The Sodium chlorate market share is expected to reach US$ 4,619.9 million in 2032 Dyes, Wood, pulp and and Paper Industry will drive the market growth during the forecast period. According to FMI, the sodium chlorate market is estimated at US$ 3,217.9 million in 2022 and is expected to increase at a CAGR of 4.1% in the forecast period from 2022 to 2032.
Sodium chlorate is primarily used for the manufacture of chlorine dioxide, which acts as a bleaching agent in the paper and pulp industry. Sodium chlorate is white/off-white in colour and is odourless. Sodium chlorate is highly soluble in water.
Sodium chlorate in its pure form is inflammable but during its decomposition, it releases oxygen, hence it acts as an accelerant in presence of flammable substances. Sodium chlorate is used for the extraction of uranium and vanadium in the mining industry.
Sodium chlorate is also used as herbicide in weed control application. In the recent years, sodium chlorate has been extensively utilized in the manufacture of chemical intermediates such as potassium chlorate and sodium perchlorate.
The overall market for sodium chlorate is projected to remain positive, however, it will exhibit a slower growth over the forecast period due to the availability of alternatives such as hydrogen peroxide that can be used for bleaching pulp.
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Global Sodium Chlorate Market Dynamics
Global Sodium Chlorate Market Drivers
The global sodium chlorate market is majorly driven by the growth in the paper and pulp industry. As about 80-90% of the overall sodium chlorate consumption is for the manufacture of chlorine dioxide, which is used in the paper and pulp industry, the demand for sodium chlorate depends significantly on the growth of paper and pulp industry.
Global Sodium Chlorate Market Restraints
One of the major factors restraining the growth of the global sodium chlorate market is the availability of alternatives such as hydrogen peroxide and ozone, which can be used for bleaching of pulp.
Moreover, with the increasing popularity of e-media, there has been a slowdown in the use of papers for the newspaper publishing and similar sectors. Shift in consumer preferences is observed on the basis of availability and cost of products. The aforementioned factors are expected to hinder the market growth to a great extent.
Global Sodium Chlorate Market Trends
There has been an increasing use of sodium chlorate for niche applications such as for the production of oxidation candles for aircrafts and submarines. Sodium chlorate is also used for the surface treatment of metals in the automotive and electronics industries.
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Global Sodium Chlorate Market Regional Outlook
The forecast for global sodium chlorate market is expected to be positive in the coming years exhibiting slow growth over the forecast period. Asia pacific holds a dominant share in the global sodium chlorate market and is projected to remain dominant in the global market throughout the forecast period due to the large base of paper and pulp industry in the region.
Moreover, China is a leading consumer of sodium chlorate. Along with paper and pulp, China has a significant base for the use of sodium chlorate in niche applications such as fireworks.
Regions such as Latin America has also exhibited significant growth in the paper and pulp industry, hence, there is a substantial demand for sodium chlorate in the region. Japan and MEA are projected to hold relatively small shares in the global sodium chlorate market. The regions such as North America and Europe are expected to witness sluggish growth over the forecast period, 2017-2027.
Global Sodium Chlorate Market Participants
Examples of some of the market participants identified across the value chain of the global sodium chlorate market are, Akzo Nobel N.V. (Eka Chemicals), Kemira, ERCO Worldwide, Chemtrade (Canexus), Arkema, Tronox Limited, Ercros S.A and Inner Mongolia Lantai Industrial among others.
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Global Sodium Chlorate Market Segmentation
The global sodium chlorate market can be segmented on the basis of application and region.
On the basis of application, the global sodium chlorate market can be categorized as:
- Bleaching agent
- Oxidizing agent (chemical synthesis)
On the basis of form, the global sodium chlorate market can be segmented into:
- Crystalline form
- Solution form
On the basis of end-use industry, the global sodium chlorate market can be segmented into:
- Paper and Pulp Industry
- Chemical Industry
- Aerospace and Marine
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The post Sodium Chlorate Market is Reaching US$ 3,217.9 Mn at a Gracious Rate of 4.1% by the year 2032 appeared first on Future Market Insights.
Original Source of the original story >> Sodium Chlorate Market is Reaching US$ 3,217.9 Mn at a Gracious Rate of 4.1% by the year 2032
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