Global Caustic Soda Market is witnessing a significant surge in demand from the manufacturing sector. This growth would also be backed by other sectors like pulp & paper, soap & detergent, and textiles. In the construction industry, the Caustic Soda Market would win easy entry due to its huge demand in the formation of various chlorine-related stuff.
Market Research Future (MRFR) predicted in their latest report on the Caustic Soda Market that it has possibilities of registering 5.92% CAGR during the forecast period of 2019 to 2027 to reach a valuation of USD 63,415.1 million.
Global Caustic Soda Market, as discussed by analysts and reported by MRFR, has been segmented on the basis of Type and Application. This segmentation has a chance of producing better insights as the study is backed by scientific methods that include graphs, charts, and others.
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By Type, the global market report on the Caustic Soda Market has been segmented into lye, flake, and others. The lye segment used to dominate 67% of the global market in 2018. The segment is building its prospects with a 4.5% CAGR during the forecast period. The flake segment has the second-largest market share.
By Application, the report containing details of the Caustic Soda Market includes segments like alumina, organic chemical, textiles, pulp & paper, inorganic chemical, water treatment, soap & detergent, dye & ink, and others. The alumina segment had 18.4% of the market share in 2018 and it is slated to record a CAGR of 19.4% during the forecast period. The pulp & paper segment would follow the lead. In 2018, it had 17.6% of the global market share. The organic chemicals segment is showing chances of registering 5% CAGR during the forecast period.
Easy availability of resources had made the Asia Pacific region the market leader. The region dominated around 52% of the global market in 2018. Favorable regulatory policies are also helping the global market in registering strong growth. China would lead the market and record a CAGR of 4.6% during the forecast period.
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DowDuPont (US), Solvay (Belgium), Formosa Plastics Corporation (Taiwan), Xinjiang Zhongtai Chemical Co. Ltd (US), Olin Corporation (US), Occidental Petroleum Corporation (US), AkzoNobel NV (Netherlands), Tata Chemicals Limited (India), Gujarat Alkalies and Chemicals Limited (India), and Westlake Chemical Corporation (US) are some of the prominent names at play in the Global Caustic Soda Market.
The Caustic Soda Market in the US is witnessing some drastic changes as the prices soared 77% from April to June. This steep rise in the market propelled a drop in the export of the product by 23% in the month of May. This piece of information became evident from the data released by the US International Trade Commission data in July. The reason, as per the analysts, is a shift in demand and pricing policies. Buyers are now leaning more towards Europe and Asia where the prices of the export material are relatively lower than that of the US.
Due to a rise in the COVID-19 cases, products that are associated with chlorine are witnessing a substantial drop in their demand. This is subsequently harming the demand for Caustic Soda. This plummet is mainly due to a reduction in the intake of chlorine products in the construction industry. However, steps like Meghmani Finechem (MFL) starting the commercial production of additional caustic soda in Gujarat, India is expected to impact the global market on a positive note.
COVID-19 Study in Detail:
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