Sodium Hydrosulfite Market to cross the billion-dollar benchmark by 2024, Asia Pacific to witness strong growth potential
Publisher : Fractovia | Published Date : 2017-07-26Request Sample
Of late, worldwide textile industry has been experiencing a tremendous rise, on account of which sodium hydrosulfite market is witnessing a major spur. Owing to its rising applications as a reducing agent in dyes and bleaching agents across the pulp & paper, textiles, cosmetics, packaging industries, the sodium hydrosulfite industry has witnessed a phenomenal surge over the recent years. As per the estimates, global textile demand is anticipated to cross 130 million tons by 2024 which in effect, will drive sodium hydrosulfite market trends. Global Market Insights, Inc., predicts sodium hydrosulfite industry to record a CAGR of 4% over 2017-2024 and surpass USD 1.4 billion by 2024.
Textile and wood pulp bleaching are amongst the major application of the sodium hydrosulfite industry, the textiles application having led the overall industry share in 2016. The product is extensively used as a dyeing and bleaching agent in cotton, wool, and nylon and witnesses extensive demand from the apparels and footwears industry. Statistics claim the textile industry to remain as a leading application segment of sodium hydrosulfite market, projected to grow at a CAGR of 4% and surpass a revenue generation of USD 700 million by 2024.
U.S. sodium hydrosulfite market size, by application, 2013 – 2024 (USD Million)
The overall sodium hydrosulfite market is foreseen to witness a flourishing future in the emerging economies and is likely to observe a sluggish growth trends in North America and Europe. Below mentioned are the changing dynamics of regional sodium hydrosulfite market over the coming years.
Asia Pacific
Asia Pacific has a tremendous potential for the growth of sodium hydrosulfite market, as the textile and paper & pulp industries in the region are growing. This region alone accounted for more than 45% of the global paper production in 2016 and was over 220 million tons in terms of volume. This impending demand of paper products is primarily from the regional packaging industry, which has witnessed a significant growth in the e-commerce sector. The regional demand for paper products is further projected to exceed 350 million tons by 2024 and will thus uplift the sodium hydrosulfite market over the coming seven years.
Other factors triggering the growth of this market are the easy availability of raw materials, cost effective workforce, favorable government support, and number of paper & pulp manufacturers. Developing countries such as India, China, Vietnam, Bangladesh, and Pakistan are still witnessing a gradual rise in deployment of computers, which has led to the mounting demand for printing and writing papers. On account of this, Asia Pacific has been prominently identified as the most significant ground for the growth of overall sodium hydrosulfite industry. In fact, the regional market is estimated to account for more than 70% of the global sodium hydrosulfite industry share by 2024.
North America & Europe
North America and Europe sodium hydrosulfite market, both are expected to witness a sluggish growth in their industry shares due to growing importance of a paperless economy. Many financial, utilities, and telecom companies of these regions are marching toward reducing the use of paper for social and environmental benefits as well as for the life cycle of sustainable forests. The decline in paper production can also be attributed to rise of digitization in these regions which has thus impacted the growth of sodium hydrosulfite market. In 2016, the production capacity of paper and paper board in North America witnessed a demand for 79.6 million tons in 2016 and is estimated to decrease to 70 million tons by 2024. Western Europe sodium hydrosulfite industry is also set to follow similar trends which is set to witness a plunge to 80 million tons by 2024 from 88.2 million tons in 2016.
Both the regions have witnessed a sharp uptick in the number of organizations seeking to reduce the usage of paper in their business processes. Modernization and reform measures are being employed in the region by public and private sectors that has impeded the growth of paper production. Aggressive steps toward digitization of paper documents have significantly affected the growth of local manufacturers. This has also led several manufacturers to shut down or shift their production capacities to Asia Pacific, thereby hampering the growth of regional sodium hydrosulfite industry share over the years.
In 2016, North America accounted for a mere 15% of the global sodium hydrosulfite market, whereas, Europe generated revenue worth USD 100 million. As per estimates, North America and Europe are likely to grow at a sluggish rate of 2% and 1.5% respectively over the period of 2017-2024. However, considerable demand for sodium hydrosulfite in these regions are likely to arise from its application in mineral flotation, water treatment, gas purification, and other industrial processes. Mineral flotation contributes to a significant amount in sodium hydrosulfite industry share, owing to its usage in molybdenum mining and in separating elements like zinc ores, copper, and lead.
BASF SE, AZ Chemicals, Jinhe Group, and Guangdong ZhongCheng Chemicals are the top players accumulating a major chunk of the industry share, thus, making the global sodium hydrosulfite industry quite consolidated in nature. Other prominent industry participants include Tokyo Chemical Industry, Alfa Chemistry, Finetech Industry Limited, and Mitsubishi Gas Chemical Company.
