According to the latest report by IMARC Group, titled "Sodium Chlorate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global sodium chlorate market size reached 4.3 Million Tons in 2019, registering a CAGR of 4.2% during 2014-2019. Sodium chlorate (NaClO3) is an inorganic compound produced by the electrolysis of brine in the presence of sodium dichromate as a catalyst and hydrochloric acid (HCL) as a pH regulator. It is available in an odorless crystalline solid form that is characterized by a pale yellow to white color. Easily dissolvable in water, its pure form is non-combustible in nature but is known to act as a combustion accelerant in the presence of flammable materials. Since it also acts as oxidizing and bleaching agents, the chemical compound is extensively used for the production of herbicides, dyes, inks, cosmetics, paper and leather.
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Global Sodium Chlorate Market Trends:
The market is primarily driven by the growing demand for chlorine dioxide, especially from the developing economies. Sodium chlorate is widely used for the on-site generation of chlorine dioxide that is an environment-friendly bleaching agent. It is further used to manufacture Elemental-Chlorine Free (ECF) paper products that are gaining widespread preference among the masses. Apart from this, the compound is used as a non-selective contact herbicide and defoliant on account of its phytotoxic in nature. As a result, it is employed for spot treatment of perennial weeds for vegetation control on roadsides and fence ways. The market is further driven by the growing utilization of sodium chlorate as an oxidant in the mining sector for extracting vanadium and uranium. Some of the other factors contributing to the market growth include its increasing utilization in the manufacturing of dyes, leather and breathing apparatus, and the easy availability of raw materials (sodium chloride and water) for its production. On account of the aforementioned factors, the market is expected to reach a volume of around 5.1 Million Tons by 2025, exhibiting a CAGR of 2.9% during 2020-2025.
- On the basis of the form, the market has been bifurcated into crystalline and solution. Among these, crystalline sodium chlorate accounts for the majority of the overall market share.
- Based on the application, the pulp and bleaching industry exhibits a clear dominance in the market. The other application segments include chlorates of other metals, leather tanning, dyes and others.
- On the geographical front, Canada holds the leading position in the market. Some of the other major regions include the United States, China, Finland, Brazil and others.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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