Vantage Market Research
Dec 16, 2021
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Market Snapshot |
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Market Value in 2020 |
45.91 billion |
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Market Value in 2028 |
59.36 billion |
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CAGR |
3.26% |
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Dominating Region |
Asia Pacific |
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Fastest Growing Market |
Asia Pacific |
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Forecast Period |
2021-2028 |
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Base year |
2020 |
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Market Drivers |
Increasing demand from the pulp and paper industry Increasing demand from the chemical industry Rapid industrialization in the Asia Pacific Increasing demand for alumina producers |
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Restraint |
Strict Government Regulations |
Our all-inclusive resort on the Global Caustic Soda Market provides insights on application, production process, and coverers the study of the latest development and investment in the market. Furthermore, our report includes market drivers, restraints, and opportunities along with COVID-19 impact analysis, historical & descriptive analysis, and forecasts & predictive analysis. Additionally, the report covers the value chain analysis, regulatory analysis, market attractiveness analysis, and Porter’s five forces analysis, for the market.
Increasing Demand from Number of Sectors
In the past few years, the immense increase in demand for caustic soda has been observed owing to its wide applications in various productions. Caustic soda is used in several sectors such as chemical, petroleum products, bleach manufacturing, and paper & pulp industries. Moreover, it is also used in textile, soap & detergent manufacturing, as well as pharmaceuticals industries.
Approximately, 55 million tons of caustic soda are manufactured every year for industrial purposes. Thus, the surge in demand for caustic soda is further propelling the Caustic Soda Market growth over the forecast period.
In emerging economies such as India, China, Thailand, Indonesia, and Brazil among others, the rapid industrialization and urbanization along with an increasing necessity for caustic soda in various manufacturing and downstream processes are propelling the Caustic Soda Market growth. Furthermore, the demand for the end-user segment, increasing demand for alumina extraction concerning to growing automotive industry and increased production potential are reinforcing the market growth. However, stringent government regulations and energy-intensive manufacturing processes may act as restrain for the market growth. Also, the rising environmental concerns regarding the usage of caustic soda can hamper the market growth and play a role of restrain for the Caustic Soda Market.
Some of the key players in the Caustic Soda market include Arkema, Occidental Petroleum Corporation, Grasim Industries Limited, Covestro AG, Westlake Chemical Corporation, Dow, Formosa Plastics Corporation, Shin-Etsu Chemical Co. Ltd, INOVYN, Kemira Oyj, Olin Corporation, SABIC, Hanwha Solutions/Chemical Corporation, The Sanmar Group, among others.
Asia Pacific is anticipated to hold a substantial share of the Caustic Soda Market and grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period which drives from 2021-2028. China dominates the region and is projected to hold 40% of the share of the Caustic Soda Market.