Sodium Chlorate Market
Sodium Chlorate Market - Global Industry Assessment & Forecast
- By Forms Crystalline, Solution
- By Applications Pulp & Bleaching Industry, Chlorates of Other Metals, Leather Tanning, Dyes, Other Applications
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||USD 2.9 Billion|
|Revenue 2028:||USD 3.9 Billion|
|Revenue CAGR (2021 - 2028):||5.2%|
|Fastest Growing Region (2021 - 2028)||Asia Pacific|
|Largest Region (2021):||Asia Pacific|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request Customization Speak To Analyst
The Global Sodium Chlorate Market is valued at USD 2.9 Billion in 2021 and is projected to reach a value of USD 3.9 Billion by 2028 at a CAGR of 5.2% over the forecast period.
One of the main things driving the Sodium Chlorate market is that chlorine is being used increasingly in industries like making textiles and paper, processing food, and making chemicals. These industries are looking for substitutes for ozone-depleting chemicals, which are increasingly expensive. Sodium Chlorate is a low-cost alternative that can meet these requirements. The market for Sodium Chlorate is also growing because consumers are learning more about the health risks of breathing in chlorine fumes, key manufacturers are investing more in research and development, and emerging economies are buying more Sodium Chlorate. BASF SE is the leading player in the global Sodium Chlorate market, with a share of 31%. It has a presence across six continents and employs more than 14,000 people across its global operations. Mochida Chemical Industries is the second-largest player in the global Sodium Chlorate market, with a share of 21%. The company manufactures Sodium Chlorate products under several brands, including BOMCAT®, FUSILSIL®, PULVICHEM®, and SELOXIDE®. The market is also witnessing an increase in its end-user base owing to the growing demand for recycled materials and green initiatives. The market share for Sodium Chlorate, used for bleaching purposes in the paper and pulp industry, is disproportionately high. Because of the prolonged shutdown of the paper and pulp industry, the Sodium Chlorate market has been adversely affected. The paper and pulp industry's slow recovery is expected to revive the Sodium Chlorate market by the end of the second quarter of FY 2022. Sodium Chlorate's widespread use can be attributed to its accessibility, compactness, and low price. One major factor expected to drive the worldwide Sodium Chlorate market during the projected period is the rising demand for its use in the production of dyes and the leather and tanning industry.
It is predicted that the market for Sodium Chlorate will develop in the coming years as a result of the primary concern for preserving the hygiene of the expanding population through the use of tissue. Over the next seven years, rising demand for the aforementioned application is anticipated to have a favorable effect on Sodium Chlorate demand. Market expansion for sodium chromate is also being driven by the government's promotion of environmentally friendly manufacturing practices and goods. However, market challenges such as environmental concerns and safety hazards are expected to restrain the Sodium Chlorate market growth. The main drivers of the Sodium Chlorate market are increasing demand from the oil and gas industry and growing awareness about its benefits among consumers. The major restraints of the market include the limited availability of raw materials and high production costs. The high production costs are a result of the need for special equipment and high investments in R & D. Strict government regulations impede the growth of the Sodium Chlorate market as they impose heavy fines for violation. Regulations such as those in China and India are restricting the use of Sodium Chlorate in production facilities. Increasing environmental awareness is also restraining the growth of the Sodium Chlorate market as it increases demand for safer products. Low availability constrains the growth of the Sodium Chlorate market. The low availability of Sodium Chlorate has led to the development of alternate sources such as chlorine and potassium chlorate. High cost is another constraint hampering the growth of the Sodium Chlorate market. The high cost of Sodium Chlorate has made it difficult for small businesses to enter the market.
Sodium Chlorate Market Size, 2021 To 2028 (USD Billion)
Impact on The Healthcare Sector
The growth of the Sodium Chlorate market is projected to be high due to increasing demand from small businesses and households as well as increasing concerns about environmental pollution. The market is also expected to be driven by the growing use of chlorine for disinfection purposes across various sectors, including healthcare. The healthcare sector is one of the most important and lucrative in the world, with a total revenue of over $2 trillion in 2021. The growth of the Sodium Chlorate market is expected to have a significant impact on this sector, as it is used to treat a wide range of diseases and conditions. The healthcare sector accounts for the largest share of the global market for Sodium Chlorate. Pharmaceuticals account for over 60% of the market, while explosives make up around 30%. In the healthcare sector, Sodium Chlorate is used to sanitize medical equipment and surfaces. Additionally, it is used in various disinfection processes such as sterilization, pasteurization, and autoclaving. The toxicity of Sodium Chlorate makes it a preferred choice for use in these processes because it does not require high temperatures or long exposure times to achieve results. The most significant risk posed by Sodium Chlorate comes from its ability to cause eye irritation and respiratory problems if inhaled or ingested. These risks are exacerbated when the compound is mishandled or stored incorrectly. In addition to human health impacts, Sodium Chlorate can also damage electronic equipment if left untreated.
Top Market Trends
- Technology has had a significant impact on the Sodium Chlorate market over the past few years. Several advancements in technology, such as Moore’s law and the development of 3D printing, have helped to drive down the cost of Sodium Chlorate and make it more accessible to consumers. This has led to increased demand from various industries, such as chemicals, plastics, and coatings.
- Smartphones and mobile devices: Consumers are increasingly relying on smartphones and mobile devices to manage their lives and businesses. This includes accessing information, communicating with others, conducting transactions, and more. As a result, manufacturers are developing smartphone applications that can be used to manage Sodium Chlorate supplies.
