Ocean View, DE -- (SBWIRE) -- 05/26/2020 -- Technical grade sodium sulfide market should surpass USD 460 million by 2024 pertaining to rising usage in manufacturing, laboratory and industrial applications. It has extensive usage as a reducing agent in pharmaceutical industry, heavy metal removal in wastewater treatment, heavy water production in power plants, sulfur removal in viscose rayon, and in black dye manufacture which may further stimulate product demand.

Low ferric sodium sulfide market exceeded USD 180 million in 2017 owing to its widespread usage in PPS plastic, high-grade paper, leather, ore dressing, printing & dyeing, and medicine industries. The product possesses several advantages such as high reducibility, solubility in both water & alcohol and high reactivity which may further stimulate product demand.

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Top Companies
1. Solvay
2. Kunjan Chemicals
3. Nafine Group
4. Shenhong Chemical Industry Co.
5. Ltd.
6. Athiappa Chemicals
7. Sankyo Kasei and Tessenderlo Group.

Regional Growth drivers are
1. Asia Pacific: Booming leather industry
2. Middle East: Rising usage of wastewater

Sodium sulfide plays a key role in processing of bamboo, wood, bamboo, converting bagasse fibers to pulp, bleaching pulp along with imparting high strength to paper items. From pulp & paper applications, sodium sulfide product demand is poised to observe gains at over 6.5% over the projected timeframe. Rising demand for tissues and packaging papers in nations like Greece, China, Brazil and Bulgaria is a key factor driving product consumption.

Rise in per capita income and higher consumer purchasing power has resulted in substantial consumption of these products. Furthermore, expanding leather export businesses will fuel the demand for sodium sulfide in the coming years.

Technical grade sodium finds extensive usage as a reducing agent in heavy metal removal for wastewater treatment, sulfur removal in viscose rayon, black dye manufacturing pharmaceutical industry, and heavy water production in power plants. Technical grade sodium sulfide market share is expected to gather revenue of more than USD 460 million by 2024. Such notable growth can be attributed to rising product usage in laboratory, industrial and manufacturing applications.

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Led by Canada and the U.S., North America sodium sulfide market demand is forecast to grow notably on account of escalating demand for copper ore from mining and construction industries. Gradual advancement in the transportation sector has led to the development of high-speed trains which require more copper when compared to the conventional electric trains. This will lead to increased consumption of sodium sulfide in the coming years.

In 2017, low ferric sodium sulfide market accounted for USD 180 million on account of its widespread usage in high-grade paper, PPS plastic, leather, printing & dyeing, medicine and ore dressing. The product is experiencing high demand as it has various advantageous traits including good solubility in both water & alcohol, high reactivity and high reducibility.

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Sodium sulfide market share is consolidated with the presence of various industry participants such as Solvay, Sankyo Kasei, Shaanxi Fuhua Chemical Co. and Nafine Group. Most of these manufacturers are focusing upon the adoption of technological developments to improve quality of the product and to achieve backward integration and ensure consistent supply of raw material.