Rapidly growing chemicals industry in developing markets and extensive growth in end user industries to boost global chlor-alkali market through 2024
According to TechSci Research report, “Global Chlor Alkali Market By Form, By Technology, By Product Type, By Application, By Region, Competition, Forecast & Opportunities, 2024”, global market for chlor-alkali is projected to reach $ 104 billion by 2024, on account of extensive growth in end user industries and existing production facilities. However, energy-intensive operations as well as adverse effects of chlor-alkali on the environment are anticipated to emerge as major challenges for market players during the forecast period. Chlor-alkali is defined as the scientific procedures utilized for manufacturing caustic soda, chlorine, and other sodium and chlorine-based derivatives or products such as chlorinated paraffin, bleaching powder, hydrochloric acid, sodium hypochlorite and hydrogen gas. The procedure includes the electrolysis of brine solution ensuring the production of these products.
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Based on product type, the market has been segmented into chlorine, caustic soda, soda ash, HCl, hydrogen and others. Of these categories, caustic soda has a broad range of applications in various end use industries like organic & inorganic chemicals, soaps & detergents, alumina refining, water treatment and food and pulp & paper. However, some of the key challenges for global caustic soda manufacturers include high-energy costs and strict environmental regulations.
Based on application, the market has been categorized into soaps & detergents, vinyl, agrochemicals, alumina, glass, food, pulp & paper, EDC/PVC, water treatment and others. Among these, EDC/PVC, glass, and food and pulp & paper are the largest applications of chlorine, soda ash and caustic soda, respectively, which are driving the overall chlor-alkali market. Moreover, applications like isocyanates, glass and textiles are the fastest-growing applications for chlorine, soda ash and caustic soda, respectively. High demand for isocyanates in the manufacturing of polyurethane plastics, elastomers and varnishes is driving the market for chlorine.
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“Asia-Pacific accounted for the largest market share in 2018 and is anticipated to register the highest growth rate in coming years, on account of high demand from developing countries in the region. Backed by the availability of raw materials and cost-effective labor, the region would continue to maintain its leading position in global chlor-alkali market in coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Chlor-Alkali Market By Form, By Technology, By Product Type, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global chlor-alkali market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the global chlor-alkali market.
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