The Global Soda Ash and Derivatives Market to Reach USD 29.95 Billion by 2028 - Arizton

According to Arizton's latest research report, the soda ash and derivatives market will grow at a CAGR of 3.06% during 2022-2028.

The report considers the present scenario of the soda ash and derivatives market and its market dynamics for 2023-2028. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes leading companies and several other prominent companies operating in the market.

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In 2022, the global soda ash and derivatives market witnessed a shipment volume of 63 million units, expected to grow at a CAGR of 3.22% by 2028.

Due to their cost advantages, the soda ash and derivatives market is expected to witness a broader utilization of naturally available raw materials, such as trona. Strict regulations in Europe and North America limiting synthetic soda ash production have driven the demand for natural soda ash. Conversely, lenient regulations in other regions, particularly the APAC region, will propel the demand for synthetic soda ash in the upcoming years. The market is anticipated to face tough competition from substitutes such as caustic soda and sodium silicate, which could limit market growth in the coming years. Additionally, the rise in prices of trona, mainly due to its limited availability in markets outside North America, may impact the price of natural soda ash. Synthetic soda ash is an energy-intensive process, and the escalating energy costs have significantly influenced product pricing despite its lower demand.

Environmental regulations pertaining to synthetic soda ash production will affect the performance of many market players. Several synthetic soda ash facilities in Europe have already closed in recent years due to the implementation of stringent legislation, and this trend is expected to continue during the forecast period. This may also result in the imposition of anti-dumping duties in emerging countries. Furthermore, the growth of the soda ash market is mainly driven by the increase in glass and ceramics production. In the past few years, the rise in the sales of automobiles and the surge in construction activities have accelerated the demand for glass. According to the Ministry of Statistics and Program Implementation in India, the construction sector was anticipated to grow in double digits at 10.7% in 2022 due to the high focus of the government on infrastructure projects and residential and commercial construction segments.

The Sale of Soda Ash and Derivatives Gearing Up in APAC, Bolstered by Regulatory Reforms and Glass Innovations

Soda ash serves as a substitute for sodium hydroxide in culinary applications such as cooking. Further, due to its relatively small regional production capacity, the APAC region primarily meets its soda ash demand through imports. Strict regulations imposed by several governments regarding using soda ash for wastewater treatment and other environmental applications, aimed at improving alkalinity in lake water and adjusting water pH levels, further contribute to the market growth. Overall, the diverse applications and the impact of stringent regulations are key growth drivers for the APAC soda ash and derivatives market.

A notable innovation in the glass industry is the introduction of body-tinted float glass, which involves the addition of melted colorants to achieve desired colors and solar radiation absorption properties. This type of glass offers energy-saving benefits by reducing heat penetration into buildings and delivering a visually striking effect. The increasing adoption of glass products in the construction industry, driven by their aesthetic appeal and functional properties, contributes to the growing demand for soda ash. Soda ash plays a crucial role in glass production, making it an essential component for meeting the requirements of the construction sector.

The dense soda ash segment dominates the APAC market with more than 51% of the total demand share. Dense soda ash is used to manufacture glass because it has granular properties, which make the glass dust-free and lower the risk of breakage during transportation and handling. The light soda ash segment is the second-largest and accounts for almost 20% of the total soda ash demand in the region.

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Flat Glass Dominates Market with Growing Solar and Architectural Demand, Soaps and Detergents Segment Gains Momentum

In 2022, the flat glass segment dominated the market due to the considerable rise in the usage of soda-lime-silica glass, flat glass for (automotive and construction) and glass containers (food and drink). Furthermore, the segment is expected to witness exponential growth due to the increase in installations of solar energy systems worldwide and the rise in the adoption of glass architecture in residential and non-residential construction projects. Factors such as the diminution of renewable resources, government regulations promoting sustainable energy sources, increasing environmental concerns, cost reductions in solar installations, technological advances, and the rise in demand for electricity are driving the expansion of solar capacities. Therefore, demand for flat glass for the housing, automotive, and commercial building industries and container glass for consumer products has accelerated the segment's growth.

Moreover, the soap and detergent segment is anticipated to grow significantly due to the demand for cleaning products and the rise in consumer awareness about the importance of maintaining hygiene.

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This release was published on openPR.