Sodium Chlorate Market to Expand 1.4X by 2030; Reduced Demand from Allied Industries Due to COVID-19 Pandemic Impeding Market Growth
Published : 26 Aug 2020 Industry: Chemical & Materials
The global sodium chlorate market is forecast to witness a moderate growth rate of 3.7% over the forecast period of 2020-2030. Rise in demand for sodium chlorate can largely be attributed to growth of the chemical and paper & pulp industry. Sodium chlorate is extensively utilized as a bleaching agent in the paper & pulp industry. Moreover, its utilization in the chemical industry as a low-cost oxidizing agent is common. Price fluctuations in recent times have been observed in the 2nd quarter of FY2020, owing to reduced activities across industries due to the COVID-19 pandemic. All in all, the market is set to show positive signs of growth by the end of the second quarter of FY2020.
Key Takeaways from Global Sodium Chlorate Market Study
- The global sodium chlorate market is anticipated to create a value opportunity of around US$ 1.5 Bn during the forecast period, adding 1.4X value as compared to 2019.
- APEJ will account for more than 38% of the global sodium chlorate market share by the end of the 2030, in terms of value.
- Bleaching agents is the most promising segment, and is projected to gain more than 2% over the period of 2020-2030, owing to their extensive utilization in the paper & pulp industry.
- Oxidizing agents are set to gain 100 BPS by the end of the forecast period, and the herbicides segment is set to maintain its stance through 2030.
- The chemical and paper & Pulp industry, collectively, account for more than 90% of global sodium chlorate demand.
“Due to the ongoing COVID-19 pandemic, the sodium chlorate market is set to face a downward trend in the near term,”says a Fact.MR analyst.
Market Players to Follow Organic Approach to Expand Share
The sodium chlorate market is moderately consolidated in nature, with key players such as Arkema S.A, Nouryon, Kemira Oyj, Tronox, Lantai Industry, Shree Chlorates, ERCO Worldwide, and Chemfab Alkalis Limited. Organic approach such as expansion is followed by market stakeholders to deal with the rising demand. For instance, in 2020, Kemira has completed the expansion of its sodium chlorate production in South Carolina, the United States.
More Valuable Insights on Sodium Chlorate Market
Fact.MR, in its new offering, presents an unbiased analysis of the global sodium chlorate market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the sodium chlorate market on the basis of type (crystalline, amorphous), application (bleaching agents, herbicides, oxidizing agents, other applications), and end-use industry (paper & pulp industry, chemical industry, mining industry, other end-use industries), across seven major regions (North America, Latin America, Europe, Japan, Asia Pacific Excluding Japan, and the Middle East & Africa).
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