Transparency Market Research, in its latest report titled “Sodium Hydrosulfite Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”, indicates that the growing demand from the textile and paper industries has significantly boosted the global sodium hydrosulfite market. In 2014, the market was pegged at US$1 bn, which is projected to rise to US$1.4 bn by 2023 at a 3.80% CAGR during that time.
The demand for sodium hydrosulfite in cosmetic products and as a food additive holds strong potential for growth, the report suggests. However, the declining production capacity and demand for paper and paper board in Europe and North America will prove to be detrimental to the growth of the global sodium hydrosulfite market.
The global sodium hydrosulfite market is segmented on the basis of geography into North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. Accounting for a share of more than 65.0% in 2014, Asia Pacific dominates the global sodium hydrosulfite market in terms of demand. Even though China is the main driving force within the Asia Pacific market, countries such as India, Pakistan, Japan, and Bangladesh have also greatly contributed thanks to their booming textile markets.
Expanding at a CAGR of over 4.0% from 2015 to 2023, Asia Pacific is both the largest consumer and producer of sodium hydrosulfite. While wood pulp bleaching held a dominating share of the market in Europe and North America, these regions are anticipated to lose market share by the end of the forecast period owing to a gradual slowdown of the paper industry in both the regions. The demand for sodium hydrosulfite in the Middle East and Africa as well as Latin America is projected to witness a steady rise by 2023.
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The leading participants within the global sodium hydrosulfite market include Royce International Corp., BASF SE, Bruggemann Chemical, Jinhe Group, AZ Chemicals, Inc., TCP Limited, Mitsubishi Gas Chemical Company Inc., Chemtrade Logistics Inc., Montgomery Chemicals, and Guangdong ZhongCheng Chemicals Inc., Ltd. These players are evaluated in the report based on attributes such as company and financial overview, business strategies, recent developments, and product portfolio. The report also offers a detailed assessment of the strengths and weaknesses of individual players, in addition to the threats and opportunities that lie ahead.