Sodium sulfate market analysis | Coherent Market Insights

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2. Sodium Sulfide Market, By Product Type (Regular Grade, High Purity Grade), By Application (Leather Processing, Pulp & Paper, Chemical processing, Water Treatment, Ore Processing, Others (Food Preservatives, etc.)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027 The global sodium sulfide market is projected to reach around US$ 672 million by the end of 2027, in terms of revenue, growing at CAGR of 3.4% during the forecast period (2019-2027). SODIUM SULFIDE MARKET ANALYSIS

3. The growing production of leather is expected to serve as a prime driving factor fueling the market growth of sodium sulfide. Sodium sulfide is used as a dehairing agent in the pre-tanning process where it helps to remove animal hair. Growing demand for leather product across developing countries such as China and India is estimated to propel the market growth of sodium sulfide over the forecast timeframe. Drivers

4. Rising usage of sodium sulfide in ore processing is expected to foster the market growth of sodium sulfide. Sodium sulfide is widely used in the production of ferrous (iron and steel) and non-ferrous (alumina & bauxite, copper, lead, magnesium, zinc, etc.) metals during ore flotation process. Sodium sulfide is also used in the copper minerals flotation process. Hence, rising demand for sodium sulfide from ore process is projected to foster the market growth over the forecast timeframe. 

5. Figure 1. Global Sodium Sulfide Market, Revenue Share (%), By Region, 2018

6. Another major concern associated with the sulfide-rich effluents sewer corrosion, malodours, and toxicity to humans, livestock & agriculture which is expected to hinder the market growth of sodium sulfide. Moreover, strict rules and regulations imposed on the usage of sodium sulfide is further anticipated to hinder the market growth over the forecast period. Market Restraints

7. Sodium sulfide is highly alkaline in nature and may cause skin burns and other skin related problems upon exposure. Therefore, this side-effects associated with the usage of sodium sulfide is expected to hinder the market growth over the forecast timeframe.

8. Rising usage of sodium sulfide as food additives during the preparation of food is expected to offer lucrative growth opportunity to the market over the forecast period. Sodium sulfide is used to enhance the coloration, taste, flavor, and quality of the food to increase the shelf-life is expected to augment the market growth. Also, sodium sulfide is useful in fortifying the nutritional value of the food product. Market Opportunities

9. The booming textile sector due to rising production and exports of textile is expected to propel the market growth of sodium sulfide. According to the India Brand Equity Foundation, India's overall textile exports during FY 2017-18 stood at US$ 39.2 billion in FY18 and is projected to reach US$ 82.00 billion by 2021. Hence, rising product and exports of textile are projected to foster the market growth of sodium sulfide over the forecast timeframe. 

10. Figure 2. Global Sodium Sulfide Market– Opportunity Analysis

11. Expanding oil &gas industry where sodium sulfide is used to recover the oil is expected to foster market growth. According to the U.S. Energy Information Administration, U.S. oil production reached 9.97 million barrels per day (b/d) in December 2017 and 12.04 million b/d in December 2018. Therefore, the rising production of oil, especially in the U.S. region, is expected to augment the market growth of sodium sulfide over the forecast timeframe. Market Trends

12. Expanding chemical industry due to rising spending by the manufacturer is also another major trend that has been observed in the market and this is projected to propel the market growth of sodium sulfide. According to Invest India, the market size of the Chemicals industry in India stood at US$ 163 billion in 2017-18 and alkali chemicals had the largest share in the Chemical industry in India with approximately 69% share in the total production. Hence, expanding the chemical industry will favor market growth over the forecast period.

13. Figure 3. Global Sodium Sulfide Market, Revenue Share (%), By Application, in 2018

14. Key players operating in global sodium sulfide market are Solvay S.A., Longfu Group, Nafine Chemical Industry Group Co., Ltd, Inner Mongolia Lichuan Chemical Co., Ltd, XintaiWanhe Chemical Co.Ltd, China Nafine group international co ltd., Tessenderlo Group, Sichuan Shenhong Chemical Industry Co., Ltd., ShenzhouJiaxin Chemical Co., Ltd, and Changsha Vahenry Chemical Co., Ltd. Competitive Section:

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