By 2030, the caustic soda market is expected to be worth USD 69.27 billion, growing at a CAGR of 6.12%. (2021 – 2030).
In 2021, the market was worth USD 44.51 billion. The major purpose of caustic soda in industrial operations is as a construction material. It is very corrosive in both liquid and solid forms since it includes the NaOH formula. It can also cause skin rashes when it comes into touch with skin.
As caustic soda is frequently used in several sectors, including those that process metal, refine bauxite, make soaps and detergents, paper and pulp, finish textiles, treat water, and more. The demand for caustic soda has significantly expanded during the last few years. The market for caustic soda is expanding as a result of the rising demand for paper. The expansion of this industry has been further accelerated by the increase in demand for tissues, graphic paper, and other products.
The alumina business, like water treatment, pulp and paper production, and chemical manufacture, is intimately tied to caustic soda. The market for caustic soda has been impacted by the significant growth in alumina production during the past several years. The market is ready to develop fresh concepts and lightweight items over the projection period, which are most likely to fuel the expansion.
The increasing rise of the chemical sector is another crucial driver boosting this market’s growth. It serves as a reactant in the production of solvents, medicines, inks, dyes, textiles, herbicides, synthetic fibres, adhesives, and coatings. So, throughout the time of forecasting, the market for caustic soda is anticipated to increase significantly.
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The markets for caustic soda in the Americas, Asia-Pacific, Europe, and the Middle East & Africa are separated based on geography. Asia Pacific has the largest market share of all of them, at about 52.3%. Throughout the projection period, the area is anticipated to grow at a rate greater than 5.5% CAGR. Due to the growing demand in the paper sector, North America now has the second-largest market share after Asia-Pacific. By the end of 2028, considerable growth is anticipated in the Middle East, Africa, and Europe.
Market Segment Analysis:
The market is divided into membrane cells, diaphragm cells, and other types based on kind. During the forecast period, the process used to produce diaphragm cells is expected to increase quickly. The diaphragm cell aids in separating the hydrogen and chlorine gas spaces while facilitating the passage of brine from the anode to the cathode.
Alumina, food, textiles, pulp & paper, water treatment, inorganic chemicals, organic chemicals, soaps and detergents, and other applications make up the market’s application-based segments. In 2021, the organic chemicals sector had the biggest proportion. Organic compounds including pigments, dyes, and agrochemicals heavily utilise caustic soda. Additionally, the textile industry is anticipated to expand at a considerable CAGR due to the growing usage of caustic soda to remove waxes and oils from fibre and prepare it for bleaching, dyeing, and other processes.
Gujarat Alkalies and Chemical Limited, Hanwha Chemical, AkzoNobel NV, Covestro AG, PPG Industries, FMC Corporation, Brenntag North America Inc., Olin Corporation, Tata Chemicals Limited, Formosa Plastics Corporation, Westlake Chemical Corporation, Occidental Petroleum Corporation, Xinjiang Zhongtai Chemical Co. Ltd.