Caustic Soda in the Solid Form Market

The global market for caustic soda in solid form is forecasted to continue an upward consumption trend, with an anticipated CAGR of +1.1% for the period from 2022 to 2030. The market volume is projected to reach 2.3M tons by the end of 2030, with a value of $1.6B in nominal prices. Consumption saw fluctuations in recent years, with China, India, and Nigeria being the top consuming countries. Production peaked in 2022 in China, while imports and exports showed significant growth. The average price for caustic soda in solid form increased globally, with France and Iran showing the highest and lowest export prices respectively.

Market Forecast

Driven by increasing demand for caustic soda in the solid form worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.1% for the period from 2022 to 2030, which is projected to bring the market volume to 2.3M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.7% for the period from 2022 to 2030, which is projected to bring the market value to $1.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Caustic Soda in the Solid Form

In 2022, after four years of growth, there was decline in consumption of caustic soda in the solid form, when its volume decreased by -4.3% to 2.1M tons. Overall, consumption, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 7.7% against the previous year. As a result, consumption attained the peak volume of 2.2M tons, and then fell in the following year.

The revenue of the market for caustic soda in the solid form worldwide soared to $1.4B in 2022, rising by 26% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.6% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (253K tons), India (188K tons) and Nigeria (82K tons), with a combined 25% share of global consumption. Vietnam, Romania, Indonesia, France, Turkey, Tanzania, Ghana, Cote d'Ivoire, Albania and Saudi Arabia lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of form, amongst the key consuming countries, was attained by Saudi Arabia (with a CAGR of +15.8%), while form for the other global leaders experienced more modest paces of growth.

In value terms, the largest caustic soda in the solid form markets worldwide were China ($137M), India ($117M) and France ($52M), with a combined 21% share of the global market. Vietnam, Nigeria, Romania, Indonesia, Turkey, Cote d'Ivoire, Tanzania, Ghana, Albania and Saudi Arabia lagged somewhat behind, together comprising a further 23%.

In terms of the main consuming countries, Indonesia, with a CAGR of +17.5%, recorded the highest rates of growth with regard to market size over the period under review, while form for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of per capita consumption of caustic soda in the solid form was registered in Albania (13 kg per person), followed by Romania (3 kg per person), Cote d'Ivoire (1.4 kg per person) and Ghana (1.2 kg per person), while the world average per capita consumption of caustic soda in the solid form was estimated at 0.3 kg per person.

From 2012 to 2022, the average annual growth rate of the per capita consumption of caustic soda in the solid form in Albania was relatively modest. In the other countries, the average annual rates were as follows: Romania (+3.9% per year) and Cote d'Ivoire (+3.1% per year).

Production

World Production of Caustic Soda in the Solid Form

In 2022, approx. 2M tons of caustic soda in the solid form were produced worldwide; approximately equating 2021 figures. Over the period under review, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 7.6% against the previous year. Global production peaked in 2022 and is expected to retain growth in years to come.

In value terms, production of caustic soda in the solid form fell significantly to $1.3B in 2022 estimated in export price. In general, production, however, saw a precipitous descent. The pace of growth was the most pronounced in 2016 with an increase of 20%. Over the period under review, global production of caustic soda in solid form reached the peak level at $43.8B in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Production By Country

China (832K tons) constituted the country with the largest volume of production of caustic soda in the solid form, accounting for 42% of total volume. Moreover, production of caustic soda in the solid form in China exceeded the figures recorded by the second-largest producer, India (322K tons), threefold. The third position in this ranking was taken by France (90K tons), with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China was relatively modest. In the other countries, the average annual rates were as follows: India (+1.1% per year) and France (-18.2% per year).

Imports

World Imports of Caustic Soda in the Solid Form

In 2022, purchases abroad of caustic soda in the solid form was finally on the rise to reach 1.5M tons after three years of decline. The total import volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when imports increased by 11% against the previous year. As a result, imports reached the peak of 1.5M tons; afterwards, it flattened through to 2022.

In value terms, imports of caustic soda in the solid form surged to $1.3B in 2022. In general, total imports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +78.6% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

The countries with the highest levels of imports of caustic soda in the solid form in 2022 were Nigeria (82K tons), Vietnam (62K tons), Turkey (60K tons), Indonesia (57K tons), Tanzania (45K tons), Ghana (42K tons), Peru (39K tons), South Africa (39K tons), Cote d'Ivoire (39K tons), Kazakhstan (31K tons), the Netherlands (30K tons) and Cameroon (29K tons), together amounting to 37% of total import. Democratic Republic of the Congo (27K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +14.9%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest caustic soda in the solid form importing markets worldwide were Vietnam ($68M), Indonesia ($47M) and Turkey ($47M), together comprising 13% of global imports. Nigeria, Peru, Ghana, Cote d'Ivoire, Tanzania, the Netherlands, Democratic Republic of the Congo, South Africa, Kazakhstan and Cameroon lagged somewhat behind, together comprising a further 23%.

Peru, with a CAGR of +20.3%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average import price for caustic soda in the solid form stood at $834 per ton in 2022, picking up by 59% against the previous year. In general, import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for caustic soda in the solid form increased by +73.2% against 2020 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($1,097 per ton), while Cameroon ($394 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+7.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Caustic Soda in the Solid Form

In 2022, shipments abroad of caustic soda in the solid form increased by 13% to 1.4M tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 22% against the previous year. As a result, the exports attained the peak of 1.6M tons. From 2014 to 2022, the growth of the global exports of failed to regain momentum.

In value terms, exports of caustic soda in the solid form skyrocketed to $1.2B in 2022. Overall, total exports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +111.9% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

China was the key exporting country with an export of around 587K tons, which recorded 42% of total exports. India (150K tons) took the second position in the ranking, followed by Russia (77K tons) and Poland (65K tons). All these countries together held near 21% share of total exports. France (49K tons), Germany (46K tons), Iran (45K tons), Qatar (41K tons), Saudi Arabia (34K tons), Thailand (31K tons), Bangladesh (28K tons), the United Arab Emirates (25K tons) and Kuwait (24K tons) took a minor share of total exports.

Exports from China increased at an average annual rate of +1.7% from 2012 to 2022. At the same time, Qatar (+422.2%), Bangladesh (+74.6%), the United Arab Emirates (+20.8%), Iran (+10.0%), India (+8.3%), Germany (+4.7%) and Kuwait (+2.2%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing exporter exported in the world, with a CAGR of +422.2% from 2012-2022. Poland, Thailand and Russia experienced a relatively flat trend pattern. By contrast, Saudi Arabia (-4.7%) and France (-37.2%) illustrated a downward trend over the same period. India (+5.6 p.p.), China (+4.6 p.p.), France (+3.5 p.p.), Qatar (+3 p.p.), Bangladesh (+2 p.p.), Iran (+1.9 p.p.) and the United Arab Emirates (+1.5 p.p.) significantly strengthened its position in terms of the global exports, while Saudi Arabia saw its share reduced by -1.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($391M) remains the largest caustic soda in the solid form supplier worldwide, comprising 33% of global exports. The second position in the ranking was held by India ($109M), with a 9.2% share of global exports. It was followed by Russia, with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +4.4%. In the other countries, the average annual rates were as follows: India (+10.8% per year) and Russia (+2.7% per year).

Export Prices By Country

In 2022, the average export price for caustic soda in the solid form amounted to $848 per ton, picking up by 67% against the previous year. Over the period under review, export price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for caustic soda in the solid form increased by +91.2% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was France ($1,286 per ton), while Iran ($357 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+125.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform