The global chlor alkali market size is expected to gather momentum owing to increasing demand for PVC for construction activities across the globe. This information is published by Fortune Business Insights, in its latest report, titled “Chlor Alkali Market Size, Share & Industry Analysis, By Type (Caustic Soda, Chlorine, Soda Ash, Others), By Application (Alumina, EDC/PVC, Glass, Pulp & Paper, Water Treatment, Others) and Regional Forecast, 2023-2030.”
Chlor-alkali involves the simultaneous production of two chemicals such as chlorine and an alkali by adopting the electrolysis of saltwater process. The commonly adopted chlor-alkali chemicals are sodium hydroxide (caustic soda) and chlorine, along with muriatic acid and potassium hydroxide. It is widely used in several applications such as manufacturing of pulp & paper, deodorants, aluminum processes, automotive, and other chemical products. Besides, it is termed as one of the largest electrochemical technologies across the globe.
The global chlor alkali market size was USD 46.26 billion in 2020 and is projected to grow from USD 50.37 billion in 2021 to USD 57.63 billion in 2028 at a CAGR of 1.94% during the 2021-2028 period.
What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. The report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
DRIVING FACTORS
Increasing Demand for PVC to Drive the Market
Polyvinyl chloride (PVC) is widely used in construction applications owing to its several benefits such as strong resistance to chemical corrosion, high durability, and cost-effectiveness. Additionally, huge demand for PVC for several chemical application and growing adoption of superior quality plastics is expected to drive the global chlor alkali market during the forecast period. A high disposable income and increasing construction activities owing to rapid urbanization is anticipated to favor market growth in the forthcoming years.
Source- https://www.fortunebusinessinsights.com/industry-reports/chlor-alkali-market-101720
REGIONAL INSIGHTS
Asia-Pacific to Remain Dominant Stoked by Rising Chemical Industries
Among all regions, the market in Asia-Pacific will witness substantial growth and hold the highest global chlor alkali market share during the forecast period. This is attributable to rising chemical industries in the region. Countries such as China is witnessing significant growth owing to low manufacturing costs that the propelling the demand for chlor alkali applications. Furthermore, the region being the largest producer of chlor alkali is expected to witness substantial growth between 2019 and 2026.
COMPETITIVE LANDSCAPE
Meghmani Finechem Expanding its Caustic Soda to Augur Growth
In July 2020, Meghmani Finechem (MFL) announced the expansion of its commercial production of caustic soda plant located at Dahej, Gujrat. According to the company, the expansion cost of the caustic soda plant is estimated to be around INR 300 crore, while the captive power plant is set up at around INR 150 crore. Additionally, the company aims to reach about 2, 94,000 tpa and captive power of around 96 MW owing to the expansion.
List of the Companies Operating in the Market:
Bayer Material Sciences AG
AkzoNobel
Tata Chemicals Ltd.
Dow Chemicals
Olin Corporation
Nirma Limited
Formosa Plastics Corporation
Solvay S.A.
Occidental Petroleum Corporation
Ineos Group Limited
FMC Corporation
Tosoh Corporation
Among others