Sodium Sulfide Market Forecast and CAGR
The sodium sulfide consists of sodium salts that are moderately soluble in acid and water. These sulfides are sulfuric acid esters, which are generated when hydrogen atoms are replaced by sodium. The expansion of the chemical sector in emerging economies is expected to boost the market growth in the forecast period. The global sodium sulfide consumption is expected to expand at a modest CAGR of 2.9 %.
The growing awareness about water scarcity has boosted the demand for the water purification process. Along with this, the state government have been urged to reuse water as a result of increased industrialization and urbanization. As sodium sulfide has a wide range of application for the treatment of water, this in turn has fueled the business expansion.
In terms of volume, Latin America and Middle East Africa are predicted to grow at a CAGR of 3.1 % and 2.4 % respectively through the forecast period 2021-2031.
What is Driving Demand for Sodium Sulfide Market?
The water treatment chemicals have a wide range of industrial and power applications which is one of the primary reason driving the sodium sulfide sales. Moreover, In the Asia Pacific region, the rising population and urbanization have resulted in increased wastewater production which needs to be treated and hence there is a greater need for sodium sulfide for water treatment.
Another factor which is driving the demand for the sale of the product is a wide range of application of the product in paper and pulp industry as it is used in the heating of pulp. Along with this, the increase in the usage of the product as a food additive is anticipated to offer a significant opportunity. Not only this, the demand for product is projected to rise due to the increased demand for the product in the textile industry.
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Sodium Sulfide will be benefited from increase in leather production
Sodium sulfide has a wide range of applications in the leather and tanning industry. It is mostly utilized as a de-hairing agent in the pre-tanning process. De-hairing is the first phase in the process of leather production, and it involves specific chemicals which is used to remove the animal skin.
De-hairing using sodium sulfide and lime is commonly used throughout many geographical regions involved in leather production because it is more efficient and more productive than other options available. During the assessment period, developing countries in the Asia Pacific region had a significant demand in the leather production. In terms of positive growth, this should boost the sale of the product.
For the entire forecast period between 2021-2031, the leather processing segments is expected to demonstrate significant growth in the terms of both value and volume.
North America Region Sodium Sulfide Market Outlook
Sodium Sulfide plays a major role in the ore processing unit which results in the rise of the sale in the North America region. The producers of the product are projected to see constant demand from ferrous and non-ferrous metals producers, particularly those involved in the ore flotation process.
Furthermore, with increase in the demand of ferrous metals like iron and steel, as well as non-ferrous metals like zinc, copper and lead, has boosted ore processing business growth in the North America region. The product protects the ore surface from hydrophilic oxidation, boosting ore flotation, and thereby increasing the market value of sodium sulfide.
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Asia Pacific Region Sodium Sulfide Market Outlook
The demand for the leather manufacturing industry in Asia Pacific region is very significant helping in producing and exporting numerous types of leather from animals for use in the garments and footwear sectors. The sodium sulfide softens tough leather and is essential in the processing of animal skin, which takes the sales of the product to the greater heights.
Furthermore, due to rise in the income levels, strong economic growth and standard of living in the countries of Asia Pacific, region experiences an increase in demand for designer leather bags, footwear. Also, the product is used as an effective hair removal during the leather manufacture and boosting the need for sodium sulfide.
Who are the key players present in market?
Manufacturers, suppliers and distributors are among the key participants recognized across the globe which includes: Xintai Wanhe Chemical Ltd, China Nafine group international ltd, Solvay, Nafine Chemical Industry Group, Changsha Vahenry Chemical Ltd., Sichuan Shenhong Chemical Industry Ltd., Inner Mongolia Lichuan Chemical Corportaion Ltd and Shenzhou Jiaxin Chemical Ltd.
An Adaptive Approach to Modern-day Research Needs
The Sodium Sulfide Market Report Covers Exhaustive Analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Sodium Sulfide Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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Based on Applications, the market is segmented into:
- Leather Processing
- Paper and Pulp
- Chemical Processing
- Water Treatment
- Ore Processing
- Food Preservative
Based on Product Type, the market is segmented into:
- Regular Grade
- High Purity Grade
Based on Region, the market is segmented as
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia
- India, Thailand, Malaysia, Indonesia and Rest of South Asia
- Australia and New Zealand
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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