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Sodium Sulfide Market Demand, Value Share and Key Trend, Comprehensive Analysis and Future Investments by Forecast to 2023


iCrowdNewswire   Jan 5, 2021  9:30 AM ET

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Market Overview:

Sodium Sulfide are the source of sodium that are moderately soluble in acid and water. These sulfides are the esters of the sulfuric acid that are formed by replacement of hydrogen atoms by metal (sodium). The global sodium sulfide market is expected to grow at healthy CAGR during the forecast period. One of the major factors that drives the sodium sulfide market are increasing demand of water treatment chemicals in power and industrial applications. Additionally, various environmental norms and regulations regarding produced water and wastewater disposal are also boosting the growth of the market.

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Growing population and rapid urbanization in the Asia Pacific region have led to increased generation of wastewater and increased need of sodium sulfide for water treatment. Another factor that drives the sodium sulfide market is rising use of sodium sulfide in pulp and paper industry during Kraft process for cooking of pulp. Moreover, use of sodium sulfide for removal of hair from hides during leather processing is expected to offer growing opportunity for it in tanning industry.

Industry Segmentation:

By grade, the global sodium sulfide market is segmented in to purified and technical grade. Among these, technical grade accounted for largest share in the global market. Technical grade sodium sulfide act as oxygen scavenging agent in water treatment, dechlorinating agent in leather and sulfonation agent in chemical industry which is expected to dominate segmental market during review period.

On the basis of application, the global sodium sulfide market has been categorized into pulp & paper, chemical processing, water treatment, textile, tanning, ore processing, others. The water treatment segment held the major market share in 2017, which mainly attributed to the surging water treatment chemical demand for wastewater treatment in chemical, power, pulp & paper, municipal, oil & gas, food & beverages, agriculture and mining industries in Asia Pacific region.

 

Based on region, the global sodium sulfide market has been segmented into Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia-Pacific accounted for the largest market share in 2017 and is projected to grow at the highest CAGR during the review period. In Asia-Pacific, China, Japan, South Korea, and India are the major contributors to the growth of this regional market. China is the largest consumer and producer, not only in this region but also across the world. This is mainly attributed to the vast growth of application industries such as pulp & paper, chemical processing, water treatment, textile, tanning, ore processing in this country. By 2020, China alone is anticipated to account for approximately half of the global sale. China is followed by India. India is set to grow at the highest CAGR during the review period on account of the increasing sodium sulfide processing capacity, technological advancements and  rapid industrialization in the region. Additionally, lower labor costs , favorable government policies for industrialization, rapid growth of the water treatment chemical industry, and widening scope of applications for the sodium sulfide are the primary factors driving growth of this countries market during the forecast period.

The increasing demand for the sodium sulfide in the ore processing and chemical processing is likely to propel the market growth in Europe and North America region. UK, Russia, Germany and US are the major markets in these regions. This is mainly due to their vast potential for investment in new technologies for the ore and chemical processing in these countries.

The market in the Middle East & African region is expected to grow at positive CAGR in the coming years. Saudi Arabia, Turkey, South Africa, and UAE are expected to be the major countries contributing to market growth in the region.

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Key Players

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Keywords:    Sodium Sulfide Market, Sodium Sulfide Market Report, Sodium Sulfide Market Share, Sodium Sulfide Market Analysis, Sodium Sulfide Market Demand, Sodium Sulfide Market Growth, Sodium Sulfide Market Forecast

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