LONDON--(BUSINESS WIRE)--According to Technavio Research Report “Sodium Chlorate Market by end-users (pulp and paper and others) and geography (APAC, Europe, MEA, North America, and South America) is witnessed to grow by 894.4 thousand tons, at a CAGR of 4% from 2019 to 2023”.
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Growing pulp and paper industry
The pulp and paper industry uses chlorine oxide derived from sodium chlorate to bleach wood pulp to produce high-quality and environmentally friendly paper products. Many manufacturers in the paper industry are incorporating eco-friendly technologies to improve their production efficiency. The growth of the pulp and paper industry generating strong demand for sodium chlorate due to its easy availability and cost-effectiveness.
“North America was the largest consumer of sodium chlorate in 2018 and is expected to dominate during the forecast period. The high demand for paper and paper products, and increasing mining activities in the region will support market growth in the region. The APAC region will witness a faster growth in the sodium chlorate market during the forecast period due to high demand from rapidly developing countries such as China, India, and Malaysia. The growth in the agricultural sector and the increasing vanadium production in China will further drive the demand for sodium chlorate in the region,” says an analyst at Technavio.
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Few Major Players for the Sodium Chlorate Market are:
- Akzo Nobel N.V.
- SHOWA DENKO K.K.
- Superior Plus
Sodium Chlorate Market: Increasing use in Several End-User Industries
Sodium chlorate is increasingly used in various end-user industries such as mining, water treatment, chemicals, and fireworks. In agriculture, it is used as a herbicide due to its oxidizing properties. Sodium chlorate is also used as a defoliant and disinfectant for crops such as corn, flax, soybeans, and cotton. In the mining industry, sodium chlorate is used as an oxidizing agent for treating ore in the extraction of vanadium. The growing use of sodium chlorate in several end-user industries is one of the key trends that will fuel the growth of the market.
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