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Sodium Hydroxide Market Growth, Trends & Competitive Analysis 2024-2033
Sodium Hydroxide Market Growth
According to The Business Research Company's, The sodium hydroxide market size has grown strongly in recent years. It will grow from $38.67 billion in 2023 to $40.66 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to pulp and paper industry growth, chemical manufacturing demand, soap and detergent production, water treatment applications, petroleum industry applications, metal processing..
The sodium hydroxide market size is expected to see strong growth in the next few years. It will grow to $49.78 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to expansion of renewable energy, increased focus on sustainable practices, pharmaceutical manufacturing, biodiesel production, expansion of electronics industry.. Major trends in the forecast period include membrane cell technology, biotechnology applications, advanced materials manufacturing, sustainable production practices, global economic trends impact..
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Market Drivers and Trends:
The growing pulp and paper industry is expected to propel the growth of the sodium hydroxide market going forward. The pulp and paper industry includes businesses that manufacture pulp, paper, paperboard, and other such products. Sodium hydroxide in soda pulping or caustic soda in the kraft process is used to break the lignin bonds of wood being processed into pulp for papermaking. Sodium hydroxide is used as the cooking chemical in the soda pulping process to create wood pulp. The increasing demand from the pulp and paper industry will drive the sodium hydroxide market. For instance, in 2023, according to the Pulp and Paper Analysis, a report released by the International Energy Agency, a Paris-based autonomous intergovernmental organization, global paper production achieved a historic high, reaching 417 million metric tons in 2021, marking a 4% rise compared to the previous year. Also, the global paper and paperboard demand is expected to grow by 1% annually by 2030. Therefore, the growing pulp and paper industry is driving the growth of the sodium hydroxide market.
Product innovation is a key trend gaining popularity in the sodium hydroxide market. Major companies operating in the sodium hydroxide market are focused on launching innovative products to strengthen their position in the market. For instance, in March 2021, Vynova, a UK-based chemicals company that specializes in manufacturing a wide range of industrial products and consumer goods including PVC and Chlor-Alkali, launched the world's first renewable caustic soda with ISCC PLUS certification. Vynova employs electricity produced from renewable energy sources including wind, solar, aerothermal, geothermal, or water (including hydrothermal sources, waves, and tides) in its membrane electrolysis process to produce its renewable caustic soda. Its renewable caustic soda will assist clients in a range of industries in producing more environmentally friendly goods because it has a substantially smaller carbon footprint than caustic soda that is manufactured conventionally.
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Major Key Players of the Market:
Aditya Birla Chemicals Ltd.; BASF SE; Bayer AG; BSC Chemicals; Covestro AG; DowDuPont Inc.; Formosa Plastics Corp.; GACL Ltd.; Gujarat Alkalies and Chemicals Limited; INEOS Newton Aycliffe Ltd.; Occidental Petroleum Corporation; Olin Corporation; Sanmar Holdings Limited; Shin-Etsu Chemical Co.; Sigma Aldrich Corp.; Solvay SA; Tata Chemicals Ltd.; Tokuyama Corporation; Westlake Chemical Corporation; Xinjiang Zhongtai Chemical Co. Ltd.; Brenntag North America Inc.; Grasim Industries Limited; INOVYN ChlorVinyls Limited; Chemplast Sanmar Limited; Wanhua Chemical Group Co. Ltd.; Nexa Old Bridge Chemicals Inc.; Silox India Pvt. Ltd.; American Chemet Corporation; EverZinc Belgium SA; Flaurea Chemicals SA; Hakusui Tech. Co. Ltd.; Intermediate Chemicals Company L. Brüggemann GmbH & Co. KG; TIB Chemicals AG; Hindustan Zinc Limited
Sodium Hydroxide Market 2024 Key Insights:
• The sodium hydroxide market will grow to $49.78 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Growing Pulp And Paper Industry Drives Sodium Hydroxide Market
• Innovative Solutions Drive Growth In Sodium Hydroxide Market
• Asia-Pacific was the largest region in the sodium hydroxide market in 2023
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