North America Chlor-alkali Market Analysis By Product (Caustic Soda, Chlorine, Soda Ash), Trends & Dynamics, Competitive Landscape, Value Chain Analysis, Price Trend Analysis, And Forecasts, 2014 - 2024
NEW YORK, April 27, 2017 /PRNewswire/ --
The North America chlor-alkali market is expected to reach USD 19.63 billion by 2024, according to a new report by Grand View Research, Inc.
The rapidly growing chemical industry is projected to play a vital role in supporting demand. The demand for chlor-alkali products indirectly depends on conditions in downstream end-use industries. Increased use of chlorine based products in the day-to-day items such as soaps & detergents, textiles, glass, etc. is expected to drive the product demand over the forecast period. Chlorine is helpful in water treatment and is also used to manufacture chlorinated paraffin wax.
Environmental impact in the form of mercury emission is expected to emerge as a major restraint for the market. Cutting down mercury as well as carbon emissions is expected to pose a challenge to manufacturers. The extremely energy intensive manufacturing process of the product is also assumed to hinder growth.
Key companies operating in the industry focus on process innovation to develop new products that will satisfy the demand of already existing large application base. The industry is expected to witness a technological shift towards membrane cell technology.
Companies are expected to invest in research activities to develop environmentally friendly and cost efficient process. Companies will have to track energy prices in order to implement suitable pricing policies to achieve competitive advantage.
Further key findings from the report suggest:
- In terms of volume, chlorine occupied the largest share in 2015 and is projected to grow at the highest CAGR over the forecast period
- The glass industry is expected to emerge as the largest as well as fastest growing application segment for soda ash
- Soda Ash has the ability to control furnace temperature at levels necessary to melt silica, which makes it an essential element in glass manufacturing industry
- In terms of volume, caustic soda product segment is expected to grow at an estimated CAGR of 3.2% from 2016 to 2024
- Increasing R&D activities towards development of new production processes is expected to create opportunities for the companies operating in this region
- The industry is characterized by large number of suppliers who are actively in engaged in manufacturing and supplying a variety of chlor-alkali products to various end-use industries
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