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Soda Ash Market to Accelerate Growth with Rising Use in Glass Manufacturing, Construction & Automotive Industries - Future Market Insights
According to the FMI analysis, China is identified to remain a dominant country for soda ash due to rising growth in end-use industries such as metallurgy and chemicals. China is estimated to witness a value of a CAGR of 5.1% in the soda ash market.
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The global demand for soda ash witnessed a growth rate of 3.3% during the first half of 2021, whereas the demand is estimated to increase by 3.8% during the first half of 2022.
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Consumers in Asia Pacific have contributed substantially to the growth of soda ash market. Owing to greater net worth incomes of consumers and prodigious demand generated by construction, chemicals, soaps & detergents industry, Asia Pacific will be the epicentre of growth through 2029. The region accounts for a whopping 57.6% share in soda ash market. In addition, India and China will be the domestic growth capitals in Asia Pacific region. On the other hand Europe will account for significant revenue share during the forecast period.
are some of the key companies profiled in the full version of the report.
Key players manufacturing soda ash are focusing on increasing their production capacities in growing regions like the Asia Pacific and Middle East & Africa . They are also focusing on augmenting their business with strategic expansions in developed regions like North America and Europe to meet the growing demand for specialty chemicals and other high-end applications. Many companies are also investing in the research & development of new products for various applications.
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Regions like North America and
Europe are expected to meet the surging expectations of specialty chemicals and several other high-end applications. Fast-paced research and development of new products in these regions are surging sales in the market growth.
The usage of heavy soda in the production of flat glass, glass containers and in production of detergents is one of the prominent soda ash segments that is expected to gain traction in the global market.
Increased consumption of soda ash in water treatment applications is expected to drive the market growth during the forecast period.
The glass & ceramics segment is projected to create an absolute dollar opportunity of more than US$ 2,857.4 Mn during the period of 2022 to 2029. The growing demand for soda ash in the glass and ceramic industry is expected to contribute to the growth of the soda ash market over the forecast period.
A significant development in the building and construction sector and automotive sales also has bolstered the demand for glass which has boosted the sales of soda ash.
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The Chemicals and Materials division of FMI offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology, with special emphasis on 'green alternatives, recycling and renewable technology developments, supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – 'The Way Forward'
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 7-years.
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