(MENAFN - GetNews) According to report published by Grand View Research,Soda ash market is anticipated to undergo transformations over the forecast period owing to the shift of trend in production economics. Increasing demand for natural as well as synthetic products from end-use industries is expected to foster the overall market growth.
According to a report, ' Soda Ash Market Analysis by Application (Glass, Chemicals, Soaps & Detergents, Metallurgy, Water Treatment, Pulp & Paper) And Segment Forecast To 2024 , published by Grand View Research, Inc.,The global soda ash market is expected to reach USD 25.37 billion by 2024, The global soda ash market is marked by the presence of a few countries such as the U.S. and Turkey which mine soda using natural resources, while a majority of other regions such as China; manufacture synthetic soda ash using Solvay process.
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 the 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 the market growth. Strict environmental regulations in the context of synthetic process for manufacturing soda ash are expected to hamper the market growth.
Glass emerged as the leading application segment and accounted for 48.2% of total market volume in 2015. It is also expected to witness the highest growth of 3.2% over the forecast period. Soaps & detergents are also expected to witness brisk growth in soda ash demand over the forecast period. Increasing personal care industry in China, India, and Indonesia on account of growing disposable income level is expected to drive this segment.
Further key findings from the report suggest:
The global soda ash market demand was 55.45 million tons in 2015 and is expected to reach 71.93 million tons by 2024, growing at a CAGR of 2.9% from 2016 to 2024
Asia Pacific was the leading regional market and accounted for 54.2% of global demand in 2015. Increasing industrialization in emerging economies of China, India, Thailand, and Indonesia is expected to drive the regional market.
China, due to established as well as upcoming manufacturing facilities is likely to head towards overproduction. However, in terms of exports, Asia Pacific is anticipated to face tough competition from North America due to cost advantage of the U.S natural soda ash manufacturers. Europe is expected to witness sluggish growth rate and is expected to reach over 5,500 kilo tons by 2024.
The market is expected to witness rise in new players coupled with increasing demand from Asia Pacific. The soda ash market is likely to experience production as well as economic shifts, especially in European countries due to closure of synthetic soda ash manufacturing facilities in the recent past. Key market players include Tata Chemicals Limited, DCW Limited, FMC Corporation, Oriental Chemical Industries, Solvay SA, etc.
The glass industry has emerged as the largest application segment during the forecast period and is also expected to be the fastest growing segment over the next eight years. Soda ash, owing to its ability to control the furnace temperature necessary to melt silica makes it an essential element in glass manufacturing process.
Request A Free Sample Copy Of Soda Ash Market Report At:www.grandviewresearch.com/industry-analysis/soda-ash-market/request/rs1
This application segment is expected to generate over 35 million tons by 2024 and is supposed to account for just under 50% of the entire demand.
Soaps and detergents are likely to follow glass segment owing to rising demand for soda ash in the production of various cleaning agents. Soda ash demand for soaps & detergents is highest in India and accounted for over 35% of the regional market.
Chemicals application segment expected to be the second largest revenue generating segment for ash soda market. In terms of revenue this segment is expected to surpass USD 1,705.74 million by 2024 with a growth rate of 5.0% over the forecast period.
North America is the largest producer of natural soda ash, owing to large deposits of trona. North American market is expected to grow at an estimated CAGR of 2.8% from 2016 to 2024. Low cost of natural product will play a significant role in shaping its demand in the North American market.
Asia Pacific market will emerge as the largest as well as the fastest growing region. Market growth is expected to be driven by increasing production capacity in China along with the high growth of end-use industries in emerging economies of China, India, Taiwan, etc. Asia Pacific market will account for over 50% of the market share of which China accounts for over 60% of the total demand.
The Chinese market is anticipated to head towards overcapacity of soda ash during the forecast period as many new plants have started production by the end of 2015. China is projected to face stiff competition from the U.S. regarding its exports owing to cost advantage of the U.S. companies.
Browse Related Report: Industrial Salts Market- Rising demand for the product in key application industries including highway deicing, oil & gas industry, water treatment, agriculture and chemical processing, primarily for the production of chlorine, caustic soda, and soda ash is expected to drive growth over the forecast period. Ammonium Nitrate Market - The increasing demand for the product in fertilizers as a nitrogen source is expected to propel the market growth. In addition, the product has high demand in explosive manufacturing as an oxidizing agent, which is expected to propel industry growth.
Grand View Research has segmented the global soda ash market on the basis of application and region:
Global Soda Ash Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014-2024)
Soaps & detergents
Pulp & paper
Global Soda Ash Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014-2024)
Middle East & Africa
Central & South America
Explore the BI enabled intuitive market research database, Navigate withGrand View Compass , by Grand View Research, Inc.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist - U.S.A.
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
Country: United States