July 22, 2022 09:00 ET | Source: FACT.MR FACT.MR
United States, Rockville MD, July 22, 2022 (GLOBE NEWSWIRE) -- As per a recent report published by Fact.MR, the global Chlor-alkali market is poised to grow at a CAGR of 5.4% from 2022 to 2032. During the said forecast period, the industry is likely to yield a dollar opportunity worth US$ 88.5 Billion in 2022, expected to close at a valuation of US$ 150 Billion. The increasing emphasis on the sustainable manufacturing process and increasing applications of Chlor-alkali derivatives act the prominent drivers across the globe.
From 2015 to 2021, the market for Chlor-Alkali grew at a CAGR of 5.3%, closing at a value of US$ 150 Billion. As of 2022, the industry is likely to reach US$ 88.5 Billion. Prospects heightened after the augmenting applications of water treatment across the globe.
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Manufacturers are all set to adopt the PFAS-coated (Polyfluoroalkyl Substances) membrane technology in the upcoming future and avoid the usage of Chlor-alkali in chemical & other end-use industries to reduce the adverse effects on the environment.
Global Chemical Industry Spurs the Adoption of Chlor-Alkali Process
Chlor-alkali by-products: sodium hydroxide, chlorine, and soda ash are instrumental in generating necessary raw material for the bulk chemical industry. These chemicals are extensively used across plastic, alumina, paper & pulp, and other major industries.
According to the European Chemical Industry Council, the output of the global chemical industry grew by 3% in 2021 and 2% by 2022. Furthermore, it is estimated that sales in 2019 were valued at US$ 4.1 billion, with sales expected to peak at nearly US$ 7.5 trillion by 2032. Attributed to these figures, demand for the Chlor-alkali process to generate useful chemicals is bound to rise significantly.
Increased Emphasis on Sustainable Manufacturing to Rev up Sales of Chlor-Alkali
Fact.MR’s recent analysis reveals that North America is expected to possess nearly 35% of the market share through 2032. The Chlor-Alkali market evaluates nearly US$17 Billion in 2022 and is estimated to yield a dollar opportunity of US$ 26 Billion through 2032, following a CAGR of 4.3%. Manufacturing technology has strategically shifted from the diaphragm and mercury cell system to the membrane cell process globally, owing to increasing mercury pollution levels. Hence, industries are transitioning towards more sustainable manufacturing practices, spurring demand for Chlor-alkali derivatives.
In addition, the presence of chemical industries in the U.S is driving the growth of Chlor-alkali in the region. Thus, new and modern facilities will drive higher utilization and increase profitability.
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Key Segments Covered in the Chlor-Alkali Industry Survey
The global market for Chlor-Alkali is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients. Additionally, enterprises are seeking out, specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage up-gradation and product differentiation to gain an edge over other competitors in the market.
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Key players in the Chlor-Alkali Market
Key Takeaways from Chlor-Alkali Market Study
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