Carbonated Beverages Driving Global Soda Ash Market
The global Soda Ash Market is estimated to be valued at US$ 11000.00 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 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 essential raw material used in glass, chemicals, detergents and other industries. It has found widespread application in manufacturing of products like float glass, container glass, specialty glass, sodium compounds, detergents, soap and more. With growing demand for these end use industries, the demand for soda ash is on a consistent rise.
Market key trends:
One of the key trends driving the growth of soda ash market is increasing demand from carbonated beverages industry. Carbonated beverages sector accounts for over 50% of global soda ash consumption. Rising urbanization, growing middle class population and changing preference towards carbonated drinks especially among young demographics in developing nations is propelling the demand for carbonated beverages. This in turn is positively impacting the sales of soda ash across the globe.
Market key trends:
The Soda Ash Market Size has been witnessing rising demand from the glass industry. Around 70% of the global soda ash production is consumed by the glass industry for manufacturing glass containers and flat glass. Rising construction activities across both commercial and residential sectors have been driving the demand for glass thereby boosting the consumption of soda ash. Moreover, growing population and increasing disposable incomes in developing nations are expected to propel the demand for packaged consumer goods which use soda ash in their manufacturing processes. This will further augment the soda ash market growth over the forecast period.
SWOT Analysis
Strengths:
- High demand from end-use industries such as glass and detergents
- Established production and supply chain network of key players
- Availability of raw materials for manufacturing
Weaknesses:
- Fluctuations in raw material prices affect the production costs
- Stringent environmental regulations regarding carbon emissions
Opportunities:
- Growing construction industry in Asia Pacific and Middle East and Africa
- Increasing usage of soda ash in solar panels manufacturing
Threats:
- Availability of substitute products
- Volatility in coal and fuel prices which are primary raw materials
Key Takeaways
The global soda ash market size was valued at USD 11000.00 million in 2021 and is expected to grow at a CAGR of 6.2% during 2023 to 2030.
Regional Analysis
The Asia Pacific region dominates the global soda ash market and the trend is expected to continue over the forecast period. This can be attributed to high consumption of soda ash in glass and detergent industries from China, India and Japan. China represents more than 50% of the global soda ash demand owing to large glass manufacturing base in the country.
Key players analysis
Key players operating in the soda ash market include CIECH SA, Ciner Resources Corporation, Genesis Energy LP, GHCL Limited, Lianyungang Soda Ash Co. Ltd, NIRMA LIMITED, ÅžiÅŸecam Group, Solvay, Shandong Haihua, Group Co. Ltd, and Tata Chemicals Ltd. These players are focusing on strategic partnerships and expansion of production facilities in fast growing regions to better cater to the rising demand.
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