Caustic Soda Market to Reach $55,557.7 Million by 2027; Shintech Louisiana Invests $1.49 Billion to Develop Chlor Alkali Production Facility

The global caustic soda market size is projected to reach USD 55,557.7 million by 2027. The Food and Agriculture Organization of the United Nations declared water shortage as a major problem of the 21^st century. It affects local economies that are completely dependent on water. Sodium hydroxide is extensively used as a water treatment chemical as it can absorb carbon dioxide. It would augment its growth in the upcoming years. Fortune Business Insights™ published this information in its latest report, titled, “Caustic Soda Market Size, Share & COVID-19 Impact Analysis, By Application (Organics, Alumina, Soaps, Water Treatment, Food, Inorganics, Paper & Pulp, and Others), and Regional Forecast, 2020-2027.” The report further states that the market stood at USD 44,959.2 million in 2019. It is set to exhibit a CAGR of 3.1% during the forecast period between 2020 to 2027.

Meghmani Finechem to Expand its Caustic Soda Plant at Bharuch

In November 2020, Meghmani Finechem, a chemical manufacturer based in Gujarat, announced its plan to broaden the pre-existing caustic soda plant from 294000 TPA to 400000 TPA. Apart from that, it is aiming to upgrade the capacity of the captive power plant from 96 MW to 132 MW at its Derivative and chlor alkali complex at Bharuch. Approximately Rs 230 crores will be invested in the project. This caustic plant will begin operating from March 2022 and is likely to provide additional revenue of Rs 250 crores per annum.

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https://www.fortunebusinessinsights.com/caustic-soda-market-104711

Increasing Usage in Soap & Detergent Manufacturing Process to Boost Growth

Caustic soda acts as a simple feedstock in the manufacturing of numerous chemicals. On the other hand, it acts as a reactant in the production of solvents, coatings, adhesives, dyes, pharmaceuticals, bleach, and fiber. In addition to that, it is preferred by multiple soap and detergent manufacturing companies as it can convert vegetable oils, tallow, or fat. These factors are set to aid the caustic soda market growth in the near future. However, the chemical compound can threaten the environment and humans as it releases toxic gases. It may obstruct growth.

Key Players Aim to Intensify Competition by Broadening Their Production Capacities

The global market includes many reputed manufacturers that are either broadening their production facilities or are participating in the acquisition strategy to strengthen their positions. A few others are focusing on investing huge sums in research and development activities to introduce novel solutions.

Fortune Business Insights™ lists out the names of all the prominent caustic soda producers operating in the market. They are as follows:

• Olin Corporation (Clayton, Missouri, United States)
• Tata Chemicals Limited (India)
• Aditya Birla Chemicals (India) Limited (India)
• Gujarat Alkalies and Chemical Limited (India)
• Occidental Petroleum Corporation (OXY) (Houston, Texas, United States)
• Formosa Plastics Corporation (Taiwan)
• PPG Industries (Pittsburgh, Pennsylvania, United States)
• Xinjiang Zhongtai Chemical Co., Ltd. (China)
• Hanwha Chemical (South Korea)
• Brenntag North America, Inc. (North America)
• Other Key Players

A Noteworthy Industry Development-

• November 2018: Shintech Louisiana, LLC invested USD 1.49 billion to develop a new vinyl chloride monomer and chlor alkali production facility. The company also plans to expand its existing polyvinyl chloride (PVC) manufacturing plants located in Plaquemine. The company is striving to meet the urgent demand for caustic soda from a wide range of industries worldwide.

Further Report Findings-

• In 2019, Asia Pacific procured USD 25,280.17 million in terms of revenue. It is set to retain its dominant position in the near future because of the increasing government subsidies and construction activities in the region. Also, caustic acid would experience high demand from China because of the presence of numerous producers of aluminum, textile, and organic products.
• In Latin America, Mexico and Brazil would be the main contributors to growth backed by the improvements in the standard of living, surging disposable incomes of people, and presence of a large number of manufacturing bases.
• Based on the application, the organics segment generated the highest market share in 2019. This growth is attributable to the surging usage of sodium hydroxide in the processing of several organic chemicals.

The global market can be segmented in the following way: