Sodium Sulfide Market To Reach Around US$ 672 Million By 2027 | CAGR: 3.4%

The global sodium sulfide market is estimated to account for slightly less than US$ 499.5 million in terms of value in the year 2018 and it predicted to grow at a CAGR of 3.4% during the forecast period (2019-2027)

Drivers

The growing pulp and paper sector, particularly in Asia Pacific, is likely to boost sodium sulphide market growth. According to a report provided by the Indian Paper Manufacturers Association (IPMA) summarising the paper industry overview for 2017-2018, India's per capita paper consumption is roughly 13 kilogrammes, compared to 57 kilogrammes globally. By 2024-25, this is expected to rise to at least 17 kg. With an estimated production of around 15 million tpa, India accounts for about 3.7 percent of global paper production.

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Market Trends

Expanding oil &gas industry where sodium sulfide is used to recover the oil is expected to foster market growth. According to the U.S. Energy Information Administration, U.S. oil production reached 9.97 million barrels per day (b/d) in December 2017 and 12.04 million b/d in December 2018. Therefore, the rising production of oil, especially in the U.S. region, is expected to augment the market growth of sodium sulfide over the forecast timeframe.

Market Opportunities

Rising usage of sodium sulfide as food additives during the preparation of food is expected to offer lucrative growth opportunity to the market over the forecast period. Sodium sulfide is used to enhance the coloration, taste, flavor, and quality of the food to increase the shelf-life is expected to augment the market growth. Also, sodium sulfide is useful in fortifying the nutritional value of the food product.

Growing usage of sodium sulphide as a substitute, owing to its high reactivity, is likely to limit market growth over the projection period. During the synthesis of sodium sulphide, hazardous gases such as hydrogen sulphide are released. Hence, excessive or inappropriate use of this chemical may harm ecological and health-related hazards. End-users, particularly in the leather processing business, are turning to safer options such as enzymes to cope with this. This aspect is predicted to stifle market expansion.

Key players operating in global sodium sulfide market are Solvay s.a., Longfu Group, Nafine Chemical Industry Group Co., Ltd, Inner Mongolia Lichuan Chemical Co., Ltd, Xintai Wanhe Chemical Co.Ltd, China Nafine group international co ltd., Tessenderlo Group, Sichuan Shenhong Chemical Industry Co., Ltd., Shenzhou Jiaxin Chemical Co., Ltd, and Changsha Vahenry Chemical Co., Ltd.

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Market Taxonomy

By Product Type

Regular Grade
High Purity Grade
By Application

Leather Processing
Pulp & Paper
Chemical Processing
Water Treatment
Ore Processing
Others (Food Preservative, etc.)

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This release was published on openPR.