With the presence of a large pool of participants, the global sodium sulfate market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Alkim Alkali Kimya A.S., Saskatchewan Mining and Minerals Inc., Cordenka GmbH. & Co. KG, Birla Cellulose, Grupo Industrial Crimidesa S.L., Cooper Natural Resources, Elementis Plc, Minera De Santa Marta, Lenzing Group, S.A. Sulquisa, Searles Valley Minerals, and XinLi Chemical are some of the key vendors of sodium sulfate across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the sodium sulfate market study.
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Citing an instance, in January 2018, Reza Orouj – the CEO of Iran Mineral Complex – announced that in the last nine months of year 2017, the firm recorded a 4% rise in the sodium sulfate production as compared to the same period in 2016. Reportedly, he further emphasized that the firm fulfilled nearly 75% sodium sulfate demand of the country.
As estimated in this report, the global sodium sulfate market stood at US$ 1959.8 million in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this sodium sulfate market is expected to reach US$ 2527.4 million by the end of the forecast period.
Humungous Product Popularity To Boost Sodium Sulfate Market Size
“Massive product demand from end-users along with its escalating use by consumers is anticipated to propel sodium sulfate market trends in the years ahead,” says the author of this sodium sulfate market study. Favorable government policies promoting clean environment along with sufficient raw material availability is projected to boost sodium sulfate market demand in the ensuing years. In addition, the increasing use of detergents & soap sand carpet cleaners from developing countries is likely to contribute significantly towards sodium sulfate market earnings in the near future.
Low price alternatives along with oscillating costs, however, are projected to hinder sodium sulfate market progression in the coming decade. Nevertheless, the manufacturing companies are focusing on inventive products that are predicted to open new growth avenues for the sodium sulfate market. This, in turn, will nullify the negative impact of hindrances on the sodium sulfate market, reports the study.
Favorable Government Rules To Help APAC Maintain Regional Dominance
Regionally, Asia Pacific has been leading the worldwide sodium sulfate market and is anticipated to continue on the dominant position in the years to come, states the sodium sulfate market study. Surging demand for the product as a result of favorable government legislations is the main factor behind the dominance of the North America sodium sulfate market. The high number of market players being headquartered in North America is another significant factor that is supporting the growth of this regional sodium sulfate market.
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