Consumption of Sodium Sulfide to Reach 1,157 KT by 2024 - Persistence Market Research
NEW YORK, April 24, 2017 /PRNewswire/ --
Sodium Sulfide Market - By application, the leather processing segment is anticipated to show substantial growth in terms of both value as well as volume for the entire forecast period between 2016 and 2024. From more than 250 KT by volume in 2016, the leather processing segment is expected to grow to more than 360 KT by the end of the year 2024
In its report titled, "Global Market Study on Sodium Sulfide: Leather Processing Application Segment Expected to Witness Significant Value and Volume Growth Between 2016 and 2024", Persistence Market Research (PMR) estimates that the global consumption of sodium sulfide is projected to grow at a sluggish CAGR of 2.9% to reach 1,157 KT by 2024. Asia Pacific (APAC) will remain the largest market; however, demand will remain stifled on account of growing concerns about environmental damage. While leather processing will account for the bulk of demand, regular grade sodium sulfide will completely outsell high-purity variant.
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Application Sodium Sulfide for Ferrous & Non-Ferrous Metal Production to Propel its Market Growth
Sodium sulfide is widely utilized in dehairing process for leather production owing to its relatively higher effectiveness, efficiency and efficaciousness than other alternatives. The market is expected to grow on account of sodium sulfide applications in ore processing. Sodium sulfide manufacturers are likely to witness steady demand from ferrous and non-ferrous production companies, especially those in the ore floatation process.
However, in spite of steady demand from end-use industries, market growth will remain sluggish over the forecast period owing to the hazardous effects of sodium sulfide. The broader industry-wide scrutiny by regulatory authorities will negatively impact demand for sodium sulfide, with cleaner, less harmful chemicals gaining traction.
A sample of this report is available upon request @ http://www.persistencemarketresearch.com/samples/4357
Key Findings in the Report Include
- Regular grade sodium sulfide will continue to remain sought-after among manufacturers. This product type segment accounted for 95% revenue share of the market in 2016. The status-quo is projected to remain unchanged during the forecast period.
- Leather processing remains the largest end-user of sodium sulfide. This segment will grow at a higher CAGR than the overall market, reaching () Mn by 2024. Demand will also remain steady in the pulp and paper industry.
In addition to Asia Pacific, Latin America and Europe will remain the other leading markets for sodium sulfide. Manufacturers in these markets will continue to use sodium sulfide for leather production. Latin America and Middle East & Africa (MEA) are expected to reflect 3.1% and 2.4% CAGRs respectively in term of volume during the forecast period.
View Report Table of Contents, Figures, and Tables @ http://www.persistencemarketresearch.com/market-research/sodium-sulfide-market/toc
Key players partaking in the global sodium sulfide market include Solvay SA, Inner Mongolia Lichuan Chemical Co. Ltd., Changsha Vahenry Chemical Co. Ltd., Tessenderlo Group, Xintai Wanhe Chemical Co. Ltd., and China Nafine Group International Co. Ltd. These players are focusing on development of application specific tailored solutions and product innovations.
Sodium Sulfide Market Report 2016-2024 is available for $4900 (Single User License)
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