NEW YORK, Feb. 10, 2022 /PRNewswire/ -- The soda ash market is estimated to grow by 5.86 mn tons from 2020 to 2025. In addition, the report projects that the market will progress at a CAGR of 1.89%. Moreover, the year-over-year growth rate of the soda ash market in 2021 was 0.30%.
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Soda Ash Market: Drivers
The increasing demand for soda ash in the pharmaceutical industry is driving the soda ash market growth. Soda ash is widely used as an active pharmaceutical ingredient in the industry. It is used as an excipient in medicinal products such as effervescent tablets, which are used in treating cold and flu. Soda ash is also used in making baking soda, which has significant health benefits. Baking soda is an effective antacid, has antibacterial properties, helps in raising the pH level of the tumors, and helps the body fight cancer. Hence, the demand for baking soda will grow significantly due to several benefits, which will propel the growth of the soda ash market during the forecast period.
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Soda Ash Market: Segmentation Analysis
By application, the soda ash market has been segmented into glass, soaps and detergents, chemicals, and others. Glass constituted the largest application segment in 2020. Soda ash is a raw material used as a fluxing agent in manufacturing flat glass and container glass. The glass industry is growing at a significant pace globally, with the increasing demand for high-performance glass from different end-user industries. The demand for flat, glazing, and container glass is growing in the construction, automotive, and packaging industries, respectively. Globally, the construction industry is a major contributor to the consumption of flat glass, which is used in windows and doors. In China, the demand for glazing glass is increasing with the rise in the demand from the automotive industry. Therefore, the rise in the demand for different types of glass from various end-user industries has driven the growth of the global glass industry. This is expected to propel the growth of the global soda ash market during the forecast period.
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Soda Ash Market: Geographical Analysis
By geography, the soda ash market has been segmented into APAC, Europe, North America, MEA, and South America. APAC ranked first as the largest region, while South America was the smallest region in 2020. APAC will account for 66% of the market growth during the forecast period. The growing demand for flat glass and rise in detergent manufacturing industries will drive the soda ash market growth in APAC. China, India, and Japan are the key countries for the soda ash market in APAC. Moreover, market growth in APAC will be faster than the growth of the market in other regions.
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Soda Ash Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2% |
Market growth 2021-2025 |
5.86 mn t |
Market structure |
Fragmented |
YoY growth (%) |
0.30 |
Regional analysis |
APAC, Europe, North America, MEA, and South America |
Performing market contribution |
APAC at 66% |
Key consumer countries |
China, US, India, Japan, Germany, and Turkey |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
BASF SE, Ciech SA, Ciner Resources Corp., Genesis Energy LP, GHCL Ltd., Haviland Enterprises Inc., Hydrite Chemical Co., OCI Company Ltd., Solvay SA, and Tata Chemicals Ltd. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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SOURCE Technavio
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