September 20, 2019
Worldwide sodium sulfide market is expected to exceed US $650 million by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Sodium sulfide is used for dehairing animal hides and hence finds application in leather industry. Increasing customer purchasing power, coupled with the growth in the number of working women has propelled the demand for leather jackets, suitcases, briefcases and footwear. Surge in demand for leather products is the main factor stimulating sodium sulfide market growth.
Based on product type, low ferric sodium sulfide market was worth US $180 million in 2017, due to its extensive usage in leather, PPS plastic, ore dressing, medicine, high-grade paper and printing & dyeing industries. The product has various advantages like solubility in both alcohol & water, high reactivity and high reducibility.
Considering the product grade, technical grade sodium sulfide market is projected to exceed US $460 million by the year 2024, owing to its growing use in laboratory, industrial and manufacturing applications. It is widely used as a reducing agent in heavy metal removal in wastewater treatment, sulfur removal in viscose rayon, black dye manufacture, heavy water production in power plants, and pharmaceutical industry.
As per the application spectrum, sodium sulfide market from pulp & paper application segment is predicted to witness 6.5% gains over the forecast period, due to growing demand for packaging materials and tissue papers across Greece, Bulgaria, Brazil and China. The product plays an important role in processing fibers of bamboo, wood, and bagasse to pulp, its bleaching and offers high strength to paper items.
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Speaking of the regional outlook, North America sodium sulfide market is led by the U.S. & Canada and is predicted to grow over 3% over the analysis timeline, due to increasing demand for copper ore from mining and construction industries. Advancements in transportation industry has led to development of high-speed trains, which need more copper in comparison to conventional electric trains, thereby triggering the product demand in the region.
The prominent companies operating in sodium sulfide market include Shaanxi Fuhua Chemical Co., Sankyo Kasei, Nafine Group and Solvay among others.