by The Chlorine Compressors Market has demonstrated remarkable resilience, with a market size of USD 54.2 million in 2021 and a projected Compound Annual Growth Rate (CAGR) of 7.5% during the forecast period. The market continues to expand, driven by significant factors such as the growing use of chlorine in various industries and the introduction of innovative compressor technologies.
Expanding Use of Chlorine in Diverse Industries Drives Market Growth
Chlorine compressors play a pivotal role in chlorine manufacturing plants, and their extensive use in industries such as chemicals, water & wastewater treatment, oil & gas, and petrochemicals has contributed to consistent market revenue growth. Chlorine serves as a crucial raw material in the production of organic and inorganic chemicals, further fueling market expansion.
Rise of the Chemical Industry Fuels Market Expansion
The global chemical industry has witnessed substantial growth across all regions, with chlorine being an essential component in the manufacturing of various chemicals, paper, and pulp. Notably, the United States produced 10.94 million metric tonnes of chlorine in 2019, while India produced approximately 2.2 million metric tonnes of liquid chlorine in fiscal year 2021. The introduction of advanced compressor versions with additional filtering units and favorable government policies have also contributed to the industrys growth.
Booming Demand for PVC in Construction Drives Market Expansion
The increasing demand for Polyvinyl Chloride (PVC) in construction and building applications has further fueled the chlorine compressors market. Technological advancements in chlorine compressor technology and stringent safety standards in chlorine manufacturing facilities have bolstered the industrys growth.
COVID-19 Impact on the Chlorine Compressors Market
The COVID-19 pandemic temporarily disrupted the chlorine compressor industry due to lockdowns in key manufacturing nations. Sales of machinery and equipment were significantly impacted in the first quarter of 2020, with a continued slowdown expected for the year. Major manufacturing nations like the United States, Germany, Italy, the United Kingdom, and China were adversely affected, resulting in decreased demand for equipment and machinery.
Key Drivers and Restraints Shaping the Market
- Surging Wastewater Treatment Projects: The rise in global wastewater treatment projects has increased the demand for chlorine, driving the growth of the chlorine compressor market.
- Government Investments in R&D: Investments in research and development projects by major companies to enhance compressor capabilities are propelling market expansion.
- Chemical Leasing: Chemical leasing poses a potential limitation to the chlorine sector, as manufacturers are required to cover the cost of recycling the chemicals they produce, affecting profit margins.
Segment Overview
- Liquid Ring Compressors Dominate: Liquid ring compressors, known for their ability to handle liquid chlorine, dominate the market due to their safety, cost-effectiveness, and reduced corrosion risks.
- Chemical Industry Segment Leads: The chemical industry segment is the market leader, driven by increasing sales of chemicals in various end-use industries.
Regional Landscape
- North America Leads: North America is expected to account for the largest revenue share, driven by investments in advanced machinery and end-use sectors. The availability of ethylene and affordable electricity prices further support market growth.
- Asia Pacific Shows Promise: The Asia Pacific region is experiencing stable revenue growth, with significant projects in countries like China, India, Australia, and Indonesia driving demand for chlorine compressors.
Competitive Landscape
Key players in the Chlorine Compressors Market include Devi Hitech Engineers Pvt. Ltd., Sundyne, Gardner Denver Nash LLC, Elliott Group, RefTec International Systems LLC, Mayekawa Mfg. Co., Ltd., Mikuni Kikai Kogyo Co., Ltd., Charam Techno Chemical & Equipmen Ltd., and M. H. Industries.
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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This press release first seen on Brilad
COMTEX_442701979/2840/2023-10-30T23:42:25
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.