The soda ash market is estimated to be valued at USD 11,000 million in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Soda ash, also known as sodium carbonate, is an important raw material used majorly in the manufacturing of glass, chemicals, detergents, and other industrial applications. Around 70% of the global soda ash production is consumed by the glass industry for manufacturing flat, container, and other types of glass. Other key end-use industries include chemicals, soap and detergents, paper, metallurgy, and water treatment. The easy availability and affordable price makes soda ash an important commodity chemical globally.
Market Dynamics:
One of the major drivers boosting the soda ash market growth is the expanding glass industry worldwide. Majority of soda ash finds its usage in glass manufacturing, specifically for producing container glass and flat glass. According to data, the global container glass production increased from around 80 million tons in 2016 to over 86 million tons in 2019. The glass packaging demand is rising owing to growing food & beverage industry. Another factor aiding the market expansion is increasing construction activities and infrastructure development projects. This is positively impacting the demand for architectural and automotive glass, thereby augmenting soda ash consumption in the overall glass industry.
Segment Analysis
The global Soda Ash Market Size can be segmented by product into natural and synthetic. The synthetic segment dominates the market owing to cost-effectiveness in production, supply security, and consistent physical and chemical properties. Synthetic soda ash accounts for over 80% of the global market share as its production process allows for controlled outputs.
PEST Analysis
Political: Changes in environmental regulations regarding mining activities and synthetic production could impact the market.
Economic: Growth in the glass, chemicals, soaps and detergents industries drives demand. Fluctuations in raw material prices and economic cycles affect the market.
Social: Increasing population and urbanization boosts use of products containing soda ash.
Technological: Advancements in production technologies increase yields and optimize costs.
Key Takeaways
The global soda ash market is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing demand from the glass sector. Glass production utilizes over 70% of global soda ash supplies.
Regional analysis: Asia Pacific dominates the market occupying over 50% share due to strong glass, chemicals, and soaps & detergents industries in China, India, and Japan. China represents the fastest growing as well as the largest regional market.
Key players operating in the soda ash market are CIECH SA, Ciner Resources Corporation, Genesis Energy LP, GHCL Limited, Lianyungang Soda Ash Co. Ltd, NIRMA LIMITED, Şişecam Group, Solvay, Shandong Haihua, Group Co. Ltd, and Tata Chemicals Ltd. Key players focus on strategic collaborations and capacity expansions to strengthen their positions.
Read More: https://www.rapidwebwire.com/soda-ash-market-size-and-share/
