Trona Market | Market Insights, Segments Estimate, Analysis Report and Growth Forecast | 2020 – 2027.
The global trona market size is anticipated to reach USD 3.4 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a revenue-based CAGR of 2.4% from 2020 to 2027. Glass products are widely used in building and construction and manufacturing industries such as automotive, electronics, chemical, and pharmaceutical.
Trona is a mineral, which is converted into soda ash, which is again used in the glass-making industries. Thus, demand from end-use industries is projected to benefit the growth of the market. In the pharmaceutical sector, with an increase in the development of new applications use of glass for injection systems and packaging is projected to increase over the coming years. Soda ash is used in glass manufacturing to reduce the furnace temperature and ultimately energy required in manufacturing.
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Developments in various glass products in solar and automotive are anticipated to create an indirect impact on the demand for trona. The developments in the solar industry indicate the growing utilization of solar panels, which eventually impacts the consumption of flat glass. The glass used in a solar panel is of major significance as solar panel glass is an obstruction between the harsh external forces and the solar photovoltaic cells. Solar panel glass is extremely important as it has a direct impact on the efficiency and yield of solar photovoltaic systems.
The Asia Pacific is projected to create numerous opportunities for market vendors in the solar glass industry. The growth of Asia Pacific solar industry is attributable to countries such as China, India, and Japan. In March 2018, the operations of a floating solar mega-power plant began in Japan. The plant has 50,904 solar panels and is expected to generate 16,170-megawatt-hours electricity per annum.
Investment in soda ash production facilities using the trona process is projected to positively affect market growth over the coming years. For instance, in January 2018, USD 1.5 billion was invested in one of the largest soda ash manufacturing plants in Turkey’s capital Ankara. The plant is known as Kazan Soda Elektrik Üretim A.Ş. which provides trona solutions, raw materials for the production of soda ash. Tukey has nearly 900 million tons of trona resources and is ranked in the second position after the U.S.
Trona Market Report Highlights
- In terms of volume, North America was the largest regional market and accounted for a revenue share of 44.2% in 2019. The presence of trona mining companies in the U.S. and demand for soda ash manufacturing are the key drivers for market growth
- Soda ash is projected to remain the largest application segment and is likely to maintain its position during the forecast period. Increasing production of flat and container glass for various end-use industries such as building and construction, automotive, and electronics is projected to benefit market growth
- In terms of revenue, the animal feed application segment is anticipated to grow at a rate of 2.1% from 2020 to 2027. Growing demand for beef cattle feed is likely to contribute to the growth of the market
- Glass was the largest end-use industry for trona products and accounted for a volume share of 54.5% in 2019. Moderate expansion of the building and construction sector after COVID-19 is likely to remain a key long term driver for the market
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Grand View Research has segmented the global trona market on the basis of application, end-use, and region.