- Augmented reality (AR): AR is a type of technology that allows users to interact with digital content in a real-world setting. This includes objects, people, or environments that appear as if they are present. AR has been used in marketing to create engaging experiences that help promote products or services. As such, manufacturers are exploring how AR can be used to improve Sodium Chlorate procurement processes by providing insights into product usage patterns or trends.
- Another factor that has contributed to the growth of the Sodium Chlorate market is the increasing focus on environmental sustainability. This is due to concerns about climate change and global pollution levels. Sodium Chlorate is a cheap and effective way of reducing emissions, which has led to its widespread adoption in various industries.
- Sodium Chlorate is a popular oxidizer used in a variety of industrial and commercial applications. The market for Sodium Chlorate is expected to grow at a CAGR of 7% over the next five years.
- The high demand for Sodium Chlorate is attributed to its wide application range, which includes the production of chlorine and other chemicals. Moreover, Sodium Chlorate has gained popularity due to its low environmental impact and lesser toxicity relative to other chemical oxidizers.
- Asia Pacific is expected to be the fastest-growing region for the Sodium Chlorate market, owing to increasing industrialization and rising demand for chemical products in this region. Latin America is also expected to witness growth over the next five years, as companies move their operations toward this region in search of lower costs.
The global Sodium Chlorate Market is segmented based on Forms, Applications, and Region. Based on the Form, the global Sodium Chlorate market is segmented into Crystalline and Solution segments. Furthermore, based on the Applications, the market is segmented into Pulp & Bleaching Industry, Chlorates of Other Metals, Leather Tanning, Dyes, and Other Applications. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Based on Forms
The Crystalline segment is expected to grow at a higher rate than the solution segment during the forecast period. Sodium Chlorate is used in pulp and paper, food & beverage, textile, and chemical industries. The demand for chlorine dioxide is increasing owing to its many applications such as bleaching, deodorizing, disinfectants, and fumigants. The solution segment is projected to grow at a slower rate due to the dominance of industries such as power generation and chemicals.
Based on Applications
The Pulp & Bleaching Industry is projected to grow at a CAGR of 7.5% from 2022 to 2030. The Pulp & Paper application area will continue to grow steadily over the next few years. By 2029's end, that same subset is expected to have amassed an 80.4% stake. Bleached cartons and paper packaging are experiencing rapid expansion and rising demand. Sodium Chlorate is used extensively in numerous industries, and its importance cannot be overstated. This is especially true in emerging markets such as Asia and the Pacific. The increasing demand for white and colored paper drives this growth. The chlorates of other metals market segment are expected to grow at a higher rate, owing to the increasing use of these chemicals in various industrial applications. The market is projected to be worth US$ 2,000 million by 2028. The leather tanning industry is also forecast to grow at a CAGR of 6.9% during the same period. This growth is mainly due to increased demand for high-quality leather products. Dyes and other chemicals are also projected to grow at a CAGR of 7.1% during the same period. This growth is mainly due to the increasing demand for clothing and textile products. Due to rising consumer demand for color-safe products, dyes and pigments are also expected to see strong growth during the forecast period. The market is projected to be worth US$ 1,500 million by 2028.
Based on Region
The growth of the Sodium Chlorate market segment based on region is expected to be highest in North America during 2022-2030. This region is expected to account for the largest share of the global Sodium Chlorate market during this period. The growth of the Sodium Chlorate market in Europe is also anticipated to be high during the forecast period. This region is likely to witness a significant increase in demand for Sodium Chlorate owing to the increasing adoption of water treatment technologies across the region. The Asia Pacific region is also projected to be one of the fastest-growing markets for Sodium Chlorate over the next five years. This is due to increasing demand from various industrial sectors, such as chemical and pharmaceuticals, food and beverage, and environmental protection. In Latin America, the Sodium Chlorate market is projected to grow at a slower pace than in other regions over the next five years. This is due to the lower penetration of water treatment technologies in this region and limited awareness about Sodium Chlorate among consumers. Middle East & Africa is expected to grow at a slower pace than the others owing to insufficient awareness about Sodium Chlorate among industrial players in this region.
The key players in the Global Sodium Chlorate market include- GFS Chemicals (US), ALDON Corporation (US), Spectrum Chemicals (India), Mil-Spec Industries (US), H. K. Group (India), A. B. Enterprises (India), Shree Chlorates (India), Petrochem (India) and others.
- NXP Semiconductors NV is focused on developing new applications for its products, such as Sodium Chlorate sensors for industrial monitoring, which will help it increase its share in the market.
- With the development of technology to create chlorine dioxide, ERCO has become the leading manufacturer and supplier of inorganic chemicals. Sodium Chlorate is currently a core product for ERCO, with uses in food processing, papermaking, desalination, and specialty chemicals.
Segmentation of the Global Sodium Chlorate Market
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
What is the global demand for Sodium Chlorate in terms of revenue?
The global Sodium Chlorate valued at in 2020 and is expected to reach in 2028 growing at a CAGR of 5.2%.
Which are the prominent players in the market?
The prominent players in the market are GFS Chemicals (US), ALDON Corporation (US), Spectrum Chemicals (India), Mil-Spec Industries (US), H. K. Group (India), A. B. Enterprises (India), Shree Chlorates (India), Petrochem (India).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 5.2% between 2021 and 2028.
What are the driving factors fueling the growth of the market.
The driving factors of the Sodium Chlorate include
- Surging demand for pulp and paper in paperboards, hygiene products, and chemical manufacturing.
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Sodium Chlorate in 2020.