September 03, 2020
According to the research report titled ‘Caustic Soda Market Size By Production Technology, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026‘, available with Market Study Report LLC, global caustic soda market is anticipated to witness notable growth during 2020-2026.
Rising demand for caustic soda from various high revenue industries like pulp & paper and inorganic chemicals is expected to drive the growth of global caustic soda market over the coming years.
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Caustic soda has vast applications such as in soap making, food preparation, candle making, frosting glass, homemade biodiesel, and for different chemistry experiments. Also, it is used to manufacture various everyday products like paper, aluminum, commercial drain, oven cleaners, and detergents. Usage of sodium hydroxide in pharmaceuticals for producing aspirin, anticoagulants, and cholesterol-reducing drugs is boosting the market size.
With respect to production technology, global caustic soda market is divided into membrane cell, mercury cell, and diaphragm cell. Among these, membrane cell technology segment contributed 70% to the market share in 2019 as the technology is widely substituting other technologies.
With regards to application terrain, the market landscape is divided into pulp & paper, alumina, food processing, inorganic chemicals, water treatment, organic chemicals, textile, soaps & detergents, and others. The alumina segment is projected to witness 6.1% CAGR during 2020-2026, owing to growing demand of aluminum products across the globe.
Based on regional overview, LATAM held 5% share of worldwide caustic soda market in the recent past and is likely to witness proliferating growth over the coming years. Parallelly, Middle East & Africa caustic soda market is anticipated to witness a growth rate of 3.2% through 2026, owing to flourishing paper & pulp industry in the region.
Key players operating in global caustic soda market are FMC Corporation, Arabian Alkali Company, Hanwha Chemical Corporation, Arkema S.A., Solvay Chemicals, Olin Corporation, Covestro AG, Dow, Union Chlorine LLC, SABIC, Arak Petrochemical Company, Asahi Glass Company, Occidental Chemical Corporation (OxyChem), Akzo Nobel N.V., and Formosa Plastics Corp.