Sodium Hydrosulfite Market to reach US$1.43 bn by 2023 | TMR
The
global sodium hydrosulfite market displays a consolidated vendor
landscape with key four manufacturers holding a significant share of the
market, says Transparency Market Research (TMR) in a new report. In
2014, companies such as Guangdong ZhongCheng Chemicals Inc. Ltd., Jinhe
Group, BASF SE, and AZ Chemicals constituted a significant share of the
global market for sodium hydrosulfite. Some other key companies in the
market include Chemtrade Logistics Inc., Bruggemann Chemical, and
Mitsubishi Gas Chemical Company.
This
151 page report gives readers a comprehensive overview of the Sodium
Hydrosulfite Market . Browse through to unlock the hidden opportunities
in this market.\
According
to the report, the global market for sodium hydrosulfite is expected to
expand at a CAGR of 3.8% between 2015 and 2023 for the market’s
valuation to increase from US$1.02 bn in 2014 to US$1.43 bn by 2023.
Textile Industry Accounts as Major End-user of Sodium Hydrosulfite
On
the basis of application, the global market for sodium hydrosulfite is
segmented into wood pulp bleaching, mineral ore flotation, textile, and
others (includes kaolin bleaching, food additives, and cosmetics).
Textile processing and wood pulp bleaching account for the major share
of sodium hydrosulfite market. The textile industry is expected to
display demand for sodium hydrosulfite at the fastest pace during the
forecast period.
In
2014, Asia Pacific stood as the leading regional market for sodium
hydrosulfite in terms of demand. The high consumption of sodium
hydrosulfite in China is the key factor for the lead position of Asia
Pacific. Apart from China, textile manufacturing industries in India,
Pakistan, Bangladesh, and Vietnam displayed considerable demand for
sodium hydrosulfite in 2014. In the forecast period, Asia Pacific market
for sodium hydrosulfite is expected to display significant growth due
to the high demand for paper products. Also, the region is expected to
expand at the fastest growth rate of more than 4% from 2015 to 2023.
Europe
and North America held the second and third-largest shares respectively
in the global market for sodium hydrosulfite in 2014. Wood pulp
bleaching application displays the leading demand for sodium
hydrosulfite in North America and Europe. However, North America and
Europe are expected to display declined market shares due to increasing
importance of a paperless economy.
Strengthening of Paperless Trends Hamper Market Growth
Textile
processing and wood pulp bleaching applications account for the key
demand for sodium hydrosulfite. Thus, the growth of sodium hydrosulfite
market is largely dependent on market dynamics of key application
segments of sodium hydrosulfite. With increasing demand for textile
products across the world, the demand for sodium hydrosulfite has
received a boost.
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Asia
Pacific held the leading share of the sodium hydrosulfite market in
2014 in terms of demand. The region being the textile manufacturing
center of the world accounts for the leading demand for sodium
hydrosulfite. On the other hand, the paper and pulp industry has been
struggling to keep pace with rapid globalization. This has negatively
impacted the sodium hydrosulfite market. Rapid digitalization across the
world has negatively affected the paper and pulp industry and has
indirectly affected the growth of sodium hydrosulfite market. However,
the Asia Pacific and Latin America markets for sodium hydrosulfite are
expected to rise at a decent pace in the forecast period. Sodium
hydrosulfite applications in cosmetics especially hair care products and
kaolin bleaching are expected to extend attractive growth opportunities
to this market.
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