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Global Market Study on Soft Magnetic Materials: Western Europe Projected to Gain More Than 15% Market Value Share by 2026 End
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The rise in worldwide biodiesel production is anticipated to be one of the key factors propelling the growth of the global sodium metal market. Biodiesel production needs both esterification and trans-esterification processes. Sodium methylate is one of the most commonly used catalysts for large-scale production of biodiesel and it comprises a significant portion of the overall global biodiesel production. Sodium methylate is either produced with sodium hydroxide or sodium metal that is further treated with methanol to create sodium methoxide. Sodium methylate production should show a steady growth throughout the forecast period.
APAC has a dominant share of the market and is expected to remain so
Asia Pacific accounted for more than half the revenue share of the global sodium metal market in the year 2015, and it is predicted to dominate for the rest of the forecast period. A growing demand for sodium should help the global sodium metal market with a greater application in the dyeing, metallurgical and chemical end use industries. Asia Pacific will gain a substantial 170 BPS in the global sodium metal market till the end of the year 2024. The CAGR by value for the APAC region will be 4.4%, while the CAGR by volume will be 3.7% for the period 2016-2024. The consumption of sodium metal in this highly dynamic region was nearly 52,000 metric tons in the year 2015. This is expected to be more than 71,000 metric tons by the year 2024. An incremental dollar opportunity of more than US$ 55 Mn will be generated during the eight year forecast period.
The APAC country market to keep an eye on is China, followed by India and Japan
China is the largest market in the APAC sodium metal market and it alone is roughly worth 80% of the total value share in the continent. The China sodium metal market was roughly US$ 140 Mn in 2016 and this should rise to slightly above US$ 193 Mn in the year 2024, representing an incremental dollar opportunity of more than US$ 50 Mn. The highest CAGR on the other hand, in both value and volume terms is forecast to be in India with 4.8% and 4.1% respectively. As China and India continue to rise, the relative importance of Japan will continue to drop in the APAC sodium metal market. However, the Japan sodium metal market should still present an incremental dollar opportunity of nearly US$ 2 Mn during the period 2016-2024.
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It would not be an exaggeration to call the North America sodium metal market the “U.S. sodium metal market” as the U.S accounts for almost 98% of the market share of the North America sodium metal market. Not only does the country currently account for a lion’s share of the regional market; it is also poised to show a healthy CAGR of 3.6% by value and 2.9% by volume. An incremental dollar opportunity of nearly US$ 20 Mn can be reasonably expected in the U.S. sodium metal market. Chemical synthesis will be the most important application segment in the North America sodium metal market as it currently comprises more than 60% value share and it is likely to remain so during the period of study.
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