Market Analysis
The caustic soda market is likely to touch USD 63,415.1 million and at a CAGR of 6.12% during the forecast period (2021 - 2030), according to the recent Market Research Future (MRFR) report. Caustic soda or sodium hydroxides are a vital ingredient used to manufacture various products that have consumer and industrial applications such as aluminium, petroleum products, bleach, soaps and detergents, textiles, and soaps. It is used in chemical production owing to its reactive and corrosive nature. Caustic soda is of two types- impure and pure. The former is used for cleaning drains and ovens, and the latter is used for making candles and soap.
Various factors are adding to the global caustic soda market growth. These factors, as per the new MRFR report, include increasing urbanization, growing demand for soaps and detergents, and increasing production of crude oil. Besides, increasing per capita disposable income especially in emerging and developed economies, high adoption rate, increase in petroleum plants to cater to the energy needs of the growing population, continuous expansion of paper manufacturers and textile industry, increasing use in the chemical industry, increasing demand for paper, the burgeoning use of magazines and newspapers, increasing investments in RD, technological advances for cost-effective and new products, and rising demand in the pharmaceutical and food industry are also adding market growth.
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On the contrary, strict statutes and regulations on its use for the toxic effect of caustic soda on the environment and human health are factors that may limit the caustic soda market growth over the forecast period.
Segmental Analysis
Caustic soda market has been segmented on the basis of type and application.
On the basis of type, caustic soda market is divided into lye, flake and others. Lye caustic soda market share had been the highest at 67% in 2018. Over the forecast period, due to its wide usage as a chemical, lye is anticipated to register a CAGR of 4.5%. Caustic soda flake, a solid, hygroscopic and white odorless substance will hold the second largest share in the caustic soda market during the coming years.
Application-wise, 18.4% share of the caustic soda market share was claimed by the alumina segment in 2018. By 2027, alumina segment of caustic soda market share is anticipated to increase to 19.4% and thus retain its dominant position in the market as caustic soda is used in alumina refineries for separation of alumina from bauxite to produce aluminum. Caustic soda is also widely used in bleaching of pulp and therefore the paper and pulp industry will also account for a considerable share in the caustic soda market. In 2018, paper and pulp accounted for 17.6% share of the caustic soda market.
Organic chemical segment that accounted for 14.8% caustic soda market share in 2018 is the third largest application segment for the chemical. Due to the role caustic soda plays as a reactant in the production process of various organic chemicals, the organic chemical segment is slated to witness CAGR of over 5% during the forecast period.
Regional Status
The geographical distribution of the caustic soda industry covers Asia Pacific or APAC, North America, Europe, MEA or Middle East Africa as well as Latin America.
In 2018, the APAC market, with the highest share of 52.3%, took the lead backed by the fast industrialization growth and the supportive government policies in a number of emerging countries in the region. The APAC market is also presumed to capture a growth rate of more than 5.5%, while China has secured the top position in the region. The Chinese market is on track to thrive at a rate of close to 4.6% over the review period, since the country is the biggest producer of alumina in the world, which ultimately fosters the demand for caustic soda.
North America, in 2018, happened to grab the second highest share in the global industry, thanks to the escalating use of caustic soda in the paper and pulp sector. Caustic soda’s increasing use as a bleaching agent in the paper and pulp sector has been a major growth booster. It is anticipated that the North America market can capture a CAGR of more than 4% in the following years, whereas the US has been identified as the most lucrative market that can also capture the highest growth rate of nearly 4% over the given period. Canada, on the other hand, should record a healthy growth rate of over 3.5% during the analysis period.
Prominent Vendors
The eminent firms profiled in the MRFR report include BASF SE (Germany), TOTAL (France), BioAmber Inc (US), Itaconix PLC (UK), Royal DSM NV (The Netherlands), Braskem SA (Brazil), Evonik Industries (Germany), Toray Industries Inc (Japan), Archer Daniels Midland Company (US), AGAE Technologies, LLC (US), GFBiochemicals Ltd (UK), Mitsubishi Chemical Corporation (Japan), Cargill Incorporated (US), DowDuPont (US), Vertec BioSolvents (US), to mention a few.
Latest Updates
March 2021
Vinnolit is on the verge of launching its latest green caustic soda that will help industry firms to cut down their carbon footprint while developing eco-friendly products. Carbon emission from the green caustic soda is said to go down by more than 30% in comparison with traditional caustic soda.
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