The rising use of innovative and enhanced products in industries such as construction, automotive, and agriculture has increased the consumption of chemicals, which has significantly contributed to the growth of the global chemical industry. For instance, in 2019, the chemical industry in the US grew by 1%-3% and is expected to grow 2%-4% in 2020. This can be attributed to factors such as an increase in consumer spending, rising investment activities, and the stabilization of the automotive industry in the country. Soda ash is widely used in the chemical industry for the manufacture of a wide range of chemical products, including coloring agents, dyes, adhesives, sealants, fertilizers, and detergents. With the accelerating growth of the chemical industry, the demand for soda ash will increase during the forecast period.
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As per Technavio, the expansion in the capacities of soda ash manufacturing plants will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Global Soda Ash Market: Expansion in the Capacities of Soda Ash Manufacturing Plants
The global demand for soda ash is increasing, especially from end-user applications such as glass and detergents. This is driving vendors to focus on the expansion of their manufacturing facilities to cater to the growing demand for soda ash. For instance, in September 2019, Genesis Energy announced its investment plans to expand its existing Granger production capacity to increase its soda ash production by nearly 750k tons per annum. Many such expansion plans by market vendors are expected to boost the growth of the global soda ash market during the forecast period.
“Advancements of production technologies and the rising number of merger and acquisition activities will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Soda Ash Market: Segmentation Analysis
This market research report segments the global soda ash market by application (Glass, Soaps and detergents, Chemicals and Others) and geography (APAC, Europe, MEA, North America and South America).
The APAC region led the soda ash market in 2019, followed by Europe, North America, MEA and South America. During the forecast period, the APAC region is expected to register the highest incremental growth due to the rapid growth of residential and industrial construction activities in China.
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Some of the key topics covered in the report include:
- Soaps and detergents
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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