Post Time：May 19,2022Classify:Industry NewsView：1060
The growth of glass industry, particularly in Asia Pacific and the Middle East on account of increasing construction spending, is also expected to play a crucial role in developing the global soda ash market, over the forecast period. Soda ash is an energy-intensive industry, and fluctuating energy prices are expected to affect market growth. Strict environmental regulations in the context of the synthetic processes for manufacturing soda ash are expected to hamper the market growth.
Pegged at a steady CAGR, global revenue of soda ash market is set to US$ 25,285.6 Mn in 2029. The upsurge in revenue is accredited to greater uptake of soda ash in glass & ceramic industry, particularly container glass and flat glass. Moreover, variegated end-use segments such as chemicals, construction, metallurgy, soaps & detergents are generating soaring demand for soda ash, concludes the FMI report.
Manufacturers in soaps & detergents industry increasingly favour soda ash as a substitute for traditionally-used phosphates. Soda ash has become a crucial ingredient for numerous cleaning products. It is transforming the energy sector owing to its recyclability and reusability. Moreover, soda ash market is gathering strong impetus in developing countries with proliferation of high net worth income individuals.
Key Takeaways of Soda Ash Market Study
Glass & ceramics hold a majority share in the global soda ash market.
Leading manufacturers continue to adopt innovative extraction processes thereby boosting production capacity.
Sustainability would remain key strategic focus of market leaders through 2029.
Gains in soda ash market are primarily concentrated in Asia Pacific owing to thriving construction, chemicals, soaps & detergents industries.
Continued usage of cost-effective alternatives such as aluminum and plastics are set to restrict widespread adoption of glass in packaging industry.
Leading players in soda ash market must adopt and implement expansionary, sustainable activities along with strategic collaborations in order to remain prominent.
Asia Pacific to Remain at Forefront of Soda Ash Market Growth Through 2029
Consumers in Asia Pacific have contributed substantially to the growth of soda ash market. Owing to greater net worth incomes of consumers and prodigious demand generated by construction, chemicals, soaps & detergents industry, Asia Pacific will be the epicenter of growth through 2029. The region accounts for a whopping 57.6% share in soda ash market. In addition, India and China will be the domestic growth capitals in Asia Pacific region. On the other hand Europe will account for significant revenue share during the forecast period.
Strategic Collaboration and Sustainability Remain Key Factors for Sustained Market Leadership
The competitive landscape of global soda ash market is highly consolidated in nature. Major players featured in this study include, but are not limited to, Tata Chemicals Ltd., DCW Ltd., Genesis Energy, LP, Nirma Ltd., Ciner Group, Novacap Group, and CIECH SA. Sustainable practices are increasingly being adopted by industry leaders worldwide. For instance, energy-efficient turbines have been installed by Tata Chemicals Ltd. as a part of their sustainability pledge. Moreover, key players continue to acquire regional companies for enhanced global presence.
Know More About the Report
FMI’s study offers an in-depth market forecast and analysis on the soda ash market. The major categories encompassed by the report include density (light and dense), end-use (water treatment, chemicals, metallurgy, paper & pulp, soaps & detergents, glass & ceramics) across five regions (North America, Latin America, Europe, Asia Pacific, Middle East & Africa).
Source: https://www.digitaljournal.com/Author: shangyi
