Sodium Chlorate Market Trends

Growth Drivers

• Rising Growth in Mining Sector- Sodium chlorate is utilized in the mining sector to recover a range of metals. It is also an essential component in fireworks and is employed for the creation of oxygen candles, which are deployed on aircraft and submarines, as well as by producers of breathing devices for firefighters and mine emergency personnel. The mining industry is vital to the global economy. In 2021, the revenue of the top 40 global mining corporations, which account for the great majority of the industry, was estimated to be around 925 billion US dollars.
• Increasing Use of Sodium Chlorate for Tanning and Finishing Leather, and Manufacturing of Dyes- India is the world's second-biggest supplier of leather clothes and fourth-largest distributor of leather items. In 2021-22, the garments sector comprised 7.03% of total leather exports in the country.
• Rising Government Investment in Chemical Industry- Government subsidies in the chemical industry, boost the production of the chemicals such as sodium chlorate in different regions.
• Surging Use in Hygiene Items-  The demand for wipes, tissues, sanitary pads, and other hygiene items are boosting the need for sodium chlorate, resulting in the growth of the market in the near future.

Challenges

•  Harmful Side Effects
•  Negative Impact on the Environment
•  Stringent Regulations Associated with the Usage of Sodium Chlorate in Some Countries

Sodium chlorate was previously primarily used as a pesticide, to destroy weeds and unwanted foliage. Both persons and the surroundings are harmed by sodium chlorate. As a result, both the sale and the utilization of sodium chlorate in plant safeguards and pesticides are prohibited in the EU.