The rise in worldwide biodiesel production is anticipated to be one of the key factors propelling the growth of the global sodium metal market.
New York City, NY -- (SBWIRE) -- 04/20/2017 -- Global consumption of sodium metal will grow at a sluggish CAGR of 3.3% through 2024, according to Persistence Market Research's report entitled, "Sodium Metal Market: Global Industry Analysis and Forecast, 2016 - 2024." In 2016, over 98,400 MT sodium metal was consumed globally, and it is estimated to surpass 127,400 MT by 2024.
Sample of this report is available upon request @ http://www.persistencemarketresearch.com/samples/14854
The sluggish demand for sodium metal is attributed to hazardous effects of highly reactive sodium element. Challenges with handling and storage of sodium metal will continue to negatively impact the growth of the market. Further, limited availability of sodium metal on account of fewer players has resulted into introduction and use of alternatives, such as magnesium for use in industrial applications.
Key players in this market are concentrating on expansion of their production capacities and making long-term contacts with end-use industries, especially in near proximity, to incur growth opportunities. Manufacturers are also focusing on introduction to new grades of application-specific sodium metal. Inner Mongolia Lantai Industrial Co. Ltd. held the highest volume market share in 2015. Other leading players in the global sodium metal market include Wanji Holdings Group Limited, Shandong Moris Tech Co. Ltd., and MSSA S.A.S.
In terms of volume, chemical synthesis application of sodium metal held 70.4% share of the market in 2016; by 2024, this is expected to reach nearly 72%. Sodium metal is also used in the production of dyes, and it is projected that this application segment will grow at 4.7% CAGR in terms of volume through 2024. The weakness in demand will be offset to a certain extent by applications in chemical synthesis and textile industry.
Request to view Table of Content @ http://www.persistencemarketresearch.com/market-research/sodium-metal-market/toc
APAC is projected to be the most lucrative region for the global sodium metal market followed by North America and Europe. Asia Pacific forms a hub for textile industries owing to the ever-growing population and demand for a wide range of textiles, resulting in steady demand for sodium metal. Over 53,690 MT of sodium metal was consumed in APAC in 2016. The North America sodium metal market was around US$ 60 Mn in 2016, and it is expected to reach around US$ 80 Mn by 2024. Consumption of sodium metal in Europe, pegged at over 19,700 MT in 2016, is expected to surpass 24,200 MT by 2024.
To Buy Full Report for a Single User @ http://www.persistencemarketresearch.com/checkout/14854
Key Market Drivers and Trends
- The demand for denim clothing has witnessed a robust growth in the recent past resulting in higher demand for sodium metal for textiles and apparels
- Sodium metal forms a key constituent in the manufacturing of indigo dyes
- Steady growth in global biodiesel production is one of the primary driving factors as sodium methylate is widely used as a catalyst for large-scale biodiesel production
- Application of sodium metal as a reductant in metals manufacturing and refining
- Global sodium market is characterized by competitive oligopoly, wherein few manufacturers hold major shares in the overall market supply
About Persistence Market Research
Persistence Market Research (PMR) is a full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. PMR boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients' business needs.
PMR stands committed to bringing more accuracy and speed to clients' business decisions. From ready-to-purchase market research reports to customized research solutions, PMR's engagement models are highly flexible without compromising on its deep-seated research values.