The global soda ash market is expected to reach USD 25.37 billion by 2024, according to a new report by Grand View Research, Inc. 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.
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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.
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
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