, soaps & detergents, aluminum, etc. followed by North America region.
Some of the key players that fuel the growth of the Caustic Soda industry comprise Formosa Plastics Corporation, Dow Chemical Company, PPG Industries, Tosoh Corporation, Ineo’s Group Limited, Hanwha Chemical Corporation, Occidental Petroleum Corporation, FMC Corporation, and Solvay SA. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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