Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Sodium Sulfide Market 2017–2027
Sodium Sulfide is a chemical compound that is alkaline in nature when exposed to air and smells like rotten eggs. It has a wide range of application across pulp and paper industry, textile industry, water treatment, and various chemical manufacturing processes such as manufacturing of sulfur dyes, rubber chemicals, and oil recovery. Sodium sulfide is also used in the photographic industry for protecting the developer solution from being getting oxidize. Moreover, it is also used in the pulp and paper industry in the Kraft process. Furthermore, it is also used to produce elastic synthetic products, sulfur colors, and leather products.
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).
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.
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.
On basis of the region, the Asia Pacific region dominated the global sodium sulfide market in 2018, accounting for 35.9% share in terms of volume, followed by Europe and North America, respectively.
Figure 1. Global Sodium Sulfide Market, Revenue Share (%), By Region, 2018
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.
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.
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.
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.
Figure 2. Global Sodium Sulfide Market– Opportunity Analysis
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.
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.
Figure 3. Global Sodium Sulfide Market, Revenue Share (%), By Application, in 2018
On the basis of application, in 2018, leather processing segment has accounted the largest market share of 31.4% in terms of value, followed by ore processing and pulp & paper respectively.
Figure 4. Global Sodium Sulfide Market – Value Chain Analysis
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, Xintai Wanhe Chemical Co.Ltd, China Nafine group international co ltd., Tessenderlo Group, Sichuan Shenhong Chemical Industry Co., Ltd., Shenzhou Jiaxin Chemical Co., Ltd, and Changsha Vahenry Chemical Co., Ltd.