New York, Oct. 12, 2021 (GLOBE NEWSWIRE) -- Caustic Soda Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Caustic Soda Market Research Report, Type, Application, End-Use and Region - Forecast till 2028” the market is projected to be worth USD 69.27 billion by 2028, registering a CAGR of 6.12% during the forecast period (2021 - 2028)., The market was valued at USD 44.51 billion in 2021.
Market Competitive Landscape:
Leading companies profiled in the caustic soda market report are:
- Tata Chemicals Limited
- Formosa Plastics Corporation
- Brenntag North America Inc.
- Westlake Chemical Corporation
- Occidental Petroleum Corporation
- Olin Corporation
- Hanwha Chemical
- AkzoNobel NV
- Covestro AG
- Xinjiang Zhongtai Chemical Co. Ltd
- PPG Industries
- Gujarat Alkalies and Chemical Limited
- FMC Corporation
- Among others.
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Market Research Future’s Review on Caustic Soda Market
Market Scope:
Soaps and detergents, paper & pulp, textile finishing, metal processing, water treatment, bauxite refinement, and other sectors all use caustic soda. In contrast, operations such as pulp and paper, water treatment, and chemical manufacturing have grown in tandem with the development of caustic soda. The rapid expansion of the chemical sector is another major aspect that is propelling this market forward.
Market USP Covered:
Market Drivers:
The use of caustic soda-related products has risen dramatically, including paper bags, paper cups, medications, industrial chemicals, and many more. During the observation period, the market is expected to develop due to the continued expansion of the textile and paper industries.
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Market Restraints
When caustic soda is exposed to tin, zinc, aluminum, and other metals, poisonous gas is produced. The energy-intensive processes are also predicted to have an impact on the caustic soda market's growth rate.
COVID 19 Analysis
Infection cases have been rising since the COVID-19 virus hit Europe in 2020, and while there was no immediate impact on the market, there were fears and speculations about knock-on effects from China. However, the situation in Europe, particularly in southern Europe, has deteriorated in recent months, prompting the EU to close borders and several countries to go into lockdown.
Market Segmentation
On the basis of application, the market is led by the water demineralization, bleaching, water softening segments in the appraisal period. The global caustic soda market is directed by the soap and detergents segment based on the end-use industry.
Regional Insights
The Asia Pacific, with a market share of 52.3 percent, is the biggest of them all. During the forecast period, the region is expected to grow by more than 5.5 percent. With growing demands in the paper industry, North America takes the second-largest share of the market after Asia-Pacific. By the end of 2027, the Africa, Middle East, and Europe are likely to have witnessed rapid growth. Due to the expansion of offshore and onshore activities and rising development in North America, the United States and Mexico are among the most remarkable contributions to regional market growth. Mexico, with its strong presence of paper manufacturing, is predicted to grow significantly throughout Latin America.
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Competitors in the APAC regions, such as Bodal Chemicals Ltd, based in Ahmedabad, have announced that it will purchase Mawana Sugars Ltd's Siel Chemical Complex (SCC) in Punjab for about Rs 140 crore. With a present caustic soda capacity of 82,500 million tonnes per annum, SCC is one of the leading operators in the Chlor-alkali industry in north India (MTPA). By adding new goods to its existing chemical product line, the proposed acquisition will assist the company in diversifying its current chemical product line. The purchase should be finalized within the following two months. Following the acquisition, the business intends to improve the plant's technology, resulting in significant reductions in power expenditures and annual repair and maintenance costs.
Segmentation of Market covered in the research:
Caustic Soda Market Research Report: Information by Type (Lye, Flake and others), Application (Alumina, Pulp & Paper, Organic Chemical, Inorganic Chemical, Textile, Soap & Detergents, Water Treatment, Dye & Ink and others) and Region (Asia-Pacific, Europe, North America, Latin America and the Middle East & Africa) - Global Forecast till 2028
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
