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Sodium Sulfide Market Segmented By Regular Grade, High Purity Grade Product in Leather Processing, Pulp & Paper, Chemical Processing, Water Treatment, Ore Processing
A key application of sodium sulfide is in the leather and tanning industry. Sodium sulfide is primarily used as a dehairing agent during the process of pre-tanning. Dehairing is the first step while manufacturing leather and it is concerned with depilating animal hides with the help of specific chemicals.
Sodium sulfide and lime based dehairing is widely deployed across diverse geographical regions involved in leather production as it is comparatively more efficient, efficacious and effective when compared to other alternatives available.
A steady growth in global leather production can be safely expected during the course of the forecast period. Developing countries in the APAC region such as China, India, and Vietnam along with African nations such as Kenya, Morocco and Ethiopia should record strong growth in leather production over the course of the eight year study. This should directly benefit the sodium sulfide market in terms of positive growth.
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By application, the leather processing segment is anticipated to show substantial growth in terms of both value as well as volume for the entire forecast period between 2016 and 2024. From more than 250 KT by volume in 2016, the leather processing segment is expected to grow to more than 360 KT by the end of the year 2024, registering a volume CAGR of 3.3%.
In terms of market value, leather processing accounted for over US$ 140 Mn in 2016, and this should increase to more than US$ 190 Mn by the end of the study period, recording a value CAGR of 3.7%. The leather processing segment is predicted to remain dominant for the entire duration of the forecast period.
The leather processing segment is anticipated to gain a massive 80 BPS in the global sodium sulfide market till the end of the year 2024. An incremental dollar opportunity of nearly US$ 50 Mn can potentially be exploited in the leather processing segment of the global sodium sulfide market between 2016 and 2024.
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The manufacturing and construction industry in North America as well as Asia Pacific should fuel the demand for copper in the next decade or so. The production of copper in countries such as Peru, Chile, China and the U.S. should gain momentum during this time and drive demand for chemicals and reagents concerned with ore processing. Sodium sulfide in ore processing should witness stable growth over the period 2016-2024.
Consumption of ore processing was pegged at 235 KT in the year 2015. A steady Y-o-Y growth can safely be assumed during the course of the forecast period, culminating in the consumption of more than 300 KT by the end of the year 2024. Ore processing is another important application segment in the global sodium sulfide market and is estimated to reach a market value in excess of US$ 160 Mn in 2024.
Rising consumption of sodium sulfide in the ore processing industry due to its excellent characteristics is anticipated to be the driving force in the global sodium sulfide market. Ore processing is forecast to show an incremental dollar opportunity of more than US$ 35 Mn from the period 2016-2024. The key regions that have significant demand for sodium sulfide in the ore processing segment are Eastern Europe and Latin America.
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