Sodium Metal Market Size, Share, Growth, and Industry Analysis, By Type (Below 99.0% and Above 99.0%), By Application (Nuclear Industry, Alloying Industry, Laboratory, and Others), and Regional Forecast to 2031

Updated On: 20 November 2023

Sodium Metal Market Report Overview

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The global Sodium Metal Market size was USD 302.13 million in 2021. As per our research, the market is expected to reach USD 392.84million by 2027, exhibiting a CAGR of 4.47% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with Sodium Metal Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The chemical element Sodium Metal, which is represented by the letter S and has the atomic number 11, is a hard, ductile, uncommon, gray-white element that has been found in association with particular minerals and is mostly used to make particular alloys. By creating oxide, which serves as a barrier on other materials' surfaces, sodium metal resists corrosion. This product's numerous applications are fueling Sodium Metal market growth.

The rising demand for the metal in the automobile industry is predicted to fuel the market for sodium metal. Vehicle parts are made from Sodium Metal, an alloy of Sodium Metal, to make them lighter and increase their fuel efficiency. The market share and revenue for vanadium have expanded correspondingly as a result of increased demand and production for this product, which has also fueled the market's global expansion.

COVID-19 Impact

"COVID-19 to have a Negative Impact on the Market due to Disruptions in Supply Chain"

On the market for Sodium Metal, the pandemic had mixed results. The global economic downturn's influence on markets was preceded by issues with the supply chain. The increased emphasis on infrastructure development, renewable energy, and energy storage since the epidemic has created opportunities for market recovery. The demand for energy storage technology and high-strength steel is predicted to rise as economies stabilize and industrial activity starts up.

Latest Trends

"Risen Demand in the Steel Industry to Drive the Market Growth"

The major consumer of Sodium Metal is the steel industry, and interest in vanadium for prospective uses, like the production of Sodium Metal redox batteries, has grown recently. The significant consumption of sodium metal by the steel sector will create favorable possibilities for the market's growth. Investors are now considering investing in the production of synthetic vanadium in order to use this synthetic sodium metal in the steel and automotive industries because to the rise in demand for this metal. The market for Sodium Metal is set to grow as a result of the expansion of Sodium Metal in a number of sectors. As its use in airplanes grows, there is anticipated to be more room for growth in the sodium metal industry.

Segmentation

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●        By Type Analysis

According to type, the market can be segmented into below 99.0% and Above 99.0% amongst which Below 99.0% is anticipated to be the leading segment.

●        By Application Analysis

Based on application, the market can be divided into Nuclear Industry, Alloying Industry, Laboratory, and Others amongst which Nuclear Industry is expected to be the leading segment.

Driving Factors

"Increased Usage in the Medical Sector to Augment the Market Growth"

A supplement called sodium metal is used in medicine to treat conditions like heart disease, diabetes, pre-diabetes, low blood sugar, and to improve athletic performance. Since sodium metal has been proven to increase the effects of insulin, it might have an insulin-like action. The rising demand for the metal in the automotive industry is predicted to drive the sodium metal market. To make car parts lighter and more fuel-efficient, sodium metal, a sodium metal, is employed in the manufacturing process. These variables are fueling the market expansion and growth for sodium metal market share and revenue systems.

"Huge Demand in the (VRFB) to Increase Market Expansion"

Because they have a few advantages over other batteries, such as the ability to provide infinite capacity for use in larger storage tanks, the ability to be recharged by adding electrolyte, and the ability to discharge for lengthy periods of time, sodium metal flow batteries (VRFB) are growing in popularity.  All of these things are causing the sodium metal industry to grow.

Restraining Factors

"Toxin Emitting Nature of the Product to Hinder Market Growth"

A significant factor in the increase in environmental discharges of sodium metal-rich industrial by-products, such as ash and steel slags from increased waste incineration, may be the rate of sodium metal deposition into the environment, which is constantly increasing. To decrease the hazardous impacts of sodium metal on the environment, many governments are putting in place environmental protection policies and laws due to this huge area of jurisdiction. These rules will hinder the market's expansion and are the key market limitations that will reduce its pace of expansion.

Regional Insights

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"Asia Pacific to Dominate the Market Increase in the Consumer Demand"

Asia Pacific will be the market leader for sodium metal in terms of revenue share, market dominance, and anticipated revenue throughout the forecast period. This is a result of the rising demand for sodium metal in this region. The sodium metal market is dominated by the Asia Pacific region, with Japan leading the pack in terms of users and consumers of sodium metal. A highly developed steel industry also exists in this area.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive"

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Wanji Holdings Group Limited Ltd (China)
• Shangdong Moris Tech (China)
• Inner Mongolia Lan Tai Industrial (U.S.)
• China National Salt Industry Corporation (China)
• American Elements (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.