New York, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Chlor-Alkali Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Chlor-Alkali Market Research Report: By Product Type, Application, and Region - Forecast till 2028” the market is projected to be worth USD 141.94 billion by 2028, registering a CAGR of 5.59% during the forecast period (2021 - 2028)., The market was valued at USD 98.16 billion in 2020.
Competitive Landscape:
List of the major companies in the global Chlor-Alkali market profiled are:
- Solvay SA (Belgian)
- Olin Corporation (US)
- Axiall Corporation (US)
- Akzo Nobel NV (The Netherlands)
- Bayer AG (Germany)
- Covestro AG (Germany)
- Tosoh Corporation (Japan)
- Tata Chemicals Ltd (India)
- Tronox Limited (US), and
- Xinjiang Zhongtai Chemical Co. Ltd (China)., among others.
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Market Scope:
Chlor-alkali is a scientific method for producing chlorine, soda ash, caustic soda, and derivatives of these materials. The method is carried out using salt water electrolysis. By product type, caustic soda is the most popular of the three items, followed by chlorine. The high demand for caustic soda can be due to its numerous uses in food processing and pulp and paper manufacturing. The mercury cell process, the membrane cell process, and the diaphragm cell process are all electrolytic methods used in the production of chlor-alkali.
With the addition of new and improved product types in the Global Chlor-Alkali Segment, a trend of strong, volume-driven expansion has been noticed in the market with the entry of new industry competitors. Companies compete and experiment with numerous advantage points in order to grab and consolidate their share of the market sector. Long-term growth potential for this industry can be realized by assuring continuous process improvements and financial flexibility to invest in the best methods. In order to maximize returns on investment, effective planning is critical in terms of business development.
Market USP:
Market Drivers
During the projected period, the demand for chlor-alkali will be boosted by the rise of end-use sectors such as automotive, construction, pulp & paper, and food & beverage. The worldwide alumina sector, which is booming due to rising aluminum consumption, is predicted to produce significant growth in demand for caustic soda, consequently propelling the global market forward. Furthermore, the rising construction and automotive industries are boosting glass demand, which is likely to lead to an increase in soda ash demand. Market participants are spending in research and development activities for technology advancement and establishing production processes with enhanced energy efficiency in order to tackle rising environmental concerns and increasing energy consumption. In addition, numerous manufacturers are altering the trend toward employing the most energy-efficient technologies, such as membrane cell technology, and phasing out mercury cells to decrease environmental harm.
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Market Restraints:
However, issues such as energy-intensive manufacturing procedures and strict environmental regulations are projected to stifle the worldwide chlor-alkali market's expansion.
COVID-19 Analysis
During the projection period, the unexpected emergence of COVID-19 is projected to limit market growth. In comparison to the previous year, global economic growth in 2020 was initially predicted to be mild. However, due to the commencement of COVID-19 in 2020, economic growth slowed to a degree, which is predicted to have an influence on the market, with a recovery expected in 2021.
Market Segmentation
The global chlor-alkali market has been divided into three categories: product type, application, and geography.
The global Chlor-Alkali market has been divided into three categories based on product type: caustic soda, soda ash, and chlorine.
Organic chemicals, food processing, paper & pulp, metallurgy, isocyanates & oxygenates, EDC/PVC, water treatment, textiles, soaps & detergents, and others make up the worldwide Chlor-Alkali market.
Regional Insights:
In 2019, Asia-Pacific dominated the global chlor-alkali market, accounting for more than half of all sales. Increasing demand for PVC and isocyanates from the construction and automotive industries, as well as increased aluminum production and a growing paper and pulp industry in China, India, Indonesia, and Malaysia, are expected to drive the growth of the Asia-Pacific chlor-alkali market during the forecast period. Because of the low cost of raw materials and labor, as well as rapid industrialization, market participants are investing in capacity expansion and addition to meet the growing demand for chlor-alkali products in China.
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During the projection period, North America is expected to be the second largest market for chlor-alkali products. In the United States, rising demand for PVC, water treatment chemicals, isocyanates, and other materials is propelling the industry forward.
The European market is expected to develop somewhat throughout the review period, owing to the region's recovering economic growth. The European chlor-alkali market is led by Germany, followed by France, Spain, the United Kingdom, and Benelux.
During the projected period, markets in the Middle East and Africa, as well as Latin America, are predicted to rise steadily.
Segmentation of Market covered in the research:
Chlor-Alkali Market Research Report: By Product Type (Caustic Soda, Soda Ash, and Chlorine), Application (Organic Chemicals, Food, Paper & Pulp, Metallurgy, Isocyanates & Oxygenates, EDC/PVC, Water Treatment, Textiles, Soaps & Detergents, and Others), and Region (North America, Latin America, Europe, Asia-Pacific and Middle East & Africa) - Forecast till 2028
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
