Water treatment applications to drive sodium sulfide market, U.S. to account for a significant proportion of the global remuneration by 2024
Publisher : Fractovia | Published Date : 2018-12-21Request Sample
The robust industrialization in tandem with the rise in the number of tanneries has had a remarkable influence on the sodium sulfide market share lately. The chemical is specifically used in industrial wastewater treatment plants to remove soluble heavy metal ions from wastewater as well as in pulp and paper mills as a primary processing agent. Sodium sulfide also finds prominent application in hair removal from hides in leather processing, ore processing and chemical manufacturing. The extensive deployment of sodium sulfide in the mining, metal processing, and sludge treatment sectors is poised to accelerate the industry share over the years ahead.
U.S. Sodium Sulfide Market Size, By Application, 2017 & 2024, (Kilo Tons)
In accordance with the increasing number of industries, regional governments as well as core companies have been constructing wastewater treatment plants on a large scale. The projects undertaken by the companies to reduce the feasible chances of hazards associated with water contaminated with heavy metals will have considerable influence on the sodium sulfide market size. For instance, few days before, Tokyo Metropolitan Government Bureau decided to provide clean water to city via effective water recycling facilities. In this regard, it has taken steps to recycle the wastewater in the Shibaura Water Reclamation Center, one of the oldest water reclamation centers located in Tokyo. Over the last few years, the exponential industrial revolution across Japan has been changing the business scenario for sodium sulfide market players. Emerging technology policies, growing environmental concerns, and the development of human-centered pilot projects will further play a significant role in augmenting the product demand across the country
The growing energy needs and the subsequent increase in the number of energy companies which have been involved in the production of oil and gas have been stimulating the industry trends lately. The unconventional practices adopted by the companies to produce oil and gas has quite overtly, been creating several environmental issues. The release of wastewater from oil and gas processing plants for example, is on one of the major concerns that has increased over the last few years with the continuous rise in the number of energy companies. In this regard, U.S. Occupational Safety and Health Administration (OSHA) has introduced new regulatory norms for oil companies to control air as well as water pollution. The deployment of wastewater management regulations to impose restrictions on industry stakeholders and communities regarding the discharge of chemically treated water will also have a remarkable influence on the regional sodium sulfide industry share. Indeed, in the year 2017, the U.S. sodium sulfide market share from water treatment applications was recorded at USD 3.5 million.
Taking into account the increasing importance for industrial wastewater disposal facilities, companies have been shifting their focus toward adopting the tried-and-tested strategy of mergers and acquisitions. For instance, in 2018, US Ecology Inc. acquired a leading provider of non-hazardous industrial disposal solutions, Ecoserv Industrial Disposal, LLC. Given that this company provides services to petrochemical, refineries, and other industrial customers for treating industrial wastewater, the acquisition is likely to prove fruitful for the North American environmental services provider with respect to resolving issues related to hazardous radioactive waste. The expansion of industrial wastewater disposal facilities is thus likely to accelerate the demand for sodium sulfide across the globe.
Across the APAC, the increasing number of metal mining and metal processing industries along with heavy investments in the construction sector have been the factors majorly contributing toward the regional industry growth. Sodium sulfide is also extensively used as a depressant in ferrous and non-ferrous ores, that will further generate lucrative opportunities for the companies in sodium sulfide industry.
The continuous development of advanced wastewater cleaning techniques will have a considerable impact on the global product demand. The growing awareness among the regulatory bodies about the massive need of industrial wastewater treatment plants will turn out to be one of the most notable factors enforcing the requirement of sodium sulfide. Driven by the growing product consumption across metal processing, leather manufacturing, and chemical producing industries, sodium sulfide market will surpass a revenue collection of USD 665 million by the end of 2024.
