Caustic Based Compound Formulation Market - Forecast(2023 - 2028)
Caustic Based Compound Formulations Market Overview:
Caustic Based Compound Formulations Market Bolster with Rise in Lightweight Vehicles Manufacturing in the Automobile Industry
Approximately 2.1 billion population across the globe had a scarcity of safely managed drinking water services in 2017. Caustic based compound formulations such as sodium hydroxide are widely used to remove heavy metals from drinking water. Contaminated water consumption is the primary reason for these many fatal deaths every year. Increasing need to supply safe drinking water is the key factor fueling the growth of the caustic based compound formulations market. The global caustic based compound formulation market size was valued at $148 million as of 2018 and is expected to grow with a CAGR of 4.5% throughout the forecast period 2019-2025.
Caustic Based Compound Formulation Market Outlook - Geographical Analysis:
Asia-Pacific generated 46.4% of the global caustic based compound formulation market revenue in 2018. Increasing demand from paper and pulp industry is impelling the growth of the caustic based compound formulations in developing economies such as China and India. These caustic based compounds are used in almost all pulp bleaching processes. The Indian paper industry was valued at approximately $8.5 billion as of 2018. Thus, the increasing pulp and paper production, which in turn, spur the growth of the caustic based compound formulation market.
Caustic Based Compound Formulation Market Application Analysis:
Solid form segment that will be creating the most lucrative opportunities for the caustic based compound formulation market. This application segment is projected to grow at a CAGR of 4.87% through to 2025. In food products, a caustic based compound such as potassium hydroxide is used as a food stabilizer and thickener, and pH control agent. Besides, calcium oxide is widely used as a food additive in the food industry. Thus, increasing the use of solid form caustic based compound formulations in several food applications such as curing, canning, and also as an ingredient in food preservatives, which in turn, incite the growth of this market.
Caustic Based Compound Formulation Market Growth Drivers:
Proliferated Demand in the Automobile Sector
Caustic based compound formulations are used in the extraction of alumina, as it finds a vast range of applications in the production of lightweight vehicles. The number of lightweight vehicles produced worldwide was around 19.5 million in 2017 and it reached around 20.6 million in 2018. As a result, the growing demand for this metal in the automobile industry is spurring the growth of the global caustic based compound formulations market.
Rapid Spurge in the Textile Industry
Increased usage in the textile industry in laundering and bleaching and to process cotton fabric, which in turn, incite the growth of the caustic based compound formulations market. These caustic formulations are extensively used to remove oils and waxes from fiber and also lends greater tensile strength to the fabric. Consequently, the significant properties of these compounds are favoring the growth of the caustic based compound formulations market.
Caustic Based Compound Formulation Market- Competitive Landscape:
Prominent players in the caustic based compound formulation market include Dow Chemical Company, Formosa Plastics Corporation, FMC Corporation, Hanwha Chemical Corporation, INEOS Group Limited, Occidental Petroleum Corporation, PPG Industries, Solvay SA, and Tosoh Corporation.
Caustic Based Compound Formulation Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the caustic based compound formulation market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The caustic based compound formulation market research report also analyses the applications of caustic based compound formulation market such as bottle cleaning, plant/equipment cleaning, alkalinity/pH control, and chemical production.
Caustic Based Compound Formulation Market Report: Industry Coverage:
This report also documents the caustic based compound formulation market based on compound type that includes caustic soda (NaOH), caustic potash (KOH), and caustic lime (CaO).
The caustic based compound formulation market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- Americas: North America, Brazil, Argentina
- Europe: The U.K., Germany, France
- APAC: China, Japan, India