Asia-Pacific Dominates with Major Growth in the Soda Ash Market
Asia-Pacific and Americas had witnessed significant growth in the soda ash market with the global share rising to more than 60% of the market in 2017. Asia-Pacific is the leading market holder for Soda Ash Market used in the production of glass, detergents, as well as in other chemicals. The Asia-Pacific market is witnessed to grow at a CAGR of 3.48% to reach revenue of $9697.17 million by 2023. The market is highly depended on the strength of demand growth from China and India, and growth rates in automotive and construction sector in the countries. North America is the second leading market to grow at a CAGR of 3.31% to reach revenue of $4700.73 million by 2023. North America is one of the largest soda ash producing regions. U.S. remained the second largest producer of soda ash after China. Europe acquires the third largest market in the world, growing at a CAGR of 3.84% for the forecast period of 2018-2023.
Selected End-User Industry Analysis Done in the Full Report:
Soda ash finds its applications in various fields which include glass for construction, automobiles and packaging, food and beverage sector, consumer goods (detergents and soaps) and many more. Glass sector will cause maximum revenue of $9547.20 million by 2023 in terms of its usage in automobile, construction and various other industries and is expected to continue its growth at a CAGR of 3.47% globally. The volumetric growth of sodium ash in the glass industry is expected with a CAGR of 4.26% across with APAC achieving the highest CAGR in construction industry. The market for chemical industries had a high volume usage of 9493.71 KT in 2017, which is expected to reach 12470.14 KT by 2023 with a growing CAGR of 4.65% globally. The market is estimated to grow at a CAGR of 3.78% to reach revenue of $3552.68 million by 2023. The market for consumer good is the third leading market projected to grow at a CAGR of 3.89%, followed by the Food and Beverage, Pulp and Paper with a CAGR of 4.15% and 1.62% respectively.
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Excerpts on Market Growth Factors:
Factor causing such rapid growth is swift industrialization and a huge demand for soda ash uses in glass applications is set to boost this growth.
Growth in household detergents market is likely to drive the soda ash market in the near future.
Food and Beverage is a fast growing sector for soda ash. Sodium carbonate soda is used basically as food additives, although the consumption volume is less as compared to various others sector like glass, but growth is quite prominent owing to the increased demand of food from across the globe.
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Key players of the Soda Ash Market:
Solvay SA has proved to be the biggest player in the market for soda ash along with Ciner group, Tata Chemicals and many more. Ciner group serves in the segments of soda segment, organic segment, silicates and glass segment, transport segment and others, with products Soda Ash Light, Soda Ash Dense, and Soda Ash Feed Grade. Tata Chemicals Ltd. has its products in Inorganic Chemicals, Fertilizers, and Agriculture inputs with products like Dense Soda Ash and Light Soda Ash. Solvay SA is known for its Advanced Formulations, Advanced Chemicals, Performance Chemicals, Functional Polymers, Corporate and Business Services.
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