In terms of revenue, the Global Sodium Chlorate Market is expected to reach USD 3.9 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 5.00% from 2022 to 2028.
The main drivers of the Sodium Chlorate market are the rising demand for wood pulp for craft paper and Sodium Chlorate in the production of dyes as well as in the leather and tanning industries. Additionally, there has been an increase in consumer demand for high-quality packaging paper, tissue paper, and craft paper. The market for Sodium Chlorate is also anticipated to benefit from these. The market is expected to rise for several reasons, including the increased usage of Sodium Chlorate in explosives and mining operations and the globally growing agriculture sector. In addition, sodium chromate's ease of storage and affordability are drawing many suppliers and customers from all over the world to use the targeted product in various fields and sectors. The global sodium chromate market will be influenced by demand and expansion in the use of colors, leather tanning, and other sectors in the years to come.
Key Highlights from the Report
- Among Forms, the Crystalline market segment is anticipated to dominate the Sodium Chlorate market with the largest market share because it is used in many different sectors, including bleach and explosives.
- By Applications, the Pulp and Bleaching market segment accounted for the maximum CAGR during the forecast period. The white paper that is both environmentally friendly and of the highest quality is frequently made using Sodium Chlorate as a bleaching agent.
- In terms of region, Asia Pacific held the most significant market share in 2021 and is expected to be the most gainful market during the forecast period. This results from rising demand from numerous industrial sectors, including food and beverage, medicines, chemical, and environmental protection.
The expansion of the paper and pulp sector is a primary driver of the global Sodium Chlorate market. The production of chlorine dioxide, which is used in the paper and pulp industry, accounts for around 80-90 percent of all Sodium Chlorate consumption, so the expansion of this sector has a considerable impact on the demand for Sodium Chlorate. Widely employed as a defoliant, Sodium Chlorate causes the leaves of plants like cotton, sunflower, corn, rice, and dry beans to fall. In addition, it is used in the electronic sector to create oxidizing candles for aircraft and submarines. Chlorate candles deliver oxygen when it is scarce, making them a necessary part of all aircraft and submarines and expanding the market for Sodium Chlorate.
Over the past few years, customers' demand for high-quality craft paper, tissue paper, and packaging paper has increased. In the future, this is likely to present growth prospects for the global Sodium Chlorate market. The widespread use of Sodium Chlorate is being accelerated by its easy availability, simplicity in storage, and affordability. In addition, an essential factor anticipated to fuel the growth of the Sodium Chlorate market globally during the projected period is the rising demand for use in the production of dyes and the leather and tanning industries.
On the other hand, the availability of alternatives that can be used to bleach paper and pulp, such as hydrogen peroxide and ozone, is anticipated to restrain market expansion. In addition, because the processed paper is more expensive than regular paper and the processing procedure uses enormous amounts of bleach, most consumers prefer a modest level of paper whiteness. As a result, the Sodium Chlorate market's growth is anticipated to be hampered by this. Moreover, because Sodium Chlorate has adverse effects on the environment and human health, it is also subject to strict regulatory controls.
During the projected period, the Asia Pacific is anticipated to have a significant proportion of the global Sodium Chlorate market. The region's mining and paper & pulp industries are predicted to experience rapid growth shortly. Due to growing demand from the paper & pulp industry in China, the country is anticipated to dominate the market in the area.
Additionally, the automotive industry has grown significantly, primarily in industrialized countries, due to the burgeoning need for better engine designs and the introduction of cutting-edge technologies.
The Global Sodium Chlorate Market is Segmented as follows
- Pulp & Bleaching Industry
- Chlorates of Other Metals
- Leather Tanning
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Sodium Chlorate Market is
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)
The Global Sodium Chlorate Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties 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|