Increasing need for dehairing process during the production of leather is likely to boost demand for sodium sulfide globally. Growing need for ore processing is likely to contribute towards growth of the global sodium sulfide market. Persistence Market Research has recently compiled a report, which reveals that the global sodium sulfide market will witness a growth of 2.9% CAGR over the projected period, 2016-2024.
Factors Propelling Growth of the Global Market
Growing need dehairing agent during the production process of leather will fuel demand for sodium sulfide in the leather and tanning industry. Moreover, sodium sulfide products witness significant demand during the pre-tanning process in the leather and tanning industry. Such factors are likely to impact the growth of the global sodium sulfide market positively. Attributed to efficacious, effective, and efficient production of leather as compared to other alternatives, lime and sodium sulfide based dehairing process witnesses more preference. Due to such factors, the global sodium sulfide market is likely to witness a stable growth during the predicted period. Further, surge in demand for ore processing are likely to fuel growth of the global sodium sulfide market significantly through 2024. Companies operating in non-ferrous and ferrous production process, particularly those firms that are involved in ore flotation process will witness stable demand for sodium sulfide throughout 2024.
In contrast to this, the market growth for sodium sulfide is likely to remain slow due to dangerous impacts of sodium sulfide during the projected period. Moreover, constant checks and examinations conducted by the regulatory authorities for application of less dangerous, and clean chemicals is gaining traction globally. Such factors are likely to inhibit growth of the global sodium sulfide market throughout 2024.
Regular Grade to Witness Significant Demand
Regular grade among other types of sodium sulfide products are likely to witness significant demand among various manufacturers. In 2016, this segment accounted for 95% revenue share in the global sodium sulfide market. Status quo of this segment is likely to remain the same throughout 2024.
Leather production process is likely to represent the major end user among other applications of sodium sulfide through 2024. This segment is likely to witness a relatively high CAGR growth in the global market by the end of 2024. Moreover, this segment will witness a stable demand in the industry of pulp and paper during the projected period.
APAC, Latin America, and Europe to Represent Leading Markets
Europe, Asia Pacific, and Latin America are likely to represent the leading markets throughout 2024. Manufacturers operating in the Latin America, Asia Pacific, and Europe markets are likely to witness relatively more demand for the leather production process by 2024. In terms of volume, Middle East and Africa, and Latin America among other markets will register a CAGR growth of 2.4% and 3.1% respectively throughout 2024.
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Leading market players operating in the global market for sodium sulfide include Inner Mongolia Lichuan Chemical Co. Ltd., Solvay SA, Tessenderlo Group, Changsha Vahenry Chemical Co. Ltd., China Nafine Group International Co. Ltd., and Xintai Wanhe Chemical Co. Ltd. Key market players operating in the global sodium sulfide market mainly focus on product innovations, and development of solutions tailored for application specific purposes.