The global sodium chlorate market is estimated to garner a large amount of revenue and grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed largely to the increasing usage of sodium chlorate for applications such as tanning and finishing leather, and manufacturing of dyes as a result of its excellent oxidizing properties. Along with this, high utilization of the product in paper & pulp industry as a bleaching agent for on-site generation of chlorine dioxide is also expected to drive market growth in the upcoming years. Furthermore, growing use of sodium chlorate for vegetation control on fence ways and roadsides is projected to augment the sales of the product in the near future.
The market is segmented by application into bleaching agents, herbicide, and oxidizing agents, out of which, the bleaching agents segment is anticipated to hold the largest share in the global sodium chlorate market. This can be accounted primarily to the high usage of sodium chlorate as a bleaching agent in the paper industry for manufacturing high quality and environmentally friendly white paper products. Additionally, on the basis of form, the crystalline segment is assessed to acquire the largest share during the forecast period owing to the ability of crystalline form to provide well-defined surface area to improve the bleaching process. Apart from this, growing use of sodium chlorate crystals for making explosives is also predicted to boost the growth of the market segment in the coming years.CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global sodium chlorate market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of increasing establishment of new paper industries, and rapidly growing industrialization in the region. Moreover, the market in North America is anticipated to occupy the largest share over the forecast period, which can be credited to the large presence of paper industry in Canada, and rising technological advancements to develop improved product. As per the data provided by the Statistics Canada agency, the manufacturing revenue of pulp, paper and paperboard mills industry in the country reached a value of USD 15.65 billion in 2018, up from USD 13.73 billion in the year 2017. In addition, strong presence of major market players is also expected to propel the region’s market growth in the near future.
The global sodium chlorate market is further classified on the basis of region as follows:
Our in-depth analysis of the global sodium chlorate market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing use of the sodium chlorate for tanning and finishing leather, and manufacturing of dyes, and high utilization of the product in paper and pulp industry.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2030.
Stringent regulations associated with the usage of sodium chlorate in some countries are estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing establishment of new paper industries, and rapidly growing industrialization in the region.
The major players in the market are Kemira Oyj, China First Chemical Holdings Limited, ERCO Worldwide, Arkema S.A., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by form, application, end user, and by region.
The crystalline segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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