New Delhi, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Astute Analytica has conducted a comprehensive analysis of the global soda ash market, identifying key trends and opportunities. The global soda ash market is expected to grow at a CAGR of 6.6%, driven by strong growth in Asia. In the glass manufacturing sector, soda ash is used as a key raw material and accounts for about 50% of global consumption. The growth in demand for various glass forms such as hollow glass, flat glass, tableware, technical glass, solar glass, and smart glass by end-use industries is positively impacting the demand for soda ash globally.

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The increasing use of soda ash in detergent and soap manufacturing, pulp and paper, and agriculture is also expected to drive the growth of the market. The use of soda ash as a natural fertilizer in agriculture is expected to further drive the market growth.

Global Soda Ash Market to Witness Demand for 97.7 million Tons Soda Ash By 2031

The global market is poised for significant growth in the coming years, driven by increasing demand from various industries and favorable government regulations. With an estimated 97.7 million tons expected to be sold by 2031, soda ash is a versatile chemical compound that has a wide range of uses in the industrial and consumer sectors, including the manufacture of glass, detergents, soaps, paper, environmental protection, water treatment, and more.

In 2022, the market size of the global soda ash market was US$19.1 billion and is projected to reach US$33.9 billion by 2031, growing at a CAGR of 6.6%. The growth of the market is also being propelled by the increasing awareness of the benefits of soda ash among consumers and the cost-effectiveness and availability of different grades of soda ash.

To capitalize on the growth opportunities, companies in the soda ash industry are investing in expanding their production capacities and introducing innovative products. For instance, FMC Corporation, the largest producer of soda ash, is investing in technology to increase production efficiency and reduce costs. Meanwhile, AkzoNobel India is investing in a new soda ash plant to take advantage of the growing market.

Fluctuation in Raw Material Prices to Hamper Profit Margins of Operators in the Global Soda Ash Market

Fluctuations in raw material prices are one of the major factors that can hamper profit margins of the operators. Raw materials account for a large part of the cost of producing soda ash and any change in the raw material prices can significantly affect the profit margins of the operators.

Raw material prices in the global soda ash market are highly sensitive to changes in supply and demand dynamics and these prices keep fluctuating to balance the same. In December 2022, the commodity price rose due to a rebound in demand from the glass manufacturing industry with increasing offers in solar panel production. As a result, the price of Soda Ash was assessed at USD 394/MT FOB Lianyungang (China) in December 2022. Major raw materials used for soda ash production are limestone, salt cake, and trona ore. These raw materials are subject to cost uncertainty depending upon their availability and changing prices.

The suppliers play a crucial role in determining the raw material costs. With an increase in the number of suppliers, competition increases and they tend to offer their products at lower prices. This is likely to reduce the cost of production in the soda ash market. Similarly, any change in the availability of raw material or fluctuations in their prices can directly impact the performance of the market.

Furthermore, the rising cost of energy is another major factor that is hampering the profit margin of the operators in the global soda ash market. Energy is used for various processes like grinding, crushing, heating, and transportation involved in soda ash production. Increase in energy prices results in higher operating costs and hence affects the profit margins of the operators.

In conclusion, fluctuations in raw material prices along with rising energy costs, can have a significant effect on the profit margins of operators. Therefore, it is important for the operators to keep a close watch on the changing prices of raw materials in order to stay competitive in the market.

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Dense Soda Captured over 50% Share of Global Soda Ash Market

Dense Soda ash is an inorganic compound and is also known as washing soda, soda crystals, and sodium carbonate. In 2022, the dense soda ash accounted for more than 50% of the global soda ash market due to its usage in various applications such as manufacturing glass, soaps, detergents, effluent, drugs, manufacture of paper, metallurgical processes. This has led to the growth of the market, as it has become a common element in multiple industries.

The dense soda ash holds the maximum market share of 50% in 2021, owing to its widespread applications like manufacturing glass, soaps, detergents, effluent, drugs, manufacture of paper, metallurgical processes. Furthermore, the growing use of dense soda ash in the manufacture of glass, particularly for windows and automotive glass is also a key factor driving market growth. Also, government initiatives for increasing the production of soda ash for various industries is expected to further contribute to the growth of the global soda ash market.

However, the growth of the market is expected to be restricted by environmental regulations and safety concerns associated with the handling of soda ash. A significant rise in the cost of raw materials can also hamper the market growth. Moreover, the rising cost of labor and transportation is also expected to have an adverse effect on the market growth.

Asia Pacific to Generate Over 50% Market Revenue of the Global Soda Ash Market by 2031

The soda ash market is highly consolidated with top 5 player accounting for more than 45% of global production. The top 5 producers are China, Turkey, the United States, India, and Kenya. China is the leading producer of soda ash, accounting for over 50% of global production. Chinese producers benefit from low-cost feedstocks and government support. However, they face increasingly stringent environmental regulations which may lead to higher costs and reduced profits in the future.  Turkey is the second-largest producer of soda ash, with a production capacity of 10 million tons per year. Turkish producers have access to low-cost feedstocks and favorable government policies, but face stiff competition from Chinese producers.

The United States is the third-largest producer in the global soda ash market, with a production capacity of 8 million tons per year. US producers benefit from abundant natural resources and a well-developed infrastructure, but face intense competition from foreign producers.

Prominent Players in Global Soda Ash Market:

• CIECH SA (Poland)
• Ciner Resources Corporation (US)
• DCW Limited (India)
• Genesis Energy (Auckland)
• GHCL Limited (India)
• Hubei Yuhua (China)
• OCI Company Ltd. (South Korea)
• Nirma Ltd. (India)
• Sanyo Chemical Industries, Ltd. (Japan)
• Shandong haihua (China)
• Sisecam (Turkey)
• Solvay SA (Belgium)
• Tata Chemicals Limited (India)

Suppliers:

• Ishtaar Company LLC (Dubai)
• KPL International (India)
• Weifang Haizhiyuan Chemistry and Industry Co., Ltd. (China)
• Trade House Bashkhim (Russia)

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