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APAC Sodium Sulfide Market Share to Earn $280 Mn by 2026
Published Date: 2020-10-09
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According to the Graphical Research new growth forecast report titled “Asia Pacific Sodium Sulfide Market Size By Grade (Technical, Purified), By Product (Low Ferric, Anhydrous, Crystal), By Application (Pulp & Paper, Water treatment, Tanneries, Chemical processing, Textile Industry, Ore processing)”, Estimated to Exceed USD 280 Million by 2026.
Asia Pacific is a major market for pulp & paper owing to rising population, increasing spending on hygiene products and the presence of large commercial forests suitable for wood pulp and paper processing. This product plays a vital role in processing & bleaching of bagasse fibers, bamboo, and wood to pulp, and also imparts high strength to paper items. It is widely being used as a tanning chemical during leather tanning and processing stage for the production of leather. Steady growth in the regional leather industry has surged the demand for consumer goods such as footwear, luggage, accessories, and belts, which may foster Asia Pacific sodium sulfide market growth.
The product is routinely used in wastewater treatment as an oxygen scavenger agent for the removal of heavy metals ions such as lead, copper, and mercury. Significant rise in population, declining availability of clean water, rapid urbanization, industrialization, and technical advancements in water treatment technology have led to the increasing necessity of water reuse. For instance, every year nearly 80 percent of wastewater goes into waterways without adequate treatment in the Asia Pacific region, this presents ample opportunities for key industry participants.
Anhydrous product segment has wide use in rayon dyeing, gold ore hydrometallurgy, leather, paper and organic chemical manufacturing industries. It is widely deployed in laboratories as an inert drying agent, for eliminating traces of water from organic solutions. Moreover, gel-based anhydrous sodium sulfide is used in personal care applications, such as toenail trimming. The product performs a softening role for the reduction of pain during toenail trimming, these factors will further enhance the product penetration rate.
Ore processing segment accounted for a market size of over USD 40 Million in 2019, growing with a CAGR over 7.5% over the forecast period, in terms of revenue. This product act as a cleaning agent and ensures that the ore surface is free from products of hydrophilic oxidation, thus promotes ore flotation. Upsurge in demand for ferrous metals, such as steel & iron, and non-ferrous metals, such as copper, lead, and zinc, has augmented the Asia Pacific ore processing industry growth. These factors will boost product demand.
According to market trends, tanneries applications segment may witness gains of over 7% between 2020 to 2026. The product is used in the processing of different leather varieties which improves softness and properties of the manufactured item. Growth in operational costs along with stringent labor regulations in Italy, France, Spain, and Germany has resulted in shifting of major leather manufacturing facilities from Europe to several Asian nations including India, China, and South Korea. Moreover, surge in exports of leather from India, and China is likely to propel the product demand. For instance, Indian leather goods exports exceeded USD 4.6 billion in 2019-20.
Key players in the Asia Pacific sodium sulfide market are Sankyo Kasei Co., Ltd., Anmol Chemicals Group, Nafine Group International Co., Ltd., Hebei Xinji Chemical Group Co., Ltd., Longfu Group, Shaanxi Fuhua Chemical Co., Ltd, and Shengli Limited.