Sodium Hydroxide Market: Segmented: By Product Type (Flakes, Caustic Lye), By Application (Cleaning Agent, Catalyst, Additive), By End Use (Pulp and Paper, Personal Care, Pharmaceutical, Textile, Food & Beverages Industry, and Oil & Gas Industry), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[ 170 + Pages Research Report ] Sodium Hydroxide Market to surpass USD 56.5 Billion by 2032 from USD 32.7 Billion in 2021 at a CAGR of 5.1% in the coming years, i.e., 2022-32.
Sodium hydroxide also called lye or caustic soda is a greatly versatile substance. It plays a significant role in numerous manufacturing processes. Some of the common items, such as paper, industrial drain and oven cleansers, aluminum, soap, and detergents are produced with sodium hydroxide. Chlorine bleach is created by mixing chlorine with sodium hydroxide. Fats and grease that might clog pipes are transformed into soap using sodium hydroxide-containing drain cleaners. Apart from its use in cleaning and disinfection goods, sodium hydroxide also holds uses in medications and pharmaceuticals, production of food, water treatment, paper and wood products, energy, and other industrial manufacturing processes.
The Sodium Hydroxide Market is expected to project a notable CAGR of 5.1% in 2032.
Growing industries around the world, including food, construction, pharmaceuticals, textiles, and paper & pulp, are some of the main reasons propelling the global sodium hydroxide market growth. The substance sodium hydroxide is mostly used in textiles, detergents, soaps, pulp & paper, drain cleaning, and drinking water. Consequently, the increasing use of the compound for industrial applications is likely to drive the global sodium hydroxide market growth.
The Caustic Lye segment is expected to grow with a higher CAGR during 2022-32
Sodium Hydroxide market is categorized on the basis of Product Type into Flakes and Caustic Lye. In 2021, caustic lye held a sizable portion of the global market. Over the forecast period as well, the Caustic Lye segment is anticipated to hold a major share. There are several verticals where caustic lye is used, and it is available in liquid form. Due to its wide availability and affordable price, caustic lye is predicted to continue to be the product of choice for many end users and to dominate the market in the foreseeable future.
The Textile segment is expected to grow with a higher CAGR during 2022-32
Sodium Hydroxide market is categorized on the basis of End Use into Pulp and Paper, Personal Care, Pharmaceutical, Textile, Food & Beverages Industry, Oil & Gas Industry, and Aluminum. The market was dominated by textile applications in 2021, and this trend is anticipated to continue over the forecast period as well. This can be attributed to the rapid growth of the textile sector, which was followed by the alumina and inorganic chemical industries.
The Growing Use of Sodium Hydroxide in Textile and Other Industries
The manufacturing of alumina and the textile industry are the two main markets for sodium hydroxide. These end-use sectors directly influence the production market by making up a significant portion of the sodium hydroxide consumption market. The population increase, changes in the automotive and construction industries, and improvements in the economy all contribute to the continued need for alumina, paper, and textiles, which is a primary driver for the sodium hydroxide market.
Easy Availability and Affordability of Sodium Hydroxide than its Alternatives
Along with the increased global awareness of water preservation, waste management, and the widespread fear of running out of drinkable water, sodium hydroxide is also anticipated to experience growth in the water purification and waste management industries. It is regarded as one of the preferred chemical compounds used to control acidity and remove heavy metals from water due to its simplicity of availability and price compared to alternatives. Moreover, potassium hydroxide, a replacement for sodium hydroxide, is more expensive, owing to which the demand for sodium hydroxide ultimately rises.
High Price Associated with the Production of Sodium Hydroxide
The manufacture of sodium hydroxide requires a lot of energy and has higher production costs, which impedes market expansion. Another obstacle that small market competitors are facing is price variations in the sodium hydroxide market. Throughout the forecast period, this barrier will continue to have an impact on market growth.
Sodium Hydroxide market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Due to the sizable and strong demand from the pulp and paper industry in Asia Pacific, the APEC dominates the global sodium hydroxide market in terms of revenue contribution. Since research institutions in the region have a high need for sodium hydroxide, North America is anticipated to have significant growth in the years to come.
The sodium hydroxide market was negatively impacted by the COVID-19 epidemic. The pandemic caused a significant setback for the key end-use industries using sodium hydroxide, including the aluminum, textile, food and beverage, and paper and pulp industries. The lockdown caused a substantial fall in the demand for the products associated with the aforementioned businesses, which in turn caused a decline in the demand for sodium hydroxide. The sectors that produced aluminum were closed down for a longer period, and the lockdown also had a negative impact on the food and beverage sector since the demand fell. Sodium hydroxide consumption decreased as a result of a severe decline in the demand for paper and pulp as well as textiles.
Sodium Hydroxide is further segmented by region into:
Sodium Hydroxide Market Segments:
|Market size value in 2021
|USD 32.7 Billion
|Revenue forecast in 2032
|USD 56.5 Billion
|CAGR of 5.1% from 2022 to 2032
|Base year for estimation
|Revenue in USD million and CAGR from 2022 to 2032
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Product Type, Application, End Use, and Region
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
|Key companies profiled
|BASF SE, Dow Chemical Company, Shin-Etsu Chemical Co Ltd, Westlake Chemical Corporation, Tosoh Corporation, FMC Corporation, Olin Corporation, Formosa Plastics Corporation, Covestro AG, Solvay S.A., Gujarat Alkalies and Chemicals Limited, Occidental Petrochemical Corporation, Tata Chemicals Ltd., Xinjiang Zhongtai Chemical Co. Ltd., Vynova Group, and Other Prominent Players.
The Sodium Hydroxide market size was estimated at USD 32.7 Billion in 2021 and is expected to reach USD 56.5 Billion in 2032.
Sodium hydroxide, also called as lye or caustic soda, is a greatly versatile substance. It plays a significant role in numerous manufacturing processes.
The Caustic Lye and Textile segments accounted for the larger share of the Sodium Hydroxide Market.
Key players in the Sodium Hydroxide market are BASF SE, Dow Chemical Company, Shin-Etsu Chemical Co Ltd, Westlake Chemical Corporation, Tosoh Corporation, FMC Corporation, Olin Corporation, Formosa Plastics Corporation, Covestro AG, Solvay S.A., Gujarat Alkalies and Chemicals Limited, Occidental Petrochemical Corporation, Tata Chemicals Ltd., Xinjiang Zhongtai Chemical Co. Ltd., Vynova Group, and Other Prominent Players.
Growing industries around the world that hold applications of sodium hydroxide and the increasing use of the compound for industrial applications are likely to drive the global sodium hydroxide market growth.
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