A steady market growth is anticipated in the upcoming years for the Global Soda Ash market, given increasing investment & market growth of partner industries, says a report by Ken Research
1. “Active involvement of various players:” Major players across the world are indicating interest in the Global Soda Ash Market
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Rising Demand for container glass from food & beverage industry is projected to provide lucrative market growth opportunities in the upcoming years. Key players are investing heavily in production of container glass. For instance, in 2018, the Glass container company (GCC) announced to expand its production by 60% via a $17 Mn project backed by EBRD, Society General & European Union. As the investment in developing countries increases, the demand for soda ash will grow. As a result, several key players are increasing production capacity & expanding their business in developing regions. They’re also investing in R&D in developing regions.
2. “Soda Ash but in an electric way:” Extensive usage of Soda Ash in EVs is boosting the market with demand expected to witness an upsurge in the upcoming years.
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Increasing sale of Global electric passenger vehicle due to growing disposable income of individuals is a major trend for Global Soda Ash market given that soda ash is used extensively in EVs. According to International Energy Agency (IEA), in 2030, Global Electric Vehicle sales are expected to reach 23 Mn as per the new policy scenario. In the EV30@30 scenario, around 70% of the vehicle sold in Europe are EV’s, 37% in Japan, 30% in Canada & US & 29% in India.
3. “A steady way to go forward:” The market is expected to grow at a CAGR of 2% in the near future with growth picking up pace with time.
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The Global Soda Ash Market is expected to witness a robust growth in the near future owing to increase in sale of EVs & Personal care industry, emerging end user of Soda Ash, is expected to grow at a CAGR of 7% (2020-2024) with increased penetration rate of 32% (‘24) from 22% (‘20). The production capacity is also expected to increase Ash up to 15,000 MMT by existing players. When it comes to region, India and Australia in APAC and South-East Asian countries Including Indonesia, Thailand, Vietnam are expected to witness new Soda Ash Manufacturing Plants. For Instance: In June’19, Tata Chemicals (India) received approval to expand their production capacities from 1 MT to 11 MT.