The fact that market players in the caustic soda industry will considerably contribute to the growth of the business can be cited through the recent announcement by Gujarat Alkalies and Chemicals that it will be expanding its caustic soda plant at the Dahej Complex. The capacity of the plant will be increased from 785 MTPD to 1310 MTPD. An investment of Rs. 875 crore will be made for the proposed expansion. It expected that on implementation, the project will contribute around Rs. 480 crores to the sales of the company.
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Occidental Petroleum Corporation
Xinjiang Zhongtai Chemical Co. Ltd
Formosa Plastics Corporation
Gujarat Alkalies and Chemicals Limited Tata Chemicals Limited
Westlake Chemical Corporation
The global caustic soda market is expected to expand significantly over 2019-2027 owing to various end user industries that require caustic soda in several chemical procedures. Increasing use of aluminum in the automotive industry due to light weighting of vehicles to enhance fuel efficiency has resulted in the increased demand for alumina in the automotive industry as caustic soda is used in alumina production. The paper and pulp industry have also been expanding and the use of caustic soda in paper bleaching has been adding impetus to caustic soda market growth. Environmental impact of carbon emission due to energy-intensive operations has resulted in hampering the growth of the caustic soda market. However, membrane cell technology that has been developed to surpass some of the concerns is expected to counter such deterring factors for the caustic soda market. Over 2019-2027, caustic soda market CAGR is anticipated to be 5.92% and market value might surpass USD 63,415.1 million by 2027.
Caustic soda market has been segmented based on type and application.
Based on type, caustic soda market is divided into lye, flake and others. Lye caustic soda market share had been the highest at 67% in 2018. Over the forecast period, due to its wide usage as a chemical, lye is anticipated to register a CAGR of 4.5%. Caustic Soda flake, a solid, hygroscopic and white odorless substance will hold the second largest share in the caustic soda market during the coming years.
Application-wise, 18.4% share of the caustic soda market share was claimed by the alumina segment in 2018. By 2027, alumina segment of caustic soda market share is anticipated to increase to 19.4% and thus retain its dominant position in the market as caustic soda is used in alumina refineries for separation of alumina from bauxite to produce aluminum. Caustic soda is also widely used in bleaching of pulp and therefore the paper and pulp industry will also account for a considerable share in the caustic soda market. In 2018, paper and pulp accounted for 17.6% share of the caustic soda market.
Organic chemical segment that accounted for 14.8% caustic soda market share in 2018 is the third largest application segment for the chemical. Due to the role caustic soda plays as a reactant in the production process of various organic chemicals, the organic chemical segment is slated to witness CAGR of over 5% during the forecast period.
Caustic soda market is evaluated based on various geographical regions which include the Americas, Europe, Asia-Pacific and Middle East & Africa.
Asia-Pacific due to favorable regulatory policies and rapid industrialization witnessed in the region is expected to be the largest caustic soda market. In 2018, Asia-Pacific region accounted for 52.3% share in the caustic soda market and is anticipated to register a CAGR of over 5.5% during the forecast period. China has accounted for the largest revenue in Asia-Pacific caustic soda market in 2018 and the trend is expected to witness a 4.6% CAGR during the forecast period.
In 2018, North America was the second-largest regional caustic soda market owing to the expansive demand for the chemical in paper & pulp industry. Over the forecast period North America caustic soda market is anticipated to register a 4% CAGR. The U.S. accounted for a comparatively higher market share in 2018 and is anticipated to register the highest CAGR in the region of around 4% during the forecast period. Owing to the presence of industries such as dyes & inks, chemical, textile and water treatment which are essential end users of caustic soda, Canada caustic soda market is projected to exhibit a CAGR of over 3.5%.
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