Sodium Hydroxide Market worth $61.1 Billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 19, 2022 -- Sodium Hydroxide Market is projected to grow from USD 49.3 billion in 2022 to USD 61.1 billion by 2027, at a CAGR of 4.4% during the forecast period, according to a new report by MarketsandMarkets™. With the increasing application and demand for alumina, the sodium hydroxide market is expected to grow. Alumina is significantly used in the construction industry due to its properties, such as low weight, high durability, and cost-effectiveness.
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Organic chemicals segments holds the largest share in the Sodium Hydroxide market
Organic chemicals form one of the largest segments of the overall chemical industry. Acetic acid, methanol, ethyl alcohol, formaldehyde, citric acid, aldehydes, ketones, esters, aliphatic, aromatic, polymers, amides, and other basic organic chemicals are a part of this segment, and they find application in drugs, pesticides, plastics, cosmetics, agrochemicals, etc. Some of the major organic chemicals made from sodium hydroxide include propylene oxide, polycarbonates, ethylene amines, and epichlorohydrin; additionally, manufacturers of many organic chemicals use sodium hydroxide in neutralization and gas scrubbing
By Grade, 50% Aqueous Solution account for the largest share of the Sodium Hydroxide market
Sodium hydroxide 50% w/w aqueous solution is used as a chemical reactant or neutralization agent in various industries such as chemical, pharmaceutical, textile, pulp & paper, metal, and food industries and in soap & detergent manufacturing. It is also used in the manufacture of synthetic fabrics such as rayon and also for manufacturing food products. It is utilized for pH adjustment and for the formation of in situ sodium methylate in bioethanol and biodiesel processing
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By region, Asia Pacific accounted for the largest share in the global Sodium Hydroxide market
Asia Pacific accounted for the largest share of the Sodium Hydroxide market in 2021, followed by Europe and North America. China is the largest country-wise market in the region, and this trend is projected to continue over the next five years. An increase in the demand from the alumina application industry increased the demand for sodium hydroxide in 2021, which was driven by the surge in construction activity in emerging markets.
The leading players in the Sodium Hydroxide market are Tata Chemicals Limited (India), Olin Corporation (US), Westlake Corporation (US), Occidental Petroleum Corporation (US), Dow (US), Solvay S.A (Belgium), BASF SE (Germany), Xinjiang Zhongtai Chemical Co. Ltd (China), Akzo Nobel N.V (Netherlands), Brenntag North America, Inc (US), and others.
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