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Sodium Metal Market Segmented By Chemical Synthesis, Metal manufacturing and Refining, Pharmaceuticals
Rapid economic growth in developing countries across the world with the subsequent rise in per capita income is expected to boost the overall growth for global textiles and apparels during the next eight years. The demand for denim cloth has shown a marked increase and this is one of the primary raw materials used to manufacture indigo dyes.
Indigo dye is useful in the dyeing of cotton yarn along with manufacturing denim clothing. The growth of denim cloth is predicted to be especially strong in the APAC economies of China and India and this should certainly benefit the global sodium metal market in its wake.
The rise in worldwide biodiesel production is anticipated to be one of the key factors propelling the growth of the global market. Biodiesel production needs both esterification and trans-esterification processes. Sodium methylate is one of the most commonly used catalysts for large-scale production of biodiesel and it comprises a significant portion of the overall global biodiesel production.
Sodium methylate is either produced with sodium hydroxide or sodium metal that is further treated with methanol to create sodium methoxide. Sodium methylate production should show a steady growth throughout the forecast period.
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Asia Pacific accounted for more than half the revenue share of the global sodium metal market in the year 2015, and it is predicted to dominate for the rest of the forecast period. A growing demand for sodium should help the global market with a greater application in the dyeing, metallurgical and chemical end use industries. Asia Pacific will gain a substantial 170 BPS in the global market till the end of the year 2024.
The CAGR by value for the APAC region will be 4.4%, while the CAGR by volume will be 3.7% for the period 2016-2024. The consumption of it in this highly dynamic region was nearly 52,000 metric tons in the year 2015. This is expected to be more than 71,000 metric tons by the year 2024. An incremental dollar opportunity of more than US$ 55 Mn will be generated during the eight year forecast period.
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Get a Customized VersionChina is the largest market in the APAC sodium metal market and it alone is roughly worth 80% of the total value share in the continent. The Chinese market was roughly US$ 140 Mn in 2016 and this should rise to slightly above US$ 193 Mn in the year 2024, representing an incremental dollar opportunity of more than US$ 50 Mn.
The highest CAGR on the other hand, in both value and volume terms is forecast to be in India with 4.8% and 4.1% respectively. As China and India continue to rise, the relative importance of Japan will continue to drop in the APAC market. However, the Japanese market should still present an incremental dollar opportunity of nearly US$ 2 Mn during the period 2016-2024.
It would not be an exaggeration to call the North American market the “U.S. market” as the U.S accounts for almost 98% of the market share of the North American market. Not only does the country currently account for a lion’s share of the regional market; it is also poised to show a healthy CAGR of 3.6% by value and 2.9% by volume.
An incremental dollar opportunity of nearly US$ 20 Mn can be reasonably expected in the U.S. market. Chemical synthesis will be the most important application segment in the North America market as it currently comprises more than 60% value share and it is likely to remain so during the period of study.
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