Chlor Alkali Market to Reach USD 57.63 billion by 2028; Increasing Demand for Vinyl Polymers to Propel Growth of the Market

The global Chlor alkali market is expected to gain immense growth by reaching USD 57.63 billion by 2028. Fortune Business Insights™, in its report titled “Chlor Alkali Market Size, Share & COVID-19 Impact Analysis, By Application (Chlorine {Water Treatment, Paper & Pulp, Inorganics, Intermediates, Organics, Vinyl, and Others} and Caustic Soda {Textile, Alumina, Soap & Detergents, Organics, Inorganics, Pulp & Paper, Water Treatment, and others}), and Regional Forecast, 2021-2028.”, observes that the market size stood at USD 46.26 billion in 2020 and is anticipated to exhibit a CAGR of 1.94% between 2021 and 2028. Chlorine is utilized in huge volumes in vinyl production. Chlorine and various downstream chemicals are used to produce polyvinyl chloride (PVC), the third-largest used polymer in the world. The growing demand for vinyl polymers is likely to boost the market’s growth.

Formosa Plastics’ Lift of Force Majeure on PVC to Benefit Market

In June 2021, Formosa Plastics lifted its force majeure on PVC supplies. The company had implemented force majeure on specialty PVC in February 2021 due to the deep freeze that struck the region. The deep freeze resulted in raw material shortages, breakdown issues, and mechanical malfunctions. The extreme weather conditions had affected the facilities based in western Louisiana and Texas. The company is involved in refining crude oil, producing & selling olefins, and selling refined petroleum products.

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Expanding Demand from End-Use Sectors to Fuel Market Growth

Chlorine is utilized in huge volumes in vinyl production. Chlorine and various downstream chemicals are used to produce polyvinyl chloride (PVC), the third-largest polymer in the world. The construction industry uses PVC to produce window frames, pipes, and other products. Due to surging urbanization and industrialization, the increased construction activities are anticipated to boost the demand for the product and augment market growth. Moreover, PVC cases and tapes are widely used by the electrical and electronics industry due to their unique properties. The growing demand for electric vehicles is likely to stimulate PVC consumption and therefore bolster market growth. In essence, the growing demand for the product from end-use industries is expected to amplify the global chlor alkali market growth.

Key Players Devise Ingenious Strategies to Garner Growth

The market is fairly consolidated and comprises several key players operating at international and domestic levels. The key players operating in the market primarily emphasize organic growth strategies such as launching new products. They also focus on inorganic strategies such as partnerships, mergers, acquisitions, collaborations, and accumulating growth. Recently, Formosa Plastics removed the force majeure on suspension-grade PVC in June 2021.

Industry Developments-

• June 2021: Inovyn released the Environmental Protection Declaration for its PVC and chlor alkali products.

List of Key Players in the Global Market are:

• Olin Corporation (Clayton, U.S.)
• Tata Chemicals Limited (Mumbai India)
• Tosoh Corporation (Tokyo, Japan)
• Occidental Petroleum Corporation (OXY) (Houston, U.S.)
• Xinjiang Zhongtai Chemical Co. Ltd. (China)
• AGC Inc. (Tokyo, Japan)
• Inovyn (Runcorn Site, U.K.)
• Formosa Plastics Corporation (Taiwan)
• Hanwha Chemical Corporation (Seoul, South Korea)
• Akzonobel N.V. (Amsterdam, Netherlands)

Further Report Findings-

• The market in Asia Pacific stood at USD 27.33 billion in 2020 and is anticipated to emerge dominant in the global chlor alkali market share. The surging construction activities, expanding industrial and automotive sectors, and booming paper packaging industry are expected to the significant growth drivers for the market.
• The growth in Asia Pacific is also attributable to the strong developments that will help India emerge as the fastest-growing country in Asia Pacific. Additionally, China accounts for the highest consumption in the region with over 70% market share, which is likely to amplify the market growth.
• According to the segmentation based on application, the caustic soda segment is anticipated to witness the highest growth due to the industry's surging use of aluminum by the automotive industry. Moreover, the high adoption of caustic soda by textile and organic chemical industries is likely to bolster the segment's growth.

Table of Segmentations