by The global Soda Ash Market is estimated to be valued at US$ 12406.28 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 inorganic salt that forms a white powder or crystal. It is primarily used in the production of glass, chemicals, detergents, and other household products. As an alkaline compound, soda ash balances acidity levels and adds stability, density and smoothness in products. Its wide range of industrial applications stems from its unique ability to dissolve in water and raise pH. The glass industry accounts for over 50% of global soda ash consumption. Other major end users include chemical, soap and detergent, paper, food and beverages. The growing construction and automotive industries have increased the demand for soda ash from the glass industry.
Market key trends:
One of the key trends in the soda ash market is rising usage in water treatment plants. Soda ash is used to increase the pH and alkalinity of water. It helps neutralize acids present in water and makes it less corrosive. With growing concerns of water scarcity and need for purified water, many countries are investing in new water treatment facilities and upgrading existing ones. This is positively impacting the demand for soda ash. Another major trend is the implementation of solar soda ash plants. Manufacturers are increasingly adopting solar evaporation technique to produce soda ash, which is more sustainable and reduces dependency on natural resources.
Porter’s Analysis
Threat of new entrants: Low economies of scale and high capital investment required along with already well established players poses a low threat of new entrants in the soda ash market.
Bargaining power of buyers: Large number of buyers and availability of substitutes provide moderate bargaining power to the buyers in the soda ash market.
Bargaining power of suppliers: Availability of substitute raw materials limits the bargaining power of suppliers in the soda ash market.
Threat of new substitutes: Availability of substitutes like calcium acid and calcined sodium bicarbonate poses moderate threat of new substitutes in the soda ash market.
Competitive rivalry: Well established players and regional presence increase the competitive rivalry in the soda ash market.
Key Takeaways
The global Soda Ash Market Growth is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period 2023 to 2030, due to increasing demand from glass and detergent industries.
The Asia Pacific region dominates the global soda ash market and is expected to maintain its dominance over the forecast period. Abundant availability of raw materials and growth of end use industries in countries like China, India and Japan has been driving the demand for soda ash in this region.
Key players operating in the soda ash market are CIECH SA, Ciner Resources Corporation, Genesis Energy LP, GHCL Limited, Lianyungang Soda Ash Co. Ltd, NIRMA LIMITED, Şişecam Group, Solvay, Shandong Haihua, Group Co. Ltd, and Tata Chemicals Ltd. CIECH SA and Solvay together accounted for over 20% of the global soda ash production in 2022.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
