Sodium Sulfate Market - Forecast(2024 - 2030)
Sodium Sulfate Market Overview
The Sodium sulfate market size is forecast to reach?US$1.86?billion by 2027, after growing at a CAGR of?3.8%?during 2022-2027.?Sodium sulfate is an inorganic compound in a?white crystalline solid?or powder, used in the production of kraft paper, glass, paperboard, food ingredient and detergents; as well as a raw material for various chemicals such as?hydrochloric acid. Globally, in the glass industry, sodium sulfate?heptahydrate?is used for rapid cooling of a solution, which aids in the removal of small air bubbles from molten glass. Additionally, as technology advances, sodium sulfate is being used in solar energy storage. To change from solid to liquid, sodium sulfate requires a lot of energy, which highlights its ability to store a lot of energy for a given mass. According to Solar Energy Industry Association,?the US solar market installed a record 23.6 GW of solar capacity in 2021, which is a 19% increase as compared to 2020. The U.S. Solar accounted for 46% of all new electricity-generating capacity added in 2021. As a result, the rising demand for solar energy is estimated to propel the sodium sulfate industry forward. Moreover,?the demand for cleaning products; such as soap and detergents; has been increasing due to rising awareness about cleanliness and high focus on sanitation and in turn increasing demand for the production of cleaning products such as soaps and detergents to meet the increasing demand. For instance, according to the Chemical and Petrochemical Statistics at a Glance 2020 report released by the Government of India, Ministry of Chemicals and Fertilizers, and Department of Chemicals and Petrochemicals, the manufacture of synthetic detergents, increased from 596000’MT in 2014-2015 to 687000’MT in 2018-2019. Thus, the increase in the production of soaps & detergents is fueling up the sodium sulfate market.?However, due to covid 19 pandemic, the market has declined in 2020 owing to the shutdown of the manufacturing facilities, to reduce the spread of the virus. But the market is expected to follow an increasing trend due to the growing consumption from various end-use sectors. Therefore, the rise in the production of glass, concrete, paper & pulp, soaps & detergents and others; will increase the demand for the sodium sulfate market during the forecast period.
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Report Coverage
The report:?“Sodium Sulfate Market Report – Forecast (2022-2027)”,?by IndustryARC, covers an in-depth analysis of the following segments in the sodium sulfate?industry.
By Grade:?Food Grade, Technical Grade, and Pharma Grade. By Packaging:?Bottle, Bag (HDPE Bag and PP Bag) and Others. By Application: Food Additives, Concrete, Glass, Soaps and Detergents, Plasticizer, Pulp & Paper, Solar Energy, Fertilizers, and Others. By End-Use Industry:?Building and Construction, Personal Care and Cosmetics, Textile and Apparel, Food and Beverages, Agrochemicals and Others. By Geography:?North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Netherlands, Belgium, Russia, and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, New Zeeland, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World: The Middle East (Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa (South Africa, Nigeria, Rest of Africa)
Key Takeaways
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Sodium Sulfate Market Segment Analysis – By Application
The?soaps and detergents segment accounted for around?63.7%?of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. The properties of sodium sulfate allow the detergent powder to flow freely. Sodium sulfate is a filler in a detergent powder that allows the concentration of active matter in the powder to be adjusted as required. Also, in cleaners such as powdered laundry detergent, powdered dish detergent, and powdered carpet powder sodium sulfate is utilized. From commercial coffee makers to driveways, garages and swimming pools, sodium sulfate can be used to clean a wide range of surfaces. In the year 2020, owing to the rising consumer hygiene awareness the demand for soaps and detergents increased.?Moreover,?the increasing growth of innovative soaps and detergent products is also driving the sodium sulfate market growth. For instance, in 2021 surf excel launched a single-use soluble liquid detergent capsule with a unique three-chamber design. The product is capable of long-lasting fragrance, advanced stain removal, and care for fabrics. Thus, such new product launches related to soaps and detergents are driving the growth of the sodium sulfate market.
Sodium Sulfate Market Segment Analysis - By End-Use Industry
The personal care, cosmetics & Homecare segment accounted for approximately?67.4%?of the market share in 2021 and is estimated to grow at a significant CAGR?during the forecast period.?Sodium sulfate is primarily used in the personal care and cosmetics industry as a cleansing agent?in various applications such as in shower gels, shampoos, conditioners, exfoliants, facial cleansing gels, personal hygiene products, liquid hand soaps, toothpaste and other applications. The personal care and cosmetics industry is rapidly increasing in various regions, due to which the demand for sodium sulfate is also rising. For instance, according to the International Trade Administration, Indonesia, in 2021, the revenues in the personal care and cosmetics industry are projected to reach US$7.5 billion and are estimated to rise at a 6.5% compound annual growth rate through 2025. Similarly, the total local production, in Mexico, of personal care and cosmetics products, is estimated to rise up to US$ 7.15 billion in 2021, from US$ 7.14 billion in 2020. The increasing growth in the personal care and cosmetics industry is expected to accelerate the growth of the sodium sulfate market during the forecast period.
Sodium Sulfate Market Segment Analysis - By Geography
Asia Pacific region held the largest share in the sodium sulfate market in 2021 up to?58.9%, owing to the growing industrial, automotive, residential, commercial, and large infrastructure projects, in developing countries like China, India, Indonesia, and others. The main factor behind this is the increasing demand for sodium sulfate from the building & construction and solar industries of the region. The use of sodium sulfate as a purifying agent, helps remove small air bubbles from molten glass and for thermal energy storage in solar panels, is propelling its market growth. For instance, according to Rystad Energy, the total renewable energy capacity including solar energy will increase from 517 GW in 2020 to 815 GW by 2025 in the Asia-Pacific region. The total capacity of solar energy in the region is expected to reach from around 215 GW to 382 GW by 2025. Furthermore, in August 2021, New Zealand's Auckland Airport announced its plans to build 100 retail stores. The new retail area will include the construction of a 23,000-square-meters outlet center near the airport's north-eastern boundary. Therefore, a surging development in solar energy and building & construction sectors in the Asia-Pacific region is expected to increase the demand for sodium sulfate. And that is used in solar panels, photovoltaic modules and in buildings such as glass windows and more. This is expected to boost the growth of the market in the Asia-Pacific region during the forecast period.
Sodium Sulfate Market Drivers:
Increasing demand for sodium sulfate in the textile & apparel sector
Sodium sulfate is a common electrolyte or dye additive used in the dyeing of many materials to improve dye penetration and absorption onto fibers. Changing industry trends and an increase in demand for colored and printed fabrics will boost the demand for textile dyes, inclining the use of sodium sulfate in the textile dyeing process. Also, an increase in the production of fabrics and clothes is expected to increase sodium sulfate consumption in the textile industry. According to the Ministry of Industry and Information Technology of China, the combined operating revenue of 12,510 major garment companies is around 779.9 billion yuan (US$120.8 billion), up 11.04% year-on-year from January to July 2021. The total profits are around 33.2 billion yuan (US$4.82 billion), increased to 9.81% from the same period. Moreover, China's exports of garments and accessories increased 32.9% year on year to US$88.1 billion in 2021. In the forecasted timeframe, increasing penetration of organized retail stores, as well as changing fashion trends, is also anticipated to boost the sodium sulfate market value.