The global chlorine market size is expected to reach USD 39.31 billion by 2024, according to a new report by Grand View Research, Inc. Chlorine serves as an important raw material in various chemical industries. It is also an essential ingredient for PVC production, which has observed increasing demand in the construction, automotive, and packaging industries. These factors are anticipated to drive the global market.
Increasing demand for chlorine across various industries for manufacturing intermediate products such as hydrochloric acid, chlorides, etc. is expected to be a key factor influencing the market growth.
Price fluctuations due to uneven demand and supply particularly in Asia Pacific are expected to pose challenges to key industry participants in the region. Chlorine is highly reactive when it comes to contact with other materials which increases handling risk. The toxicological nature of chlorine also adds up to the market challenges.
EDC/PVC was the largest application segment and accounted for 34.5% of global demand in 2015. Escalating PVC demand in the construction industry is expected to drive this segment over the forecast period. It is also expected to witness the highest growth of 4.8% over the forecast period.
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Further key findings from the report suggest:
- Global chlorine market demand was 71.26 million tons in 2015 and is expected to reach 104.70 million tons by 2024, growing at a CAGR of 43% from 2016 to 2024
- Asia Pacific was the leading regional market and accounted for 56.6% of the total market volume in 2015. Increasing construction spending in China, India, Indonesia, and Thailand is expected to drive the regional market over the forecast period. The region is also expected to witness the fastest growth of 4.7% over the forecast period due to incessant demand for chlorine in construction as well as the chemical industry.
- North America is expected to witness moderate growth mainly on account of recovery of construction in the industry in the U.S. The region is expected to grow at an estimated CAGR of 4.2% from 2016 to 2024.
- Key market players 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.