Chlorine Compressors Market Set to Grow at a Steady 7.5% CAGR During the Forecast Period 2030
The global chlorine compressors market, with a value of USD 54.2 million in 2021, is on a trajectory of consistent growth, projected to experience a Compound Annual Growth Rate (CAGR) of 7.5% during the forecast period. The markets expansion is primarily attributed to the increasing use of chlorine in various industries such as chemicals, water & wastewater treatment, oil & gas, and petrochemicals, driving the demand for chlorine compressors.
Driving Factors
- Chlorine Manufacturing and Industrial Applications: The large-scale use of chlorine compressors in chlorine manufacturing plants and its application in diverse industries fuel the markets growth. The significant use of chlorine in organic and inorganic chemicals is a primary driver.
- Rise in Chemical Industry: The chemical industrys growth across the globe plays a pivotal role in boosting the demand for chlorine as a component in manufacturing paper, pulp, and a wide range of chemicals.
- Booming PVC Demand: The construction and building sectors increasing demand for Polyvinyl Chloride (PVC) drives the growth of the chlorine compressors market.
Segment Overview
- Product Types: The market is segmented into liquid ring compressors and centrifugal compressors. Liquid ring compressors dominate the market due to their ability to handle liquid chlorine, which is in high demand for its safety, cost-effectiveness, and corrosion resistance.
- End-Use Industries: The chemical industry segment leads due to the extensive use of chlorine in organic and inorganic chemical production, paper, and pulp manufacturing.
Regional Landscape
- North America Dominance: North America is expected to lead the market due to investments in advanced machinery production, particularly in sectors like chemicals, water treatment, and construction.
- Asia Pacific Growth: The Asia Pacific region is set to experience steady growth as significant projects are underway in countries like China, India, Australia, and Indonesia, driven by expanding industrial sectors.
COVID-19 Impact
The COVID-19 pandemic has temporarily hindered the production and expansion of the chlorine compressor industry, particularly due to lockdowns in key manufacturing nations. The markets growth faced challenges in 2020, but as economies recover, the demand for chlorine and related equipment is anticipated to rebound.
Market Restraints
- Chemical Leasing Model: The adoption of the chemical leasing model, where chemical manufacturers are responsible for proper disposal, could limit the markets growth by affecting profit margins and demand across the value chain.
Competitive Landscape
- Industry leaders like Devi Hitech Engineers Pvt. Ltd., Sundyne, Gardner Denver Nash LLC, Elliott Group, and Mayekawa Mfg. Co., Ltd., among others, are contributing to the growth of the chlorine compressors market.
Conclusion
The global chlorine compressors market is poised for steady growth, propelled by the increasing use of chlorine in various industries, particularly chemicals and construction. Despite challenges posed by the pandemic and certain market limitations, the markets trajectory remains positive due to ongoing industrial projects and advancements in compressor technology.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/chlorine-compressors-market
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COMTEX_438808616/2840/2023-08-21T09:32:00