Sat, 29 Jan 2022

Chlor-Alkali Market worth $77.4 billion by 2026

iCrowd Newswire
07 Dec 2021, 00:51 GMT+10

According to the new market research report "Chlor-Alkali Market by Type (Caustic Soda (Alumina, Chemicals, Textiles, Soaps & Detergents), Chlorine (EDC/PVC, Isocyanates, Propylene Oxide, C1/C2 Aromatics), Soda Ash (Glass, Water Treatment, Metallurgy, Pulp & Paper)), Region - Global Forecast to 2026", The global Chlor-Alkali market size is estimated to be USD 63.2 billion in 2021 and is projected to reach USD 77.4 billion by 2026, at a CAGR of 4.1% between 2021 and 2026.

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Alumina occurs as aluminum oxide and is refined to produce aluminum. Due to the increasing demand for aluminum across the globe, especially from China, the demand for alumina is increasing steadily. Generally, caustic soda is used for the production of alumina. Thus, the steady growth of the market is expected to, in turn, support the growth of the chlor-alkali market. APAC dominates the market, followed by North America and Europe. The demand for caustic soda is projected to be driven by the shifting base of industrial production to the APAC, the increasing population, and the rising demand for infrastructure.

PVC is utilized in the construction, electronics, healthcare, automotive, packaging, and other end-use industries. Its low cost and desirable physical & mechanical properties make it a suitable material was various applications. In 2019, the demand for PVC in Europe was approximately five million tons, which accounted for 10% of the overall production of plastic in Europe. Chlorine is utilized in production of EDC/PVC and growth in end-use industries for EDC/PVC expects to drive the demand for chlorine in Chlor-alkali market.

Browse and in-depth TOC on "Chlor-Alkali Market – Global Forecast to 2026"

646 – Tables 55 – Figures 416 – Pages

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The global Chlor-Alkali market size is estimated to be USD 63.2 billion in 2021 and is projected to reach USD 77.4 billion by 2026, at a CAGR of 4.1% between 2021 and 2026. The growth in demand for chlor-alkali in the APAC is expected to be driven by the vinyl chain (EDC/VCM/PVC). The demand for chlor-alkali in the APAC is driven by China, which accounts for a major share, globally. China is one of the fastest-growing countries, in terms of chlor-alkali consumption, due to its large chemical and petrochemical industries. India, with its emerging economy is expected to propel the demand for chlor-alkali products during the forecast period. The rising disposable income and focus on the domestic manufacturing industry is expected to increase the demand for chlor-alkali products. However, in Europe, the market for chlor-alkali products is projected to grow at a marginal rate during the forecast period. In North America, and particularly in the US, the growth in demand for chlorine is expected to be driven by the vinyl chain (EDC/VCM/PVC). New capacities are expected to be introduced as the demand from the vinyl industry is projected to increase due to the rising demand from the construction and residential housing sectors in the US.

Chlor-alkali products, namely, chlorine, caustic soda, and soda ash are utilized in various industries. Chlorine and caustic soda are produced through the electrolysis of brine, and soda ash is produced through the Solvay process. These three products are used as raw materials in various industries; chlorine is a vital building block and more than 60% industrial chemicals require it in some form or other in production processes. Caustic soda finds applications in personal care products such as soaps and detergents. Soda ash is used in the glass industry, chemicals, and for water treatment. Some applications such as water treatment, food, and pulp & paper are common in all the three chlor-alkali products.

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The major industry players have adopted expansions, agreements, and acquisitions as growth strategies in the last four years. The leading players in the market are Olin Corporation (US), Westlake Chemical Corporation (US), Tata Chemicals Limited (India), Occidental Petroleum Corporation (US), Formosa Plastics Corporation (Taiwan), Solvay SA (Belgium), Tosoh Corporation (Japan), Hanwha Solutions Corporation (South Korea), Nirma Limited (India), AGC, Inc. (Japan), Dow Inc. (US), Xinjiang Zhongtai Chemical Co. Ltd. (China), INOVYN (UK), Ciner Resources Corporation (US), Wanhua-Borsodchem (Hungary), and others.

Olin Corporation manufactures chemicals and ammunition. Its business is divided into three segments, Chlor Alkali Products and Vinyls, Epoxy (epoxy materials and precursors), and Winchester (arms and ammunition). Its Chlor Alkali Products include chlorine and caustic soda, methyl chloride, methylene chloride, ethylene dichloride & vinyl chloride monomer, chloroform, hydrochloric acid, simultaneously with 1 ton perchloroethylene, carbon tetrachloride, trichloroethylene, bleach products, hydrogen, and potassium hydroxide. The Chlor Alkali and Epoxy businesses were added to the company as a spin-off from The Dow Chemical Company in 2015. The company produces chlorine, caustic soda, and hydrogen through the electrolysis of salt, also known as Electrochemical Unit (ECU). These products are produced simultaneously in the proportion of 1 ton of chlorine to 1.1 tons of caustic soda and 0.03 tons of hydrogen. The company offers these chlor-alkali products for polyvinylchloride (PVC), water treatment, alumina, pulp & paper, detergents & soaps, and other applications. It has seven production facilities for chlorine and caustic soda in the US and Canada. It has a strong presence in North America and also offers its products across Europe, the Asia Pacific, and Latin America.

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