The increasing demand for chlor-alkali products from these end-use industries is driving the growth of the global Chlor-Alkali Market. Chlorine is extensively used for bleaching paper and manufacturing several chemical products which find applications in various industries. Caustic soda, on the other hand, finds applications in aluminum production, pharmaceuticals, soaps and detergents owing to its strong alkaline nature.
The global Chlor-Alkali Market is estimated to be valued at US$ 263531.83 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends accelerating the growth of the Global Chlor-Alkali Market Size is the strong demand from the end-use industries. In particular, the increasing demand for caustic soda and chlorine from the pulp and paper, alumina, and chemical processing industries is fueling market growth. Chlorine is extensively used as a bleaching agent in the pulp and paper manufacturing process while caustic soda finds widespread application in alumina production. Rising incomes and industrialization in developing economies are augmenting the demand for products from these end-use industries, thereby benefiting the chlor-alkali market. Further, the versatility and wide range of applications of caustic soda and chlorine across multiple industrial sectors including textiles, water treatment, pharmaceuticals etc. are expected to present lucrative opportunities for the market over the forecast period.
Segment Analysis
The global Chlor-Alkali market is divided into three key segments - caustic soda, chlorine and sodium hypochlorite. The caustic soda segment currently dominates the market, accounting for over 50% of the total market share in 2023. Caustic soda has widespread applications in pulp & paper, alumina, chemicals and soap & detergents industries. It is used as a feedstock in the production of important industrial chemicals such as epichlorohydrin, PVC and alkali metal hydroxides. Steady growth of end-use industries has been driving the demand for caustic soda over the years.
Key Takeaways
The global Chlor-Alkali market is expected to witness high growth over the forecast period of 2023-2030.
Regional analysis: Asia Pacific region currently dominates the global Chlor-Alkali market with over 40% market share in 2023. The growth in Asia Pacific region is driven by robust industrial development in major economies like China, India and Japan. China represents the largest caustic soda market in the world owing to massive expansion of PVC plants. North America and Western Europe are also notable markets driven by well-established chemical industry. Latin America and Middle East & Africa are projected to witness fastest growth during 2023-2030 supported by growing industrialization.
Key players analysis:
Key players operating in the Chlor-Alkali market include 3D Systems Corporation, 3M Company, 3Shape A/S, Align Technology, Inc., Bernhard Förster GmbH, Carestream Dental, LLC, and American Orthodontics Corporation, among others. The market is characterised by presence of large multinational corporations with global footprint and many local players. The leading players are focusing on expansion and capacity additions to cater to growing demand from end-use industries globally. Partnerships and mergers & acquisitions are among key strategies adopted by prominent companies to consolidate their market position.
Get More Insights On This Topic: https://www.newsstatix.com/chlor-alkali-market-size-share-analysis-2023-2030/
Comments
0 comment