June 10, 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 expected to record momentous growth during 2020-2026.
Notably, caustic soda is white colored waxy solid co-product that is acquired during chlorine production process. Sodium hydroxide, as compound is chemically known, readily absorbs water and forms aqueous solution.
Rising adoption of caustic soda for various purposes such as in chemistry experiments, food processing, homemade biodiesel, glass frosting, soap making and candle making is the major factor driving the market growth. Utilization of caustic soda for manufacturing detergents, commercial drain, oven cleaners, paper and aluminum is further aiding the market expansion. Sodium hydroxide is further used for producing numerous medicinal and pharmaceutical products as well as cholesterol-reducing medications, pain relievers and anticoagulants.
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In terms of production technology, membrane cell segment accounted for 70% market share in the year 2019 and is predicted to expand consistently in the forthcoming years. Growing inclination for membrane grade caustic soda is encouraging the deployment of membrane cell technology over others.
Based on the application spectrum, aluminum segment is anticipated to showcase y-o-y growth rate of 6.1% during 2020-2026. Growing demand for aluminum products is creating lucrative growth avenues for caustic soda market.
Regionally, Latin America held 5% share in global caustic soda market in the recent past and is expected to witness substantial growth in the forthcoming years. On the other hand, Middle East & Africa caustic soda industry is projected to grow with a CAGR of 3.2% between 2020 and 2026. Flourishing pulp & paper industry is favoring the market outlook in MEA.
Arabian Alkali Co., Olin Corp., Union Chlorine LLC, Asahi Glass Co., Occidental Chemical Corp. (OxyChem), Solvay Chemicals, SABIC, Aras Petrochemical Co., Hanwha Chemical Corp., FMC Corp., Grasim (Aditya Birla), Formosa Plastics Corp., Dow, Covestro AG, Arkema S.A. and Akzo Nobel N.V. are the prominent companies operating in global caustic soda market.