Chlorine Market Estimated to Expand at a Robust CAGR by 2022
Global Chlorine Market: Overview
Quality of the product defines competition in the global chlorine market, a recent report published by Transparency Market Research report finds. Chlorine is an age-old chemical that finds usage in various industries and hence the demand for the product has always remained consistent. Players in the global chlorine market are also striving to offer products at competent prices to garner more share in their respective regions.
Besides reducing prices, companies in the global chlorine market are also working on increasing their manufacturing potential by opening new facilities. This will help them in, both, addressing the growing demand, as well workout methods to cut down production and selling cost. Some of the major players in the highly fragmented global chlorine market include Tata Chemicals Ltd., Olin Corporation, Ercros S.A, PPG Industries, BASF SE, FMC Corporation, Hanwha Chemical Corporation, Ineos Group Ltd., Occidental Petroleum Corporation, and Tosoh Corporation.
According to the analysts at TMR, the global market for chlorine stood at a strong value of US31.1bn in 2017. The report by TMR projects that the market will ride on a steady growth rate of 6.5% during the forecast period. Further, it is predicted that it will grow to an overall value of US$42.7 bn by the end of 2022.
When it comes to regions, projections are that Asia Pacific will dominate the market and is expected to hold more than 50% of the overall value by the end of 2022. North America will be a distant second holding nearly US$7.3bn of the entire pie.
Water is a common source for bacterial infection and hence it is essential that water be treated to ensure it does not result in affecting people. The risk of acquiring diseases from water increases during monsoon. Chlorine is often used as disinfectant in water and hence the demand for the product in the global chlorine market will remain consistent in the future. With residential complexes growing in size, and corporates requiring large quantities of water, the demand for chlorine will be consistent throughout the year.
On the other hand, the number of sports clubs, residential complexes with swimming pools, water-based theme parks, and other are rising. Hence, the demand for products in the global chlorine market will shoot up in the coming years.
Further, the demand for PVC component to make pipes, valves, and other furniture products, will keep driving demand in the global chlorine market.
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Innovation to Open New Avenues
Research is constantly underway to identify new products made out of PVC. The reason being its cost-effectiveness and durability. Many companies are investing in developing products that suit customers varying requirements, be it motor pumps, irrigation, water supply, components of electrical gadgets, and more. As new applications of PVC surface, the consumption of chlorine will also steadily go up. As a result, this will stoke demand in the global chlorine market.
However, the chlorine has some disadvantages too. Some people are allergic to chlorine, and hence it might result in infections or allergies. This might restrict expansion in the global chlorine market. Despite this concern, the demand will continue to rise as the need for clean and pure water will increase in the coming years.
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