The global chlorine market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Chlorine is a greenish-yellow gas available in abundant amounts as salts. It is an inorganic gas produced using electrolysis of brine. It is a major raw material used in the manufacture of Vinyl Chloride. Some of the other important derivatives produced include organic and inorganic chemicals, agrochemicals, and pharmaceuticals. It is also used in water treatment and sterilization.
Rising demand for PVC from construction, automotive, composite manufacturing is likely to drive the chlorine market. As Vinyl Chloride is a major raw material for PVC, demand for PVC is expected to fuel the growth of chlorine market. Demand construction, automotive, composite and other related industries are actually increasing because of growing population and extra income in developing countries. Additionally, demand for organic and inorganic chemicals, agrochemicals, and pharmaceuticals is likely to increase at a greater rate because of an upsurge in demand due to growing end-use markets. This demand is growing at a higher rate, which in turn will boost consumption of chlorine.
Drivers and Restraints of Chlorine Market
Growing investments in downstream industries in regions like the Asia and Americas are likely to offer tremendous possibilities for chlorine market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Chlorine has a probability of volatility in supply and price due to its high energy production costs. The production costs and feedstock prices are influenced by energy prices. The global economic slowdown has been a challenge for the downstream growth of chlorine. Especially, slow growth of Chinese economy will hinder the growth of global chlorine market. Chlorine has an adverse effect on human body if exposed to it for a longer duration. Its remnants are normally found in water and air which often makes environmental regulatory institutions to implement strict regulations on usage of chlorine. Existing and future regulations concerning the use of chlorine in end products are likely to challenge the market growth.
Chlorine Market by Region
Asia was the largest consumer of chlorine and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China. China and India were the largest consumers of chlorine in this region. Growing demand for construction, automotive, composite and others will drive chlorine market in Asia. Consumption of chlorine in North America was second highest and is likely to grow at a reasonable rate next to Asia. Europe is likely to grow at a significant rate due to demand from construction, automotive, composite industry. Demand from the Middle East and South America was low relatively and is likely to stay same in the next few years.
Top players in this market include Hanwha Chemical Corporation, Ineos Group Ltd., The Dow Chemical Company, Tosoh Corporation, PPG Industries, Tata Chemicals Ltd., BASF SE, FMC Corporation, Olin Corporation, Formosa Plastics Corporation, Occidental Petroleum Corporation, Xinjiang Zhongtai Chemicals Co. Ltd., and Nirma Ltd.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth