Caustic Soda Market Predicted to Garner USD 73.4 Billion By 2032, At CAGR 5.2%
According to Market.us, The global Caustic Soda Market growth is driven by the owing to its wide range of applications in various industries, utilization of aluminum, introduction of advanced technologies and highly corrosive nature of caustic soda.
New York, March 29, 2023 (GLOBE NEWSWIRE) — The global caustic soda market size was estimated at USD 44.8 billion in 2022 and is expected to reach around USD 73.4 billion by 2032, poised to grow at a CAGR of 5.2% during the forecast period 2022 to 2032. Caustic soda, also well-known as (NaOH) sodium hydroxide, is a solid and white-colored ionic compound including sodium cations Na+ and hydroxide anions OH-. It is alkaline and is chemically obtained by electrolyzing sodium chloride (NaCl). It has a high solubility in water, moderate solubility in alcohol, and is typically insoluble in ether as well as non-polar solvents.
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- By grade, the industrial grade segment dominated the market in 2022 and is expected to expand significantly over the forecast period from 2023 to 2032.
- By application, the organic chemical segment held the largest revenue share globally in 2022 and is anticipated to dominate the global market over the forecast period from 2023 to 2032.
- In 2022, Asia Pacific dominated the market with the highest revenue share of 54.0%.
- North America will likely grow at a significant CAGR from 2023-2032.
Caustic soda is utilized in manufacturing paper and pulp, petroleum, and oil & gas. Owing to its lightweight, caustic soda has been utilized of household cleaning purpose in various countries. The market expansion of caustic soda can be attributed to its extensive applications in various industries like paper, chemical, textiles, and automotive. In addition, due to its reactive and corrosive nature, it is used to formulate various chemical products.
Factors affecting the growth of the Caustic Soda Market
There are several factors that can affect the growth of the caustic soda market. Some of these factors include:
- Rising usage of caustic soda in various industries: The market growth of caustic soda is mainly influenced by the wide use of caustic soda in various industries due to the numerous applications related with its utilization.
- Rising utilization of aluminum: The rising utilization of aluminum in different industries, such as construction, automotive, and packaging, is increasing the worldwide demand for sodium hydroxide.
- Introduction of advanced technologies: The introduction of advanced technologies in the manufacturing processes of sodium hydroxide and extensive investments in R&D activities is anticipated to fuel the market growth.
- Highly corrosive nature of caustic soda: The highly corrosive nature of caustic soda, resulting in a severe threat to humans and the environment, is likely to impede market growth.
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Top Trends in Global Caustic Soda Market
The rising scarcity of water across the globe is expected to surge the market growth in the coming years. According to the Food and Agriculture Organization of the United Nations the water scarcity is one of the significant problems in the 21st century. It not only affects the human health and environment but also the local economies that rely on industries, businesses, and water for agriculture. Caustic soda is most commonly used chemical in water treatment that raises the pH of water by absorbing carbon dioxide and water. Such facts lead to an increasing need for wastewater treatment facilities, but new plants can take years to be approved, funded, installed, and commissioned. As a result, the extreme water stress, water scarcity, and strict regulation to control the contamination of water bodies is likely to boost the global caustic soda market growth.
Rapid industrialization as well as the expansion of the chemical industry represent the major factors positively driving the market growth. Furthermore, the rising usage of aluminum among various industries, such as construction, automotive, and packaging, is catalyzing the demand for sodium hydroxide across the globe. Additionally, the rising consumption and scarcity of water as well as strict regulations to control the contamination in rivers, lakes, ponds, seas, and oceans are largely contributing to the market growth.
Asia Pacific dominated the global caustic soda market with the highest revenue share in 2022 and is also the fastest-expanding region over the forecast period. The growing demand for caustic soda in Asia is anticipated to increase the consumption of soaps, detergents, aluminum, and organic chemicals. Moreover, the rising product demand can be mainly influenced by the expansion of the textile industry in developing countries such as China, India, and Vietnam. On the other hand, the market of North America is also expected to grow significantly owing to the higher demand for textile, detergent and soap applications.
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Scope of the Report
|Market Value (2022)USD 44.8 Billion||USD 4.48 Billion|
|Market Size (2032)||USD 73.4 Billion|
|CAGR (from 2022 to 2032)||5.2%|
|Asia Pacific Revenue Share||54.0%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
Using aluminum in beauty and skin care products significantly drives the market’s growth. This is because it maintains the acidity level, helps to keep moisture inside, and protects the skin from damaging elements such as UV rays, environmental toxins, microorganisms, and other pollutants. Hence, it is primarily used in skincare and beauty products.
Various manufacturers use caustic soda in cosmetics & personal care, beauty, and skincare products. For example, it is used as a pH stabilizer in shampoos, conditioners, hand creams, body washes, and face lotions. In addition, some daily usage of caustic soda includes liquid hand soaps and bars, toothpastes, hand creams, and other products. Moreover, the growing demand for caustic soda in healthcare sector is anticipated to boost the market’s growth over the forecast period. Caustic soda is primarily used to produce several pharmaceutical products such as aspirin. This medicine works as an anticoagulant and also as a cholesterol-reducing medication. As a result, the market for caustic soda is expected to expand significantly.
The highly corrosive nature of caustic soda is likely to hamper the market growth. Sodium hydroxide is highly reactive with materials such as oxidizers, organic molecules, chlorinated compounds, and nitro compounds. It reacts with aluminum, copper, zinc, tin, and their alloys with hydrogen production and can form an explosive gas mixture. Moreover, the chemical reaction with amine and ammonium compounds can also release toxic substances. If animals or humans are exposed to it, the highly corrosive nature of the caustic largely constitutes a significant threat. Its concentrated ingestion can cause severe damage to the mucous membrane and other tissues, exposed to the substance. Furthermore, its contact with the eyes may cause severe damage that may be irreversible if not treated immediately. Hence, its corrosive nature and high chemical reactivity releasing toxic gases affect the environment, restraining the market growth.
The expansion of chemical industries is likely to offer numerous growth opportunities in global caustic soda market. Caustic soda is being widely used chemical in various applications. In manufacturing several valuable organic chemicals, it is a feedstock in the production of different chemicals and constitutes an important reactant. It is used for scrubbing and neutralization of acid waste sources. The saponification or conversion of vegetable oils, tallow, as well as fat in production of surfactants for soaps and detergents are the other applications of product. In production processes of pharmaceuticals, inks, fabrics, solvents, dyes, synthetic fibers, bleach, coatings, adhesives, and herbicides, it is mainly used as an intermediate and a reactant.
Additionally, it is primarily used in synthesis of medicinal compound, the neutralization of acids, and the recycling of rubber. Moreover, it is also used to extract acidic compounds from hydrocarbons and gases in the petroleum industries. Therefore, the high demand for organic chemicals in emerging countries such as China and India is expected to surge the demand for caustic soda during the forecast period.
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Report Segmentation of the Caustic Soda Market
In 2022, the industrial grade segment accounted for the largest revenue share and dominated the global caustic soda market. It is not available in purest form and contains the impurities that are used for industrial and commercial manufacturing such as paper, spandex, glass, epoxy resins, rayon, explosives, paints, and ceramics. About 56% of the sodium hydroxide is being used for industrial purposes, while, 25% is used in paper industry. It is mostly used in textile industry for manufacturing of dyes, processing of cotton fabric, metal cleaning and processing, bleaching, and oxide coating. Caustic soda has various properties, including tenacity, dyeability, stiffness, luster, and resistance to light and weather effects. As a result, the industrial segment is likely to grow significantly over the forecast period.
The organic chemical segment dominated the global caustic soda market in 2022 with a significant revenue share. In the production of different organic chemicals, the caustic soda is an essential reactant. More than 25% of caustic soda produces organic chemicals in Europe. Apart from organic applications of (NaOH), the majority of demand for caustic soda is because of the inorganic chemicals like glass, cosmetics, paints, and ceramics that are utilized in the fuel cell production. The textile segment is anticipated to be the fastest expanding segment during the forecast period. The treatment of textiles with caustic soda provides luster to the fabric and greater tensile strength. Moreover, in textile industry, the caustic soda is used for removal of oils and waxes from fiber, making it a receptive to dying, bleaching, etc., thereby propelling the market growth.
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Based on Grade
- Industrial Grade
- Technical Grade
Based on Application
- Organic Chemicals
- Inorganic Chemicals
- Food, Pulp, and Paper
- Soap and Detergents
- Water Treatment
- Other Applications
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
The competitive landscape of the market has also been examined in this report. Some of the significant players include
- Shin-Etsu Chemical Co., Ltd.
- Occidental Petroleum Corporation
- Formosa Plastics Corporation
- Saudi Basic Industries Corporation
- Solvay SA
- FMC Corporation
- The Dow Chemical Company,
- Hanwha Solutions Corporation
- Tata Chemicals Limited
- Tosoh Corporation
- Nirma Ltd
- Other Key Players
Recent Development of the Caustic Soda Market
- In February 2022, Occidental Petroleum’s chemical division was focused on considering an overhaul of some chloralkali plants in order to increase the capacity to produce higher-value caustic soda. This will likely offer a chance to make a more significant change to its existing capacity in to meet the rising demand for its key products.
- In January 2021, Shin-Etsu Chemical Co. Ltd. has revealed its plans to further expand its manufacturing capacity of caustic soda by 390,000 m.t. /year. This project construction is anticipated to be completed by the end of the year 2023.
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