Sodium Metal Market will grow at a sluggish CAGR of 3.3% through 2024

Sodium Metal Market

Consumption of sodium steel in Europe, pegged at over 19,700 MT in 2016, is anticipated to surpass 24,200 MT by 2024.

NEW YORK CITY, NEW YORK, INDIA, September 15, 2022 /EINPresswire.com/ — Global consumption of sodium steel will grow at a sluggish CAGR of 3.3% through 2024, in line with Persistence Market Research’s report entitled, “Sodium Metal Market: Global Industry Analysis and Forecast, 2016 – 2024.” In 2016, over 98,400 MT sodium steel was consumed globally, and it’s estimated to surpass 127,400 MT by 2024.

The sluggish demand for sodium steel is attributed to hazardous results of extremely reactive sodium aspect. Challenges with dealing with and storage of sodium steel will proceed to negatively influence the expansion of the market. Further, restricted availability of sodium steel on account of fewer gamers has resulted into introduction and use of options, reminiscent of magnesium to be used in industrial purposes.

Request For Report Sample@https://www.persistencemarketresearch.com/samples/14854

Get A Customized Scope To Match Your Need Ask An Expert – gross [email protected]

Key gamers on this market are concentrating on enlargement of their manufacturing capacities and making long-term contacts with end-use industries, particularly in close to proximity, to incur progress alternatives. Manufacturers are additionally specializing in introduction to new grades of application-specific sodium steel. Inner Mongolia Lantai Industrial Co. Ltd. held the best quantity market share in 2015. Other main gamers within the international sodium steel market embrace Wanji Holdings Group Limited, Shandong Moris Tech Co. LtdNorth America sodium steel market., and MSSA S.A.S.

In phrases of quantity, chemical synthesis utility of sodium steel held 70.4% share of the market in 2016; by 2024, that is anticipated to achieve practically 72%. Sodium steel can also be used within the manufacturing of dyes, and it’s projected that this utility phase will grow at 4.7% CAGR in phrases of quantity through 2024. The weak spot in demand will be offset to a sure extent by purposes in chemical synthesis and textile trade.

APAC is projected to be probably the most profitable area for the worldwide sodium steel market adopted by North America and Europe. Asia Pacific types a hub for textile industries owing to the ever-growing inhabitants and demand for a wide selection of textiles, leading to regular demand for sodium steel. Over 53,690 MT of sodium steel was consumed in APAC in 2016. The North America sodium steel market was round US$ 60 Mn in 2016, and it’s anticipated to achieve round US$ 80 Mn by 2024. Consumption of sodium steel in Europe, pegged at over 19,700 MT in 2016, is anticipated to surpass 24,200 MT by 2024.

Get Methodology Report right here @ https://www.persistencemarketresearch.com/methodology/14854

Key Market Drivers and Trends

The demand for denim clothes has witnessed a strong progress within the latest previous leading to greater demand for sodium steel for textiles and apparels
Sodium steel types a key constituent within the manufacturing of indigo dyes
Steady progress in international biodiesel manufacturing is one of the first driving components as sodium methylate is broadly used as a catalyst for large-scale biodiesel manufacturing
Application of sodium steel as a reductant in metals manufacturing and refining
Global sodium market is characterised by aggressive oligopoly, whereby few producers maintain main shares within the total market provide
You can buy this report right here @ https://www.persistencemarketresearch.com/checkout/14854

Persistence Market Research Pvt Ltd Atul Singh
PMR
e mail us right here
+1 646-568-7751