The global sodium hydrosulfite market displays a consolidated vendor landscape with key four manufacturers holding a significant share of the market, says Transparency Market Research (TMR) in a new report. In 2014, companies such as Guangdong ZhongCheng Chemicals Inc. Ltd., Jinhe Group, BASF SE, and AZ Chemicals constituted a significant share of the global market for sodium hydrosulfite. Some other key companies in the market include Chemtrade Logistics Inc., Bruggemann Chemical, and Mitsubishi Gas Chemical Company.
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According to the report, the global market for sodium hydrosulfite is expected to expand at a CAGR of 3.8% between 2015 and 2023 for the market’s valuation to increase from US$1.02 bn in 2014 to US$1.43 bn by 2023.
Textile Industry Accounts as Major End-user of Sodium Hydrosulfite
On the basis of application, the global market for sodium hydrosulfite is segmented into wood pulp bleaching, mineral ore flotation, textile, and others (includes kaolin bleaching, food additives, and cosmetics). Textile processing and wood pulp bleaching account for the major share of sodium hydrosulfite market. The textile industry is expected to display demand for sodium hydrosulfite at the fastest pace during the forecast period.
In 2014, Asia Pacific stood as the leading regional market for sodium hydrosulfite in terms of demand. The high consumption of sodium hydrosulfite in China is the key factor for the lead position of Asia Pacific. Apart from China, textile manufacturing industries in India, Pakistan, Bangladesh, and Vietnam displayed considerable demand for sodium hydrosulfite in 2014. In the forecast period, Asia Pacific market for sodium hydrosulfite is expected to display significant growth due to the high demand for paper products. Also, the region is expected to expand at the fastest growth rate of more than 4% from 2015 to 2023.
Europe and North America held the second and third-largest shares respectively in the global market for sodium hydrosulfite in 2014. Wood pulp bleaching application displays the leading demand for sodium hydrosulfite in North America and Europe. However, North America and Europe are expected to display declined market shares due to increasing importance of a paperless economy.
Strengthening of Paperless Trends Hamper Market Growth
Textile processing and wood pulp bleaching applications account for the key demand for sodium hydrosulfite. Thus, the growth of sodium hydrosulfite market is largely dependent on market dynamics of key application segments of sodium hydrosulfite. With increasing demand for textile products across the world, the demand for sodium hydrosulfite has received a boost.
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Asia Pacific held the leading share of the sodium hydrosulfite market in 2014 in terms of demand. The region being the textile manufacturing center of the world accounts for the leading demand for sodium hydrosulfite. On the other hand, the paper and pulp industry has been struggling to keep pace with rapid globalization. This has negatively impacted the sodium hydrosulfite market. Rapid digitalization across the world has negatively affected the paper and pulp industry and has indirectly affected the growth of sodium hydrosulfite market. However, the Asia Pacific and Latin America markets for sodium hydrosulfite are expected to rise at a decent pace in the forecast period. Sodium hydrosulfite applications in cosmetics especially hair care products and kaolin bleaching are expected to extend attractive growth opportunities to this market.