CHICAGO, July 9, 2024 /PRNewswire/ -- The report "Sodium Hydroxide Market by Grade (Solid, 50% Aqueous Solution), Production Process, Application (Biodiesel, Alumina, Inorganic Chemicals, Organic Chemicals, Food, Pulp & Paper, Soap & Detergent, Textiles, Water Treatment), Region - Global Forecast to 2029", Sodium Hydroxide Market size is projected to grow from USD 44.9 billion in 2024 and is projected to reach USD 55.6 billion by 2029, at a CAGR of 4.4%.
The sodium hydroxide market is poised for substantial expansion due to the rising utilization and demand for alumina. Alumina is a key element derived from sodium hydroxide, finds widespread application in the construction sector, primarily due to its remarkable characteristics, including its exceptional durability, lightweight nature, and cost-efficient attributes. As the construction industry continues to seek materials that offer superior performance while maintaining economic viability, the demand for alumina is projected to increase, consequently driving growth in the sodium hydroxide market.
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"Organic chemicals segment is estimated to be the largest application segment of sodium hydroxide."
Organic chemicals constitute a significant portion of the chemical industry, encompassing a wide range of compounds essential for various applications. This category includes formaldehyde, citric acid, acetic acid, methanol, ethyl alcohol, aldehydes, esters, aliphatic ketones, aromatic compounds, polymers, amides, and other foundational organic chemicals. These chemicals serve as crucial building blocks to produce drugs, pesticides, plastics, cosmetics, agrochemicals, and more.
Among the numerous organic chemicals manufactured with the aid of sodium hydroxide, some key examples include propylene oxide, polycarbonates, ethylene amines, and epichlorohydrin. Caustic soda plays a prominent role in these processes, often used for neutralization and gas scrubbing. Overall, the organic chemical segment of the industry is diverse and vital, providing the foundational materials for a vast array of products essential to modern life.
"By Grade, 50% Aqueous Solution grade of the sodium hydroxide market is expected to account for the largest share during the forecast period."
Aqueous solutions containing 50% w/w of sodium hydroxide find extensive application across various industries, serving as a versatile neutralization agent and chemical reactant. Utilization of sodium hydroxide spans across sectors including chemical, soaps and detergents, textile, pulp & paper, metal, and food industries, as well as in the production of pharmaceutical.
In the textile industry, caustic soda helps in the processing of rayon. Moreover, it plays a crucial role in food manufacturing processes, ensuring pH adjustment, and facilitating the production of various food products. One notable application lies in the manufacturing of biodiesel, where sodium hydroxide contributes to the formation of in situ sodium methylate. This process enhances the efficiency of biofuel production, demonstrating sodium hydroxide's importance in renewable energy initiatives. The wide-ranging uses of sodium hydroxide underscore its significance as a foundational component in numerous industrial processes, contributing to the production of essential goods across various sectors.
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In 2023, the Asia Pacific region dominated the Sodium Hydroxide market, holding the largest market share, followed by Europe and North America. Notably, China emerged as the leading market within the Asia Pacific region followed by India. This trend expected to persist over the forthcoming five years. This prominence can be attributed to heightened demand within the alumina application industry, primarily fueled by a surge in construction activities across emerging markets. Consequently, the demand for sodium hydroxide experienced a notable upswing in 2023.
The key players profiled in the report include are Tata Chemicals Ltd. (India), Olin Corporation (US), Westlake Corporation (US), Occidental Petroleum Corporation (US), Dow (US), Formosa Plastics Corporation (Taiwan), BASF SE (Germany), Xinjiang Zhongtai Chemical Co., Ltd (China), Nouryon (Netherlands), Grasim Industries Limited (India) and others among are the major players in the sodium hydroxide market.
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