Global Consumption of Sodium Metal is Projected to Surpass 127,400 Metric Tonnes by 2024-End

Published : 3 years ago, on 05/10/2021

Global consumption of sodium metal will grow at a sluggish CAGR of 3.3% through 2024, according to Persistence Market Research’s report entitled, “Sodium Metal Market: Global Industry Analysis and Forecast, 2016 – 2024.” In 2016, over 98,400 MT sodium metal was consumed globally, and it is estimated to surpass 127,400 MT by 2024.

The sluggish demand for sodium metal is attributed to hazardous effects of highly reactive sodium element. Challenges with handling and storage of sodium metal will continue to negatively impact the growth of the market. Further, limited availability of sodium metal on account of fewer players has resulted into introduction and use of alternatives, such as magnesium for use in industrial applications.

CLICK HERE TO GET A SAMPLE REPORT (INCLUDING FULL TOC, TABLE & FIGURES) – https://www.persistencemarketresearch.com/samples/14854

Key players in this market are concentrating on expansion of their production capacities and making long-term contacts with end-use industries, especially in near proximity, to incur growth opportunities. Manufacturers are also focusing on introduction to new grades of application-specific sodium metal. Inner Mongolia Lantai Industrial Co. Ltd. held the highest volume market share in 2015. Other leading players in the global sodium metal market include Wanji Holdings Group Limited, Shandong Moris Tech Co. Ltd., and MSSA S.A.S.

In terms of volume, chemical synthesis application of sodium metal held 70.4% share of the market in 2016; by 2024, this is expected to reach nearly 72%. Sodium metal is also used in the production of dyes, and it is projected that this application segment will grow at 4.7% CAGR in terms of volume through 2024. The weakness in demand will be offset to a certain extent by applications in chemical synthesis and textile industry.

GET A CUSTOMIZED SCOPE TO MATCH YOUR NEED ASK AN EXPERT – https://www.persistencemarketresearch.com/ask-an-expert/14854

APAC is projected to be the most lucrative region for the global sodium metal market followed by North America and Europe. Asia Pacific forms a hub for textile industries owing to the ever-growing population and demand for a wide range of textiles, resulting in steady demand for sodium metal. Over 53,690 MT of sodium metal was consumed in APAC in 2016.

The North America sodium metal market was around US$ 60 Mn in 2016, and it is expected to reach around US$ 80 Mn by 2024. Consumption of sodium metal in Europe, pegged at over 19,700 MT in 2016, is expected to surpass 24,200 MT by 2024.

GAIN COMPLETE ACCESS TO THE REPORT – https://www.persistencemarketresearch.com/checkout/14854

Key Market Drivers and Trends 

• The demand for denim clothing has witnessed a robust growth in the recent past resulting in higher demand for sodium metal for textiles and apparels
• Sodium metal forms a key constituent in the manufacturing of indigo dyes
• Steady growth in global biodiesel production is one of the primary driving factors as sodium methylate is widely used as a catalyst for large-scale biodiesel production
• Application of sodium metal as a reductant in metals manufacturing and refining
• Global sodium market is characterized by competitive oligopoly, wherein few manufacturers hold major shares in the overall market supply

 

Read More Trending “PMR Exclusive Article”- 

• Australia Market Study on Lime: Growing Emphasis on Mining Excavation Activities

• Global Market Study on Silica Gel: Rising Application in Desiccants Boding Well for Market Growth

• Global Market Study on Refractories: Monolithics & Other Unshaped to Remain Most Attractive Product Form Through 2026

• Global Market Study on Bauxite Mining: Surging Demand for Aluminum Products to Reinforce Demand for Bauxite and Alumina

About us:
Persistence Market Research is here to provide companies a one-stop solution with regards to bettering customer experience. It does engage in gathering appropriate feedback after getting through personalized customer interactions for adding value to customers’ experience by acting as the “missing” link between “customer relationships” and “business outcomes’. The best possible returns are assured therein.

Contact us:
Persistence Market Research
305 Broadway, 7th Floor,
New York City, NY 10007
United States
U.S. Ph. – +1-646-568-7751
USA-Canada Toll-free – +1 800-961-0353
Sales – [email protected]
Web- https://www.persistencemarketresearch.com

The post Global Consumption of Sodium Metal is Projected to Surpass 127,400 Metric Tonnes by 2024-End appeared first on Lake Shore Gazette.