The global sodium hydrosulfite market is anticipated to rise at a significant rate during the forecast period. According to a report by Transparency Market Research, the global market for sodium hydrosulfite is consolidated in nature as only four major manufacturers account for over 50% of the total market share. Companies such as AZ Chemicals, Inc., Jinhe Group, BASF SE, and Guangdong ZhongCheng Chemicals Inc., Ltd held maximum share in the market during 2014. The other prominent players operating in the global sodium hydrosulfite market are BruggemannChemical, Mitsubishi Gas Chemical Company, Inc., and Chematrade Logistic, Inc.
The global sodium hydrosulfide market is expected to rise at a steady CAGR of 3.8% during the forecast period of 2015 to 2023. The global market was worth US$1.02 bn during 2014 and is expected to reach a valuation of US$1.43 bn by the end of 2023. According to application segment, the global sodium hydrosulfide market is expected to lead by textile processing and wood pulp bleaching as they hold the largest share in the market. It is expected to dominate the market even during the forecast period. Among all regions, Asia pacific is expected to lead the sodium hydrosulfide market with an expanding CAGR of 4% by the end of forecast period 2023. Asia pacific held 65% shares of the total market during 2014.
Rise in Demand Due to Various Applications of Sodium Hydrosulfite
Rise in demand for sodium hydrosulfide market is driven by pulp and paper industry as they use it extensively for various bleaching purposes. Sodium hydrosulfide also finds application in various other industries such as food additives, pharmaceuticals, kaolin bleaching, mineral ore flotation, and textile processing. Wood and textile pulp bleaching applications progressively held 80% of the global sodium hydrosulfite market during 2014 due to increasing demand for sodium hydrosulfite in these industries.
Sodium hydrosulfite is also used as reducing bleaching agent and reducing agent in various fabrics such as cotton, wool, and nylon textile industry. It is further used to strip colors from fabrics. This could lead to market growth in the coming years. Sodium hydrosulfite is used to brighten wood pulp. It is also used as a bleaching agent for mechanical bleaching pulp in the pulp and paper industry. The global sodium hydrosulfite market is primarily rising due to wood pulp bleaching and textile processing. These application of sodium hydrosulfite will bring dynamic growth in the market. Textile products are increasingly utilizing sodium hydrosulfite for apparels which has resulted in rise of the market over the years. Sodium hydrosulfite also finds application in mineral ore flotation.
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Rising Environment Conservation Likely to Hamper Market Growth
The global sodium hydrosulfite market is expected to face some restrains during the forecast period which might hamper the market growth. There has been a gradual decline in paper and paper board production in various parts of the world. The decline in production capacity can negatively hamper the market growth. This decline has occurred due to increasing digitalization in various parts of the world. The rise in awareness regarding environment conservation has chiefly attributed to decline of paper and paper products in the market. This decrease has directly affected the sodium hydrosulfite market. Expensive labor cost is also one of the reasons for market decline as many local manufacturers from developing and underdeveloped economies fail to afford. Due to this many local manufacturers have suffered loses and have shut down their production units. These factors are likely to affect the market during the forecast period.
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