Prominent players in the sodium chlorate market are focusing on acquisitions and are collaborating with key paper & pulp manufacturers to strengthen their foothold.
ROCKVILLE, MD / ACCESSWIRE / September 24, 2020 / The sodium chlorate market is projected to grow at a moderate CAGR of 3.7% in terms of value through the period of forecasting between 2020 and 2030. The report suggests that the growth of the market is primarily driven by continual demand for sodium chlorate in the chemical and paper & pulp industries, where it is used as a low-cost oxidizing agent and bleaching agent, respectively. On the other hand, the outbreak of COVID-19 has brought the operations in the end-use industries to a screeching halt, leading to a downfall in demand for sodium chlorate.
"Growing trend of eco-friendly techniques in paper production processes is expected to give a boost to sodium chlorate as a bleaching agent, while the overall demand for superior-quality paper in different applications will continue to drive the market on a positive growth trajectory," says the Fact.MR report.
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Sodium Chlorate Market - Key Takeaways
- The global sodium chlorate market is projected to bestow a revenue opportunity worth US$ 1.5 Bn between 2020 and 2030.
- Based on form, crystalline is poised to account for the majority of market share, backed by its well-defined surface area, which helps in providing better bleaching as compared to its counterpart, amorphous form.
- By application, sodium chlorate as a bleaching agent is expected to channel the majority of revenue, backed by ever-growing adoption in the paper & pulp industry.
- On the basis of end-use, the chemical and paper & pulp industries are anticipated to cumulatively account for more than 90% of the global value by the end of the forecast period.
- Asia Pacific excluding Japan is projected to dethrone Europe as the largest regional market by the end of the forecast period and will account for nearly 38% of market share by 2030.
Sodium Chlorate Market - Driving Factors
- Surging demand for wood pulp in the production of craft paper is propelling the demand for sodium chlorate which is used to manufacture chloride dioxide which, in turn, finds adoption in wood pulp bleaching.
- The growing need for different kinds of high-quality papers, such as packaging paper, tissue paper, and craft paper, among others, is expected to boost the demand for sodium chlorate in the paper industry.
- Factors such as easy availability, ease of storage, and cost-effectiveness are equally complementing adoption in several end-use sectors.
Sodium Chlorate Market - Constraints
- The high cost of production associated with crystalline is likely to hold back the growth of the market to an extent.
- Fluctuating prices of crystalline have adversely impacted the profit margins of suppliers and distributors across the world.
- The applications of sodium chlorate in amorphous form are limited to the chemical sector and cannot be extensively used in other sectors, and this is restraining the market.
Anticipated Market Impact by Coronavirus Outbreak
The unprecedented outbreak of COVID-19 is adversely impacting the growth trajectory of the global sodium chlorate market as the operations in the chemical and paper & pulp sectors - the largest end-use industries - come to a curt halt. Repercussions of the pandemic such as travel restrictions and supply chain disruptions have severely affected the trade activities in Asia Pacific, the epicenter of the initial outbreak in the first quarter of 2020. With the consequential implementation of lockdown in major Asian economies, the downtrend prevailed through the second quarter as well, significantly affecting the overall growth of the market.
Explore the global Sodium Chlorate Market with 113 figures, 90 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/2357/sodium-chlorate-market
Competition Landscape
The key players operating in the sodium chlorate market include, but not limited to, Arkema S.A, Nouryon, Kemira Oyj, Tronox, Lantai Industry, Shree Chlorates, ERCO Worldwide, and Chemfab Alkalis Limited. Market players are opting for organic approaches such as acquisitions to expand their business. On these lines, in 2020, Kemira has completed the expansion of its sodium chlorate production in South Carolina, the United States.
More on the Report
The FACT.MR's market research report provides in-depth insights into the sodium chlorate market. The market is scrutinized on the basis of type (crystalline, amorphous), application (bleaching agents, herbicides, oxidizing agents, other applications), and end-use industry (paper & pulp industry, chemical industry, mining industry, other end-use industries), across seven major regions (North America, Latin America, Europe, Japan, Asia Pacific Excluding Japan, and the Middle East & Africa).
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SOURCE: FactMR
View source version on accesswire.com:
https://www.accesswire.com/607650/Sodium-Chlorate-Market-to-Progress-at-CAGR-of-37-through-2030-Demand-Beholds-Downtrend-During-COVID-19-Opines-FactMR
