Sodium Sulfide Market Growth Driven By the Growing Demand for Leather Products

 

Sodium Sulfide Market

Sodium sulfide is widely used across textile industry, pulp and paper industry, water treatment, and various chemical manufacturing processes, such as manufacturing of rubber chemicals, sulfur dyes, and oil recovery. Moreover, it is used to produce leather products, sulfur colors, and elastic synthetic products. The factor expected to drive the sodium sulfide market is the increasing demand for clean water, as well as wastewater management, worldwide. According to the United Nations, almost half the world's population will be living in areas of high water stress by 2030. Therefore, water and wastewater treatment infrastructure is expected to develop significantly in the coming years, worldwide.

Water use has been growing at more than twice the rate of population increase in the last century. Moreover, water is used in many stages of the industrial production process, which is also expected to promote the establishment of new water treatment plants. According to the UN-Water, global water demand is expected to continue increasing at a similar rate until 2050, accounting for an increase of 20 to 30% above the current level of water use, mainly due to rising demand in the industrial and domestic sectors. This, in turn, is expected to augment growth of the sodium sulfide market. Therefore, with the increasing population, the demand for water is also increasing with a rapid pace.

According to the International Institute for Sustainable Development (IISD), world population is projected to increase from 7.8 billion in 2020 to 9.9 billion by 2050. This level represents an increase of more than 25% from 2020. Furthermore, the growing production of leather is also expected to increase the demand for sodium sulfide, driving the sodium sulfide market growth. Leather is one of the most widely-traded commodities worldwide. The demand is primarily driven by the fashion industry, as well as automotive industry. There is an increasing demand for leather product across developing countries, such as India and China. According to the India Brand Equity Foundation (IBEF), total leather and leather products export from India stood at US$ 5.07 billion in 2019-20.

The major markets for Indian leather products are UAE, the Netherlands, Spain, Hong Kong, France, Italy, Germany, the United States, and the United Kingdom. The total leather and leather products export was US$ 2.98 billion during April 2000 to February 2021 and for the month of February 2021 it was US$ 298.87 million. Thus, the increasing demand for leather products is expected to augment the sodium sulfide market growth. Moreover, the increasing applications of sodium sulfate across various end-use industries are expected to offer lucrative growth opportunities for players active in the market.


Location: India

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