The soda ash market is projected to be valued at US$ 19.9 billion in 2023 and is anticipated to grow to US$ 29.6 billion by 2033. The market is estimated to capture a CAGR of 4% during the forecast period.
The rising demand for natural and synthetic products, growing population and consumption of paper are increasing the adoption of soda ash. In addition, the increasing adoption of soda ash in the soap & detergent industry propels market expansion. The growing demand for glass from many end-use industries such as commercial, household and construction are driving the soda ash market size.
Around 50% of soda ash is used for manufacturing glass around the globe, expanding market share. In addition, the rising adoption of soda ash to develop rechargeable batteries in the electric industry emerges as a market opportunity. Moreover, the growing awareness, investment, and government initiatives support uplifting market opportunities.
Other end-use industries, including food, pharmaceuticals and cosmetic industries, are prominently growing their market share during the forecast period. Increasing consumer demand for dyes and reducing pollution to improve the environment boosts market share. In addition, the adoption of soda ash to extract and smelting metals, aluminum products, and mobile devices are advancing market size.
On the flip side, the demand for soda ash in water treatment, eliminating corrosion and use for making baking powder in the food sector propels market size. In addition, the rising demand for soda ash for cleaning the floor, making dish soaps and other cleaning agents are a few more factors driving the market growth.
- The soda ash market is expected to have a valuation of US$ 2.6 billion by 2033.
- With a CAGR of 4.0%, the global market increasing from 2022 to 2033.
- The United States soda ash market is anticipated to record a CAGR of 2.3% throughout 2033.
- With a CAGR of 2.5%, the United Kingdom market significantly uplifts during the forecast period.
- China market is expected to witness a CAGR of 5.6% over the forecast period.
- India market is likely to capture a CAGR of 4.5% from 2023 to 2033.
Who is winning?
Several players are involved in the adoption of soda ash to produce innovative products with their skills. These players further focus on end-user requirements and invest huge amounts in research and development activities to expand market size.
In Sep 2017, Genesis Energy acquired the Business of alkali from Tronox Limited and became a leading manufacturer in the globe. The company accounts for 28% of natural soda ash all around the globe.
Increase in the Production of Natural Soda Drives the United States Market
The United States is a leading global market that is securing a CAGR of 2.3% with a valuation of US$ 2.6 billion during the foreseen period. In addition, the rising adoption of glass containers in the food industry is surging the United States market. As a result, the manufacturers are growing natural soda ash production with low operating costs in the United States.
The present market players and increasing demand for soda ash in the automation sector further bolstered market growth. As a result, the United States market secured a CAGR of 1.8% between 2017 and 2022.