Caustic soda market could attain a valuation of USD 32.06 billion by 2026. Due to its wide range of applications, the demand for caustic soda tends to stay stable in the coming years. It plays a crucial role in the manufacturing of household products including soaps, cleaning products, and detergents. As a result, factors like urbanization, population growth, improving economy and rising household income could massively benefit the business outlook.
The demand for caustic soda was stable during the COVID-19 pandemic. According to Eurochlor, caustic soda demand in Europe remained unchanged while soap products gained the spotlight. Apparently, the use of Chlor-alkali items for soap manufacturing has stayed firm in Europe during the pandemic. Considering such aspects.
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In terms of applications, the industry is mainly categorized into alumina, pulp & paper, inorganic chemicals, organic chemicals, food processing, water treatment, textile, and soaps & detergents. Among these, the food processing segment is likely to cross $1.5 billion by the end of the predicted timeframe. Caustic soda is used for removing skins from fruits and vegetables like potatoes and tomatoes. It also plays an eminent role in processing edible oils and fats.
On the regional aspect, North America is considered to be a lucrative ground for caustic soda manufacturers and is expected to register a CAGR of more than 2.3% by 2026. Increasing consumption across diverse end use industries supported by growing production capacities might propel the demand for sodium hydroxide.
There has been a pressing demand for caustic soda to be used in soaps amid the havoc created by COVID-19 pandemic. Several companies have jumped on the bandwagon and are including caustic soda in their ingredients.
With a notable spike in the Coronavirus cases, production of soaps and disinfectant products has surged by leaps and bounds. Subsequently, demand for caustic soda will continue to rise in a pressing manner in the next six years.
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Of late, stakeholders have upped their investments towards large scale production of caustic soda through membrane cells. Several companies have made an apparent shift from diaphragm or mercury process to membrane processes that are said to have helped in the reduction of environmental problems and have been instrumental in energy savings.
Industry dynamics predict caustic soda industry to gain impetus from food processing applications, including removing skins from potatoes, tomatoes, and other fruits and vegetables for canning and as an ingredient in food preservatives which aid in preventing mold and bacteria from growing in food. Prominently, the FDA has permitted the use of caustic soda as a food additive at levels below 1%.
Hanwha Chemical Corporation, Formosa Plastics Corp., Akzo Nobel N.V., Grasim (Aditya Birla), Arkema S.A., Dow, Aras Petrochemical Company, Covestro AG, SABIC, and FMC Corporation among many others are some of the key players operating in the caustic soda market.
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