Chlor-Alkali Market worth USD 141.94 billion by 2028, registering a CAGR of 5.59%

New York, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Chlor-Alkali Market Overview: 

According to a comprehensive research report by Market Research Future (MRFR), “Chlor-Alkali Market Research Report: By Product Type, Application, and Region - Forecast till 2028” the market is projected to be worth USD 141.94 billion by 2028, registering a CAGR of 5.59% during the forecast period (2021 - 2028)., The market was valued at USD 98.16 billion in 2020.

​Competitive Landscape:
List of the major companies in the global Chlor-Alkali market profiled are:

• Solvay SA (Belgian)
• Olin Corporation (US)
• Axiall Corporation (US)
• Akzo Nobel NV (The Netherlands)
• Bayer AG (Germany)
• Covestro AG (Germany)
• Tosoh Corporation (Japan)
• Tata Chemicals Ltd (India)
• Tronox Limited (US), and
• Xinjiang Zhongtai Chemical Co. Ltd (China)., among others.

Market Drivers
The demand for chlor-alkali will be boosted by the rise of end-use sectors such as automotive, construction, pulp & paper, and food & beverage. The worldwide alumina sector, which is booming due to rising aluminum consumption, is predicted to produce significant growth in demand for caustic soda, consequently propelling the global market forward. Furthermore, the rising construction and automotive industries are boosting glass demand, which is likely to lead to an increase in soda ash demand. Market participants are spending in research and development activities for technology advancement and establishing production processes with enhanced energy efficiency in order to tackle rising environmental concerns and increasing energy consumption. In addition, numerous manufacturers are altering the trend toward employing the most energy-efficient technologies, such as membrane cell technology, and phasing out mercury cells to decrease environmental harm.

Market Drivers
During the projected period, the demand for chlor-alkali will be boosted by the rise of end-use sectors such as automotive, construction, pulp & paper, and food & beverage. The worldwide alumina sector, which is booming due to rising aluminum consumption, is predicted to produce significant growth in demand for caustic soda, consequently propelling the global market forward. Furthermore, the rising construction and automotive industries are boosting glass demand, which is likely to lead to an increase in soda ash demand. Market participants are spending in research and development activities for technology advancement and establishing production processes with enhanced energy efficiency in order to tackle rising environmental concerns and increasing energy consumption. In addition, numerous manufacturers are altering the trend toward employing the most energy-efficient technologies, such as membrane cell technology, and phasing out mercury cells to decrease environmental harm.

North America is expected to be the second largest market for chlor-alkali products. In the United States, rising demand for PVC, water treatment chemicals, isocyanates, and other materials is propelling the industry forward.
The European market is expected to develop somewhat throughout the review period, owing to the region's recovering economic growth. The European chlor-alkali market is led by Germany, followed by France, Spain, the United Kingdom, and Benelux.
During the projected period, markets in the Middle East and Africa, as well as Latin America, are predicted to rise steadily.

(Source: https://www.globenewswire.com/news-release/2021/08/26/2287356/0/en/Chlor-Alkali-Market-worth-USD-141-94-billion-by-2028-registering-a-CAGR-of-5-59-Report-by-Market-Research-Future-MRFR.html)