Sodium Metal Market to reach around US$ 350.3 million by the end of 2024 | Wanji Holdings, MSSA S.A.S.

Sodium Metal Market

The global sodium metal market is projected to reach around US$ 350.3 million by the end of 2024, in terms of revenue, growing at CAGR of 3.3% during the forecast period (2016-2024).

Global consumption of sodium metal will grow at a sluggish CAGR of 3.3% through 2024, according to Persistence Market Research's report entitled, "Sodium Metal Market: Global Industry Analysis and Forecast, 2016 - 2024." In 2016, over 98,400 MT sodium metal was consumed globally, and it is estimated to surpass 127,400 MT by 2024.

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The report on Sodium Metal Market provided based on the recent developments and data that has been collated from the previous year's looks to provide a thorough understanding. The market overview provided in the initial section looks to provide the reader with adequate information regarding the product and services. It focuses on the market definition along with the product applications and end-user industries. The report covers a period spanning from 2022 to 2030. Competitive analysis and prominent industry trends have been included in the in-depth study provided in the main section of the report.

The sluggish demand for sodium metal is attributed to hazardous effects of highly reactive sodium element. Challenges with handling and storage of sodium metal will continue to negatively impact the growth of the market. Further, limited availability of sodium metal on account of fewer players has resulted into introduction and use of alternatives, such as magnesium for use in industrial applications.

Key Companies- 

• Inner Mongolia Lan Tai Industrial Co., Ltd
• Wanji Holdings Group Limited Ltd
• MSSA S.A.S.
• Shangdong Moris Tech Co., Ltd
• American Elements and more

Key players in this market are concentrating on expansion of their production capacities and making long-term contacts with end-use industries, especially in near proximity, to incur growth opportunities. Manufacturers are also focusing on introduction to new grades of application-specific sodium metal. Inner Mongolia Lantai Industrial Co. Ltd. held the highest volume market share in 2015. Other leading players in the global sodium metal market include Wanji Holdings Group Limited, Shandong Moris Tech Co. Ltd., and MSSA S.A.S.

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Key Market Drivers and Trends 

• The demand for denim clothing has witnessed a robust growth in the recent past resulting in higher demand for sodium metal for textiles and apparels
• Sodium metal forms a key constituent in the manufacturing of indigo dyes
• Steady growth in global biodiesel production is one of the primary driving factors as sodium methylate is widely used as a catalyst for large-scale biodiesel production
• Application of sodium metal as a reductant in metals manufacturing and refining
• Global sodium market is characterized by competitive oligopoly, wherein few manufacturers hold major shares in the overall market supply

APAC is projected to be the most lucrative region for the global sodium metal market followed by North America and Europe. Asia Pacific forms a hub for textile industries owing to the ever-growing population and demand for a wide range of textiles, resulting in steady demand for sodium metal. Over 53,690 MT of sodium metal was consumed in APAC in 2016. The North America sodium metal market was around US$ 60 Mn in 2016, and it is expected to reach around US$ 80 Mn by 2024. Consumption of sodium metal in Europe, pegged at over 19,700 MT in 2016, is expected to surpass 24,200 MT by 2024.

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Major Highlights of Sodium Metal Market Report:

• Sodium Metal Market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
• The report dives deeper into the market and explains the dynamic factors bolstering market growth.
• The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.
• The report analyzes Sodium Metal Market presence across major regions of the world.
• It determines the production & consumption capacities and demand & supply dynamics of each regional market.
• The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.
• It provides company overview and SWOT analysis of each of the market players.

Request you to Read More-

https://www.openpr.com/news/2851226/sodium-metal-market-will-grow-at-a-sluggish-cagr-of-5-1-through

https://www.einnews.com/pr_news/591032942/sodium-metal-market-will-grow-at-a-sluggish-cagr-of-3-3-through-2024

https://www.whatech.com/og/markets-research/materials-chemicals/738738-sodium-metal-market-share-supply-analysis-and-forecast-to-2024

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