New York, US, May 25, 2022 (GLOBE NEWSWIRE) -- Phosgene Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Phosgene Market Information by Derivatives, Application, and Region - Forecast till 2030”, the market is estimated to grow at a 4.60% CAGR to reach USD 2.34 Billion by 2030.
Market Scope:
The colorless gas phosphogene has the chemical formula COCl2. It has a foul odor and can be found in small concentrations in volcanoes. It can be made synthetically and is extremely hazardous, thus it has been employed as a chemical weapon in major battles all over the world. It is an important industrial agent that is employed as a building block in the production of a variety of organic chemicals and medications. It is a deadly gas at room temperature, but when cooled at high pressure, it can be turned into a liquid for easier transportation.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 2.34 Billion |
| CAGR | 4.60% (2021–2030) |
| Base Year | 2020 |
| Forecast Period | 2021-2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Derivatives, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing demand for bedding and furniture sectors |
| Increasing consumption of the product in pesticides and insecticides |
Competitive Dynamics:
The notable players of the market are
- Bayer AG (Germany)
- VanDeMark Chemical Inc. (US)
- Wanhua Chemical Group Co. Ltd (China)
- Vertellus Holdings LLC (US)
- Atul Ltd (India)
- Paushak Ltd (India)
- UPL (India)
- ISOCHEM (France)
- H. Products (Germany)
- BASF SE (Germany)
Market USPs Covered:
Market Drivers:
Growing demand for bedding and furnishings due to expanding population and purchasing power is expected to propel the industry forward. Furthermore, rising usage of the product in pesticides and insecticides is likely to promote market growth in Asia-agrarian Pacific's economies. Furthermore, the global market is predicted to increase due to rising demand for phosgene in the manufacturing of medicinal products, as well as rising desire for better medical facilities. Phosgene and its derivatives are used in a variety of products, including dyes, specialized chemicals, medicines, and agrochemicals.
Market participants are projected to benefit from the rapid expansion of numerous end-use sectors in developing countries. Additionally, rising demand for phosgene in the manufacturing of medicinal products, combined with rising need for better medical facilities, is likely to boost the worldwide phosgene market forward. Phosgene and its derivatives are used in a variety of products, including dyes, specialized chemicals, medicines, and agrochemicals. Market players can expect attractive prospects as numerous end-use industries rapidly expand in developing countries.
Another element driving demand is technological developments, such as the creation of bio-based versions. Green polyurethanes and renewable isocyanates are becoming more popular as people become more environmentally concerned, replacing crude oil-based products. This, together with favorable government policies encouraging the development of energy-efficient structures, is expected to raise demand for isocyanate in the coming years, ultimately driving the phosgene market.
Market Restraints:
However, the global industry is projected to be hampered in the next years by strict government limits on phosgene toxicity levels, as well as the possibility of non-toxic replacements.
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COVID-19 Analysis:
Due to a broken supply chain and government-imposed lockdown measures, the production activities of agrochemical, pharmaceutical, and chemical businesses around the world have come to a halt. As a result, phosgene demand is predicted to fall over the forecast period.
Market Segmentation:
Derivatives, Application, and Region have been used to segment the Phosgene Market.
The Phosgene Market has been divided into isocyanates, chloroformates, carbamoyl chlorides, and others based on derivatives.
The Phosgene Market has been divided into agrochemicals, pharmaceuticals, polycarbonates, fine chemicals, dyes, specialty chemicals, and others based on application.
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Regional Analysis
The Phosgene Market has been researched in five important regions: Asia-Pacific, North America, Latin America, Europe, and the Middle East and Africa.
During the projected period, the Asia-Pacific market is expected to lead with the greatest CAGR. This is largely due to the expansion of end-use industries including agricultural, automobiles, and medicines. Increased use of phosgene in agrochemicals, dyes, and medications is expected to drive regional market expansion. Due to widespread use of phosgene derivatives in bedding and furniture, as well as agrochemicals, high demand for phosgene is expected to rise in Asia-Pacific developing countries such as India, China, and Malaysia. Factors such as easy access to raw materials, low labor and land costs, and rising R&D innovations to lower phosgene toxicity are expected to enhance regional market growth.
Because of the significant consumption of phosgene in pharmaceuticals, dyes, and speciality chemicals applications, the European market held the second-largest market share in 2018. Due to rising R&D and product innovation spending, Germany is the region's leading country, followed by Spain, Italy, and France. However, in the coming years, a strict regulatory framework on phosgene toxicity is projected to stifle regional market expansion.
Because of the recovery of the industrial sector combined with increased expenditures in the textile and healthcare sectors, the North American market accounted for a significant market share in 2018 and is expected to rise at a moderate CAGR throughout the assessment period. Furthermore, the regional market is expected to develop due to the continued expansion of the medical sector and rising demand for phosgene in pharmaceutical products.
Due to rising consumer expenditure on textile items and increased use of phosgene in dyes, the Latin American market is expected to rise at a significant CAGR over the study period. The regional contributors are Brazil, Argentina, and Mexico. Because of rising investments in residential and commercial building in the region, the Middle East and Africa market is likely to grow at a moderate rate in the next years. The region's most prominent countries are Turkey, Saudi Arabia, and the United Arab Emirates.
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