The growing industrialization in emerging economies such as China, India, South Korea, Indonesia, Thailand, Taiwan, Mexico, Brazil, and Argentina is expected to drive the chlor-alkali market during the next five years. The high demand for packaging, building & construction, consumer goods, and automotive applications in these countries increases the need for plastics, aluminum, and others used in these applications. Government policies supporting the growth of industries, low labor costs, skilled workforces, availability of raw materials, and increasing urbanization have enabled domestic and foreign companies to establish their facilities in these countries. The growth of the manufacturing industry in Malaysia, Vietnam, Colombia, and Chile is also expected to fuel market growth.
The market for plastics is dominated by the US, China, India, and Germany, among others. Brazil, China, South Africa, and Argentina, among other emerging countries, offer significant growth opportunities for the chlor-alkali market. Increasing economic activities such as rapid industrialization and urbanization are driving the demand for plastics in emerging countries. For instance, the construction industry contributes 10.0% to India’s GDP. End-use industries including automobile, construction, packaging, consumer goods, and medical & pharmaceutical are rapidly growing in these countries.
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The GDP of these emerging economies acts as a major indicator for the growth of the chlor-alkali market, as it represents the growth of the economy and per capita consumption. Due to the increase in GDP, the per capita income and spending power of the population also increases, which results in higher per capita plastic consumption in these countries. Thus, the growth of the demand for chlor-alkali can be attributed to the increasing per capita plastic consumption, which, in turn, is providing opportunities to market players in these countries.
In recent years, the chemical industry has witnessed high growth in emerging regions and steady growth in developed/mature markets. Industry participants are keen on addressing the needs/demands of growing economies. Global players have adopted expansion strategies to enhance their production capacities. Key market players are adopting expansion and joint ventures strategies to enhance their market competitiveness and increase penetration in different regions. Chemical industries in the US and Europe are mature and their growth is largely influenced by the GDP growth of these regions. The trend in rapid industrialization, supported by strong demand due to improving standards of the living, significant population base, and available pools of workforces in the APAC, Middle East & Africa, and South America has led companies to establish their facilities in these regions and cater to regional demands.
The global Chlor-Alkali market size is estimated to be USD 63.2 billion in 2021 and is projected to reach USD 77.4 billion by 2026, at a CAGR of 4.1% between 2021 and 2026.
The leading players in the Chlor-Alkali market are Olin Corporation(US), Westlake Chemical Corporation (US), Tata Chemicals Limited (India), Occidental Petroleum Corporation (US), Formosa Plastics Corporation (Taiwan), Solvay SA (Belgium), Tosoh Corporation (Japan), Hanwha Solutions Corporation (South Korea), Nirma Limited (India), AGC, Inc. (Japan), Dow Inc. (US), Xinjiang Zhongtai Chemical Co. Ltd. (China), INOVYN (UK), Ciner Resources Corporation (US), Wanhua-Borsodchem (Hungary), and others.
Read More: https://www.marketsandmarkets.com/PressReleases/chlor-alkali.asp
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