The global Chlor alkali market is projected to grow from $50.37 billion in 2021 to $57.63 billion in 2028 at a CAGR of 1.94% in the forecast period, 2021-2028. The growing shift from conventional production technologies to greener production technologies will have an outstanding effect on the global market, states Fortune Business Insights, in a report, titled “Chlor alkali Market Size, Share & COVID-19 Impact Analysis, By Application (Chlorine {Water Treatment, Paper & Pulp, Inorganics, Intermediates, Organics, Vinyl, and Others} and Caustic Soda {Textile, Alumina, Soap & Detergents, Organics, Inorganics, Pulp & Paper, Water Treatment, and others}), and Regional Forecast, 2021-2028.”
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The report on the chlor alkali market describes:
- Prominent understandings of the market
- Swot Analysis of the regions
- Latest market trends and developments
- Stellar insights into the competitive landscape
- COVID-19 impact
Market Driver:
Significant Demand for Vinyl Polymers to Boost Market Growth
The growing production of vinyl and polyvinyl chloride (PVC) through chlorine will bolster the healthy growth of the market. PVC is the world’s third-largest used polymer owing to its importance in the construction industry such as pipes, window frames, and other products. The booming construction industry in developing countries can spur opportunities for the market. Similarly, the increasing application of PVC in various end-use industries will further augment the growth of the market in the forthcoming years. For instance, in electrical applications, PVC tapes and cases are extensively used due to its unique set of properties. Moreover, the growing popularity of electric vehicles can consequently accelerate the consumption of PVC and chlorine, which, in turn, will aid the expansion of the market. Besides, the exceeding demand for chlor alkali products from end-use industries will promote market growth.
Disrupted Supply and Demand to Dampen Market Amid Coronavirus
The COVID-19 outbreak has negatively impacted the global market. The disruption caused by the virus has resulted in a shortage of laborers, disturbed transportation and logistics, and disrupted supply and demand. The reduced demand for chlor alkali products particularly chlorine can significantly restrict the growth of the market amid COVID-19. The dropped revenue and losses were reported by key players in the first half of 2020. For instance, Olin Corporation, the world’s largest producer of Chlor alkali, reported a loss of USD 80 million in Q1 2020 due to dipped sales prices and volume.
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The Report Lists the Key Companies in the Chlor alkali Market:
- Olin Corporation (Clayton, United States)
- Tata Chemicals Limited (Mumbai India)
- Tosoh Corporation (Tokyo, Japan)
- Occidental Petroleum Corporation (OXY) (Houston, United States)
- Xinjiang Zhongtai Chemical Co. Ltd. (China)
- AGC In (Tokyo, Japan)
- Inovyn (Runcorn Site, UNITED KINGDOM)
- Formosa Plastics Corporation (Taiwan)
- Hanwha Chemical Corporation (Seoul, South Korea)
- Akzonobel N.V. (Amsterdam, Netherlands)
Regional Analysis:
Flourishing Construction Industry to Advance Market in Asia Pacific
The market in the Asia Pacific is expected to hold the largest share in the global market owing to the heavy consumption rate in the region. China dominates the Asia-Pacific region with over 70% share in the regional consumption. The growth is attributed to the booming construction industry. The increasing demand for PVC pipes in the agricultural sector will bolster the healthy growth of the market in the region. Moreover, the thriving automotive and industrial sectors will simultaneously increase the demand for caustic soda, which, in turn, will aid the growth of the market. The paper & pulp industry is expected to contribute impetus to the market in the Asia Pacific. India is poised to be the fastest-growing country in the region owing to robust developments in the construction industry and thriving end-use industries. As per Oxford Economies Global Construction 2030 outlook, India’s construction industry is expected to grow twice as fast as China in the forthcoming years.
This Report Answers the Following Questions:
- How will the organizations surge sales of chlor alkali amid COVID-19?
- Which region and the segment would lead the market in the near future?
- What are the market drivers, hindrances, challenges, and opportunities?
- What are the historical, estimated, and current sizes of the global chlor alkali market?
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