The global Chlor Alkali Market size is expected to gather momentum owing to increasing demand for PVC for construction activities across the globe.The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies to curb the spread of the novel coronavirus, several industries have been on a standstill with zero operational activities. However, a collective effort from the government as well as the industries is anticipated to bring the economy back on track and aid in resuming industrial activities.

Chlor-alkali involves the simultaneous production of two chemicals such as chlorine and an alkali by adopting the electrolysis of saltwater process. The commonly adopted chlor-alkali chemicals are sodium hydroxide (caustic soda) and chlorine, along with muriatic acid and potassium hydroxide. It is widely used in several applications such as manufacturing of pulp & paper, deodorants, aluminum processes, automotive, and other chemical products. Besides, it is termed as one of the largest electrochemical technologies across the globe.

DRIVING FACTORS

Increasing Demand for PVC to Drive the Market

Polyvinyl chloride (PVC) is widely used in construction applications owing to its several benefits such as strong resistance to chemical corrosion, high durability, and cost-effectiveness. Additionally, huge demand for PVC for several chemical application and growing adoption of superior quality plastics is expected to drive the global chlor alkali market during the forecast period. A high disposable income and increasing construction activities owing to rapid urbanization is anticipated to favor market growth in the forthcoming years.

REGIONAL INSIGHTS

Asia-Pacific to Remain Dominant Stoked by Rising Chemical Industries

Among all regions, the market in Asia-Pacific will witness substantial growth and hold the highest global chlor alkali market share during the forecast period. This is attributable to rising chemical industries in the region. Countries such as China is witnessing significant growth owing to low manufacturing costs that the propelling the demand for chlor alkali applications. Furthermore, the region being the largest producer of chlor alkali is expected to witness substantial growth between 2019 and 2026.

Gain More Insights into the Chlor-Alkali Market Research Report: https://www.fortunebusinessinsights.com/industry-reports/chlor-alkali-market-101720

List of the Companies Operating in the Market:

• Bayer Material Sciences AG

• AkzoNobel

• Tata Chemicals Ltd.

• Dow Chemicals

• Olin Corporation

• Nirma Limited

• Formosa Plastics Corporation

• Solvay S.A.

• Occidental Petroleum Corporation

• Ineos Group Limited

• FMC Corporation

• Tosoh Corporation

• Among others

Meghmani Finechem Expanding its Caustic Soda to Augur Growth

In July 2020, Meghmani Finechem (MFL) announced the expansion of its commercial production of caustic soda plant located at Dahej, Gujrat. According to the company, the expansion cost of the caustic soda plant is estimated to be around INR 300 crore, while the captive power plant is set up at around INR 150 crore. Additionally, the company aims to reach about 2, 94,000 tpa and captive power of around 96 MW owing to the expansion.