The global soda ash market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Soda ash or sodium carbonate is an inorganic compound produced using Solvay’s production process by combining brine and limestone. It is a major raw material used in the manufacture of glass, chemicals, soap and detergents, and various industrial products. It is largely used in glass manufacturing and is used to make a number of forms of glass such as a container, fiber insulation and others. Some of the other important uses include in flue gas desulfurization, pulp and paper, water treatment and others.
Soda ash is an anhydrous white powder or granular material that is available as light, medium, and dense grades. These grades offer similar chemical properties but differ in physical characteristics such as bulk density and particle size and shape.
Rising demand of glass from various industries such as construction and other industries is likely to drive the soda ash market. As soda ash is a major raw material for glass, demand for glass is expected to fuel the growth of this market. Demand from construction and other industries are actually increasing because of growing population and extra income in developing countries. Additionally, demand for chemicals like sodium silicate, sodium bicarbonate, etc. and soap and detergents are likely to increase at a greater rate because of an upsurge in demand due to growing end-use markets. This demand is growing at a higher rate, which in turn will boost consumption of soda ash.
Drivers and Restraints of Soda Ash Market
Growing investments in downstream industries in regions like the Asia and Americas are likely to offer tremendous possibilities for soda ash market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Soda ash has a probability of volatility in supply and price due to its high energy production costs. The production costs and feedstock prices are influenced by energy prices. The global economic slowdown has been a challenge for the downstream growth of soda ash. Especially, slow growth of Chinese economy will hinder the growth of global soda ash market.
Soda Ash Market by Region
Asia was the largest consumer of soda ash and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China. China, South Korea and Japan were the largest consumers of soda ash in this region. Growing demand for glass, chemicals, paper and others will drive soda ash market in Asia. Consumption of soda ash in North America was second highest and is likely to grow at a reasonable rate next to Asia. Europe is likely to grow at a significant rate due to demand from construction and paper industry. Demand from the Middle East and South America was low relatively and is likely to stay same in the next few years.
Top players in this market include General Chemical Industrial Products Inc Solvay Chemicals, OCI Chemical, Tata Chemicals Limited, Nirma Limited, GHCL Limited, FMC Corporation, Ciech SA, Soda Sanayii A, DCW Limited, and Oriental Chemical Industries.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth