Press release
Sodium Sulfide Market 2020-2024| Solvay, Kunjan Chemicals, Nafine Group, Shenhong Chemical Industry Co., Ltd., Athiappa Chemicals, Sankyo Kasei and Tessenderlo Group
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Top Companies
1. Solvay
2. Kunjan Chemicals
3. Nafine Group
4. Shenhong Chemical Industry Co.
5. Ltd.
6. Athiappa Chemicals
7. Sankyo Kasei and Tessenderlo Group.
Regional Growth drivers are
1. Asia Pacific: Booming leather industry
2. Middle East: Rising usage of wastewater
Technical grade sodium finds extensive usage as a reducing agent in heavy metal removal for wastewater treatment, sulfur removal in viscose rayon, black dye manufacturing pharmaceutical industry, and heavy water production in power plants. Technical grade sodium sulfide market share is expected to gather revenue of more than USD 460 million by 2024. Such notable growth can be attributed to rising product usage in laboratory, industrial and manufacturing applications.
Growing demand for leather products sourced from animal hide is likely to drive sodium sulfide industry trends. Sodium sulfide products are commonly used in the leather industry for applications like dehairing animal hides. Popularity of leather products continue to grow as they offer luxurious feel and excellent durability. Consumers are increasingly drawn towards leather-made products such as jackets, briefcases, suitcases, footwear, jewelry, furniture, etc.
Rise in per capita income and higher consumer purchasing power has resulted in substantial consumption of these products. Furthermore, expanding leather export businesses will fuel the demand for sodium sulfide in the coming years.
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In 2017, low ferric sodium sulfide market accounted for USD 180 million on account of its widespread usage in high-grade paper, PPS plastic, leather, printing & dyeing, medicine and ore dressing. The product is experiencing high demand as it has various advantageous traits including good solubility in both water & alcohol, high reactivity and high reducibility.
Led by Canada and the U.S., North America sodium sulfide market demand is forecast to grow notably on account of escalating demand for copper ore from mining and construction industries. Gradual advancement in the transportation sector has led to the development of high-speed trains which require more copper when compared to the conventional electric trains. This will lead to increased consumption of sodium sulfide in the coming years.
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Sodium sulfide market share is consolidated with the presence of various industry participants such as Solvay, Sankyo Kasei, Shaanxi Fuhua Chemical Co. and Nafine Group. Most of these manufacturers are focusing upon the adoption of technological developments to improve quality of the product and to achieve backward integration and ensure consistent supply of raw material.
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