Sodium Hydrosulfite Market Size

Sodium Hydrosulfite Market Size

Sodium Hydrosulfite Market Size was estimated over USD 1 billion in 2016 and the industry will likely grow by a CAGR of about 4% up to 2024.

The rising paper products demand in Asia Pacific will drive the global sodium hydrosulfite market growth till 2024 owing to its extensive application as a reductive bleaching agent for pulp in the paper manufacturing process. In 2016, Asia Pacific accounted for more than 45% of the worldwide paper production and is a major regional market for the paper industry. The demand for paper products in Asia Pacific in 2016 was over 220 million tons and is anticipated to surpass 350 million tons in 2024.This will boost the product demand and propel the global sodium hydrosulfite market during the forecast timeframe.
 

Majority of the paper products demand is from the packaging industry, which has been flourishing at a healthy rate since the last decade, owing to the rising popularity of the e-commerce sector. Increasing use of computers have also led to a growing demand for printing and writing paper, which is expected to offset the gradual decline of demand for paper in the newsprint sector. Easy availability of raw material, low labor cost and the presence of many paper & pulp manufacturers will propel the paper products industry in Asia Pacific, which will further augment the global sodium hydrosulfite market during the forecast timeframe.
 

The gradual decline of paper & paper board production capacity in North America may negatively impact the global sodium hydrosulfite market growth during the forecast timespan. This decline in production capacity can be chiefly attributed to increasing digitalization in the region, which has led to decrease in paper and paper products demand. The production capacity of paper & paper board in North America was 79.6 million tons in 2016 and will likely decrease to around 70 million tons by 2024.
 

Global sodium hydrosulfite market will also be affected by decreasing paper & paper board production capacity in Western Europe, which was over 88.2 million tons in 2016 and is set to decline to less than 80 million tons in 2024. High labor cost in North America and Europe has led local manufacturers to lose their cost competitiveness to their counterparts in developing countries. Major paper producers in North America and Europe have reduced their production capacities or shut down some of their production units due to declining demand. This trend will likely hamper the regional market growth in the coming years.