Sodium Sulfide Market 2021 | Emerging Trends & Global Industry Forecast to 2024
According to Global Market Insights Inc. report, sodium sulfide market size is estimated to surpass USD 650 million by 2024.
Delaware, United States – August 4, 2021 /MarketersMedia/ —
Global Sodium sulfide market is poised to observe a commendable growth over 2018-2024, subject to a massive demand from several industries such as paper and pulp, leather, rubber, textile, mining and construction, oil and gas, and so on. These industries largely depend on sodium sulfide as it is one of the most crucial chemical compounds in manufacturing of their products.
Among the industrial applications for example, leather manufacturing companies require sodium sulfide for unhairing of animal hides before leather tanning. For instance, TIB, a Germany based chemical provider offers leather companies with their product named Thio Flakes which speeds up depilation and soaking in leather manufacturing.
Moreover, improved lifestyle and rising disposable incomes have augmented the use of leather made accessories such as jackets, bags, shoes, briefcases, suitcases, etc. This consequently will increase the demand for sodium sulfide.
The overall sodium sulfide market is typically fragmented into different segments including the product type, grade, application, and regional landscape.
The product vertical is highly characterized by low ferric sodium sulfide segment, which is projected to depict a substantial growth in the coming years as a result of extensive usage of sodium sulfide in leather, high grade paper, ore dressing, PPS plastic, medicine industries, printing and dying. The product boasts of impressive advantages such as solubility in water as well as alcohol, high reducibility and high reactivity. For the record, in 2017, sodium sulfide market had recorded a revenue share of USD 180 million in the overall market..
Based on the grade bifurcation, technical grade sodium sulfide segment is expected to record a revenue of more than USD 460 million by 2024 owing to increased utilization in industrial, manufacturing and laboratory applications. It has wide usage in heavy metal removal during wastewater treatment, as a reducing agent in pharma industry, for removal of sulfur in viscose rayon, for production of heavy water in power plants and in manufacturing of black dye. Such vast range of applications will proliferate the product demand.
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Elaborating further on water treatment activities, the U.S. Environment Protection Agency recently announced generating a fund of USD 6 billion for the projects associated with water infrastructure such as wastewater treatment, drinking water treatment, enhancement of water facilities, etc. This initiative will help EPA support several projects in large and small communities. Such initiatives will ultimately lead to the demand for sodium sulfide which is a key compound for the removal of metal impurities from wastewater.
Sodium sulfide market is likely to witness a heightened demand for applications pertaining to pulp & paper. In this regard, reports suggest that sodium sulfide market from pulp and paper segment would register a considerable CAGR of 6.5% through 2024.. The growth can aptly be credited to growing demand for packaging and tissue papers in Greece, Bulgaria, China and Brazil. Moreover, the product has crucial applications in the processing of bamboo, wood and bagasse fibers into pulp, and further into the bleaching of this pulp. It provides high strength to paper objects.
On the regional terrain, North America sodium sulfide market, led by U.S. and Canada is estimated to record 3% CAGR on the grounds of growing demand from mining and construction industries for copper ore. Ongoing advancements in transportation industry has further stimulated the development of high-speed trains which compels the need for copper.
About Global Market Insights Inc.
Global Market Insights Inc. headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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