August 31, 2022 03:00 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 31, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, the global chlor alkali market size is projected to reach USD 57.63 billion by 2028 and exhibit a CAGR of 1.94% during the forecast period. Chlorine is utilized in huge volumes of vinyl production. Chlorine and various downstream chemicals are used to produce polyvinyl chloride (PVC), the third-largest used polymer in the world. The growing demand for vinyl polymers is likely to boost the market’s growth. Fortune Business Insights™ has presented this information in its report titled, “Chlor Alkali Market, 2021-2028”. The market size stood at USD 46.26 billion in 2020.
Many manufacturers still use the mercury cell process for Chlor alkali production. Mercury is an extremely toxic element, and as a result, producers are adopting greener production technologies such as membrane cell technology. The growing adoption of such green production technologies is anticipated to amplify market growth in the coming years.
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List of Key Players in the Global Chlor Alkali Market are:
Report Scope & Segmentation:
The sudden emergence of the humanitarian crisis has inflicted a negative impact on the market’s growth. The low available workforce and the closure of production facilities during the initial days of the pandemic have affected the growth of the market. The disruptions in the supply chain networks have exacerbated the impact. Additionally, the reduced demand for chlorine by end-use industries further aggravated the situation. Nonetheless, the vaccines are now available globally, and various economies have ramped up their vaccination drives. The market is slowly recovering and is likely to gain steep growth in the coming years.
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Expanding Demand from End-Use Sectors to Fuel Market Growth
Chlorine is utilized in huge volumes in vinyl production. Chlorine and various downstream chemicals are used to produce polyvinyl chloride (PVC), the third-largest polymer in the world. The construction industry uses PVC to produce window frames, pipes, and other products. Due to surging urbanization and industrialization, the increased construction activities are anticipated to boost the demand for the product and augment market growth. Moreover, PVC cases and tapes are widely used by the electrical and electronics industry due to their unique properties. The growing demand for electric vehicles is likely to stimulate PVC consumption and therefore bolster market growth. In essence, the growing demand for the product from end-use industries is expected to amplify the global chlor alkali market growth.
There are still many manufacturers who use the mercury cell process for Chlor alkali production. Mercury is an extremely toxic element, and stringent regulations have been implemented on these kinds of production processes in the wake of its harmful effects. Producers are therefore adopting greener production technologies such as membrane cell technology. The growing adoption of such green production technologies is anticipated to amplify market growth in the coming years. However, stringent government regulations are likely to hinder the market growth.
Key Players Devise Ingenious Strategies to Garner Growth
The market is fairly consolidated and comprises several key players operating at international and domestic levels. The key players operating in the market primarily emphasize organic growth strategies such as launching new products. They also focus on inorganic strategies such as partnerships, mergers, acquisitions, collaborations, and accumulating growth. Recently, Formosa Plastics removed the force majeure on suspension-grade PVC in June 2021.
Expanding End-Use Sectors to Escalate Growth in the Asia Pacific
Asia Pacific is anticipated to emerge dominant in the global chlor alkali market share. China accounts for the highest consumption in the region with over 70% market share. The surging construction activities, expanding industrial and automotive sectors, and booming paper packaging industry are expected to the significant growth drivers for the market. The strong developments are likely to help India emerge as the fastest-growing country in Asia Pacific. North America is expected to gain the second-largest market share due to high exports of chlor alkali products globally.
Europe is likely to exhibit steady growth due to sluggish developments in end-use sectors. Italy, Germany, U.K., France, and Spain are anticipated to dominate the regional market. Latin America and the Middle East & Africa are expected to witness substantial growth due to improving economic situations.
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