Caustic Soda, also known as sodium hydroxide, is an essential ingredient in the manufacture of an array of industrial and consumer applications, including paper, textiles, soaps and detergents, bleach, petroleum products, and aluminum.
Some of the prominent factors that positively influence the growth of Caustic Soda Market are increasing crude oil production, rising demand for soaps & detergents, and increasing urbanization. Increasing urbanization along with the rising per capita disposable income in the developed and emerging economies are predicted to drive the construction industry owing to its major use as thickening agent for concrete is also expected to drive the Caustic Soda Market growth rate over the forecast period. In petroleum industry, it is used to demineralize water and is also utilized in the process of desulphurization. High adoption rate along with the increasing number of petroleum plants to meet the energy requirements for the ever-growing population is set to further propel the growth of the market. Moreover, continuous expansion of textile industry as well as paper manufacturers is estimated to fuel the growth of the market during the review period, 2017 to 2023. More than half of the total Caustic Soda consumption is utilized to manufacture paper and expected to increase over the forecast period. Additionally, Caustic Soda is utilized during water purification to raise the pH of water supplies. Increased pH makes the water less corrosive to plumbing and reduces the amount of lead, copper and other toxic metals that can dissolve in drinking water.
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Key players in the Global Caustic Soda Market are BASF SE (Germany), The Dow Chemical Company (the U.S.), Formosa Plastics Corporation (China), Olin Corporation (the U.S), Tata Chemicals Ltd. (India), Solvay SA (Belgium), Occidental Petroleum Corporation (the U.S.), PPG Industries (the U.S.), Tosoh Corporation (Japan) and Hanwha Chemical Corporation (South Korea) among others.
Asia Pacific is estimated to be the largest Caustic Soda Market followed by North America and Europe due to strong existence of crude oil reserves. In Europe, Germany, Russia, and Spain are predicted to register a strong growth on account of tremendous demand for Caustic Soda in textile manufacturing. In Asia Pacific, countries such as China, India, and South Korea are the fastest growing market for Caustic Soda, and is estimated to grow with the same pace over the forecast period. Improving living standards along with the flourishing growth of sludge oil treatment sector is predicted to contribute to the regional market growth. In North America, U.S and Mexico are among the major contributors in the regional market growth due to expansion of offshore and onshore activities as well as increasing innovations. In Latin America, Mexico is expected to register strong growth due to robust presence of paper manufacturers.
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The Global Caustic Soda Market has been segmented into applications, end use industry, and region. On the basis of application, the market is divided into water demineralization, bleaching, water softening, desulfurization and saponification. Based on end use industry the global caustic soda market is segmented into oil & gas, construction, pulp & paper, soap and detergents, aluminum, textiles. Geographically, the market is divided into five key regions, including Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.