Evercore Investment Banking Pitch Book
Soda Ash Market Background
Projected Increases in Global Soda Ash Supply
North America Supply Growth
100
80
60
40
20
In the near-term, the most significant North American
growth project is Genesis' expansion of its Granger
facility
Genesis plans to invest approximately $350 million
to expand its Granger soda ash facilities from
approximately 500,000 tons per year to
approximately 1,250,000 tons per year
Expected to be in service in 3Q 2023
IHS Markit forecasts Sisecam to increase capacity by
1.3 million tons in 2024 and 2025
IHS Markit projects annual capacity growth in North
America of 4.0% from 2020 to 2025
Range
2010A-20A
2020'A-25E
57
21
24
12
2010A
Source: IHS Markit
EVERCORE
61
22
27
13
2011A
CAGR%
North America Northeast Asia
1.1%
2.9%
2.9%
4.0%
65
64
22
29
North America, Northeast Asia and Global Capacity Growth (Million metric tons)
65
22
30
21
31
13
13
13
2012A 2013A 2014A
▬▬▬▬▬▬▬▬
Global
2.2%
2.4% i
64
21
65
30
21
67
30
22
31
69
11
2021 Global Production Capacity
The majority of supply growth outside of the U.S. is
expected to come online in China
24
31
13
13
13
14
2015A 2016A 2017A 2018A
■ North American
■ Northeast Asia
Natural soda ash plants are under construction in
Inner Mongolia with annual output of up to 5.4
million tons per year to come online by 2025
A 1.2 million ton Solvay process soda ash plant is
expected to come online in Qinghai, China in 2023
IHS Markit also projects plant shutdowns in China that
will offset some of the new capacity coming online
An approximately 1.3 million ton soda ash plant in
Lianyungang, China was shut down in June 2022
An approximately 600,000 ton plant in Guangzhou,
China is expected to be shut down in late-2022
IHS Markit projects annual capacity growth in Northeast
Asia of 2.9% from 2020 to 2025
72
26
33
14
2019A
■ Other
72
26
32
14
2020A
71
26
32
14
2021 E
73
27
32
76
26
35
14
15
2022E 2023E
78
28
35
16
2024E
81
28
36
17
2025E
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