Steady growth in leather production to benefit the global sodium sulfide market
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.
Leather processing segment to continue dominating the sodium sulfide market
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.
Ore processing is another large segment in the global sodium sulfide market
Sodium sulfide finds widespread application in ore processing as it is used to produce ferrous (iron and steel) and non-ferrous (magnesium, copper, zinc, lead) metals particularly during the process of ore flotation. Sodium sulfide is especially important in copper mineral flotation. 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.
Sodium sulfide finds application across a number of industries particularly in leather processing, and paper & pulp processing. In the report ‘Sodium Sulfide Market: Global Industry Analysis and Forecast, 2016 - 2024’, Persistence Market Research has taken an in-depth look at the global sodium sulfide market. All-important metrics such as CAGR, Y-o-Y growth projections, and incremental and absolute dollar opportunity have been exploited for the purpose of studying the global sodium sulfide market. An estimate of the direction the global sodium sulfide market is anticipated to take in the eight year study period from 2016-2024 has been provided.
The research methodology employed by Persistence Market Research to prepare the global sodium sulfide market report is second to none in the industry. PMR analysts first profile the market extensively through both primary and secondary research to understand the overall market size, key players, top-selling products and other associations. A discussion guide is formulated after through interaction with a number of industry specialists and experts. After all the required data has been gathered, it is validated using the triangulation method wherein primary and secondary research is combined with PMR expert analysis to deliver the final data. This data is then scrutinized using advanced, proprietary tools to deliver both quantitative and qualitative insights into the global sodium sulfide market.
The global sodium sulfide market has been divided into five different geographic regions for the purpose of this study. For each region, a country-specific Basis Point Share Analysis and Y-o-Y growth projections has been provided. The regional sodium sulfide market size on the basis of Volume, Product Type and Application follows these key metrics. To understand the region with the most exciting future prospects, readers would do well to refer to this section of the sodium sulfide market report in detail.
After understanding the regional composition of the global sodium sulfide market, one may wish to know about the major players currently dominating the global sodium sulfide market. That is the primary objective of the competition dashboard that profiles a few of the industry heavyweights. A brief company description, some of the products offered, a SWOT analysis as well as key financials including revenue, operating margin, gross margin, net margin, and asset turnover have been highlighted in an easy-to-understand format in this section of the sodium sulfide market report.
The market analysis section of the global sodium sulfide market is primarily concerned with the regional production and consumption outlook, a comparison of the two, the price projections per region, the market size, Y-o-Y growth and absolute dollar opportunity. It also studies the value chain of sodium sulfide market manufacturers, distributors and end users. A supply-demand analysis in terms of production capacity, major importers and exporters, and the supply-demand scenario completes this important section. Market dynamics are absolutely essential to understand any market and this could not be truer than for the global sodium sulfide market. Drivers from both the supply and demand side, restraints, opportunities, regional market attractiveness and the relevance and impact of certain forecast factors can be gleaned from this informative section.
An important section of the sodium sulfide market report is the executive summary that is simultaneously concise and comprehensive. The executive summary touches upon global sales revenue at the beginning as well as the end of the forecast period, the CAGR rate, the segment accounting for the largest market value share and the segment predicted to grow at the highest rate. A few of the drivers, challenges and trends have been mentioned and a snapshot of the global sodium sulfide market in graphical format is provided. The summary also provides PMR expert opinion in terms of the product type and region to be targeted and differentiating strategies to be adopted to achieve the best results in the global sodium sulfide market. The section that logically follows the executive summary is an introduction to the global sodium sulfide market. This section comprises key market definitions, taxonomy and a broad overview of the global sodium sulfide market.
By Product Type