Market Analysis
The sodium chlorate market will touch USD 5.74 million at a 4.6% CAGR by 2030, states the latest Market Research Future report.
Drivers
Growing Need for Pulp and Paper to Boost Market Growth
The growing need for pulp and paper in various industries such as chemical manufacturing, hygiene products, and paperboards coupled with the increasing demand in the auto sector in developed countries owing to improved engine designs and advanced technologies will boost sodium chlorate market growth over the forecast period.
Opportunities
Increasing Use of Tissue Papers to offer Robust Opportunities
The increasing use of tissue papers like toilet papers, baby wipes, and facial wipes on a large scale in households, offices, and restaurants will offer robust opportunities for the market over the forecast period.
Restraints
Availability of Substitutes to act as Market Restraint
The availability of substitutes may act as a market restraint over the forecast period.
Challenges
Strict Regulations on Use of Sodium Chlorate to act as Market Challenge
The strict regulations on the usage of sodium chlorate for the harmful environmental effects may act as a market challenge in the forecast period.
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COVID-19 Analysis
The COVID-19 crisis has negatively impacted various industries such as chemical, mining, and fireworks. The fabric production is likely to dip for the fall in exports as well as stagnation in home textile/apparel production. Besides, there has been a shutdown in the paper and pulp industry. Logistical disruptions and plant closures have disrupted packaging need for the suspension of operations in different industries. The outbreak had a direct effect on the demand for newspapers because most readers are avoiding reading newspapers thus impacting the paper and pulp industry. Companies in the commercial aviation are facing disruption in production and also slowing need owing to delay of new aircraft delivery, travel restrictions, and lack of workforce. All these affected the market growth.
Market Segmentation
The global sodium chlorate market has been bifurcated based on form and application.
By form, crystalline will lead the market over the forecast period.
By application, pulp and paper will dominate the market over the forecast period.
Regional Analysis
APAC to Spearhead Sodium Chlorate Market
The APAC region will spearhead the sodium chlorate market over the forecast period. High demand in pulp & paper production, growing need for paper-based products, South Korea, Japan, India, and China being major contributors, robust industrialization, increasing demand for improved engine designs & influx of advanced technologies that led to rapid strides in the auto industry in developed countries, and the growing need from paper and pulp in China are adding to the global sodium chlorate market growth in the region.
Key Players
Eminent industry players profiled in the global sodium chlorate market report include Arkema SA (France), Nouryon (The Netherlands), ERCO (Canada), Kemira (Finland), Merck KGaA (Germany), China First Chemical Holdings Limited (China), HARKE GROUP (Germany), Tronox Holdings plc (US), Chemtrade (Canada), Brenntag AG (Germany), Ercros S.A (Spain), Inner Mongolia Lantai Industrial Co. Ltd. (China), and Lianyungang Xingang Chemical Co., Ltd. (China), among others.
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