Soda ash market is forecast to reach USD 39.41 Billion by 2028, according to a new report by Reports and Data
NEW YORK, NY, UNITED STATES, November 24, 2021 /EINPresswire.com/ — Soda ash market is forecast to reach USD 39.41 Billion by 2028, according to a new report by Reports and Data. Soda ash can be defined as an inorganic compound, which is an odorless, not toxic, stable, flammable white powder. The inorganic compound can also be considered as a water soluble salt. Previously, it was extracted from the ashes of plants that grow in sodium-rich soils. As the ashes of these sodium-rich plants were different from ashes of wood, sodium carbonate was termed as soda ash. The inorganic compound is usually available in two types based on the density, i.e., light soda ash and dense soda ash. Sodium carbonate has diversified uses that touches the daily lives of individuals. One of the largest application of the inorganic compound is in glass manufacturing, wherein it is used in the production of fiberglass insulation, containers, or flat glass. The flat glass is used in commercial buildings, automotive industries, and housings. Thus the growth of these industries have a positive impact on the growth of the market. It also finds application in softening water and cleaning air. Sodium carbonate is used by chemical producers as an intermediate to manufacture products, which relieve physical discomfort, sweeten soft drinks, and enhanced food and toiletries. Few other common examples of easily identifiable products using sodium carbonate are household detergents and paper products.
In context to region, North America can be seen to occupy a prominent market share. The market share occupied by the region is resultant of the presence of a well-established chemical industry along with elevating demand for glass and ceramics product.
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Key participants include Solvay SA, Tata Chemicals Limited, Nirma Limited, FMC Corporation, Ciech SA, OCI Chemical Corporation, GHCL Limited, Soda Sanayii as, Oriental Chemical Industries and DCW Limited.
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Further key findings from the report suggest
• The Soda Ash market held a market share of USD 22.01 Billion in the year 2018 that is forecasted to grow at a rate of 5.70% during the forecast period.
• In context to Density, the Light Soda Ash segment is projected to witness a significant growth rate of 7.0% during the forecast period, which is expected to occupy 32.0% of the market by 2027. The rising demand for soaps & detergents in developing regions and applicability of the light soda ash in its manufacturing, wherein it is used in enhancing the cleansing properties along with regulating the pH balance, contributes to the growth rate witnessed by this segment.
• In context to the Production Process, the Solvay process segment generated the highest revenue of USD 12.99 Billion in 2018, with a growth rate of 6.0% during the forecast period. The revenue generated by the segment is attributed to the extensive application of this process in the production of soda ash, because of its advantages like it consumes only limestone and brine, having calcium chloride as the only waste product, the process is economical as compared to other processes, which results in increasing preference among the manufacturers.
• In context to End-use, the Glass and ceramics segment held the largest market share of 46.0% in 2018, with a CAGR of 6.0% during the forecast period. The extensive application of sodium carbonate in the manufacturing of glass that is one of its major applications, wherein it is used to minimize the melting point of silica, contributes to the market share occupied by this segment.
• In regards to the region, Europe held 0% of the market in 2018, with a growth rate of 6.2% during the forecast period. Factors like continuous growth in the automotive industry, well-established home care products & personal care industry contributes to the market share occupied by this region.
For the purpose of this report, Reports and Data have segmented the global Soda Ash market according to Density, Production Process, End-use, and Region:
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Density Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
• Dense Soda Ash
• Light Soda Ash
Production Process Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
• Solvay process
• Hou’s process
• Barilla and kelp
End-use Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
• Glass and ceramics
• Paper and pulp
• Soaps & Detergents
• Water Treatment
• Food additive and cooking
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