Vast Applications across Industries leading the Worldwide Phosgene Market to cross US$ 5.42 Bn
Phosgene is a key industrial reagent used as a raw material in the synthesis of many organic compounds and pharmaceuticals products. Besides, its derivatives are widely utilized in numerous applications such as pharmaceuticals, specialty chemicals, dyes, agrochemicals, and others. Some other derivatives find usage in the manufacturing of construction chemicals. The worldwide phosgene market is projected to grow at a CAGR of 3.40% from USD 3.82 Bn in 2017 and reach USD 5.42 Bn by 2024.
Phosgene is an organic compound with chemical formula COCl2. It is a colorless gas with unpleasant and suffocating odor produced by reacting chlorine and carbon monoxide and is extremely toxic due to which, it was even used as a chemical weapon during wars. Some of the major market trends observed in the global phosgene market are growing consumption of pesticides & insecticides products and increasing agriculture sector which is predicted to give a new momentum to the demand for phosgene. Also, rising number of working professionals coupled with rising per capita disposable income is expected to boost the demand for phosgene.
Increasing usage of phosgene in the production of medicines and other healthcare products combined with the increasing demand for medicinal products is anticipated to boost the growth of the market. Moreover, the rapid expansion of various end-use industries in the emerging economies is predicted to positively shape the demand patterns.
Phosgene is used for deriving a number of chemical compounds used in various industrial sectors. Diethylcarbamoyl chloride a derivative of phosgene which is used to hydrolyze water-insoluble compounds is broadly used in the pharmaceutical sector.
Phosgene is also used for producing many polycarbonates and isocyanates that have applications in various industrial sectors. Thus, the market of phosgene is mainly driven on the grounds of growing application across the various industrial sectors that include insecticides, pharmaceuticals, cosmetics and many others. Additionally, changing lifestyle and growing purchasing power of consumer are other major factors, which are definitely going to favor the growth of the market.
Furthermore, the rising demand for chemicals that need phosgene as an intermediate compound is also expected to trigger the demand for phosgene. The phosgene market is showing continuous growth over the last few years due to the increasing demand for phosgene derivatives mainly toluene diisocyanate and methylene diphenyl diisocyanate.
As per the report “Global Phosgene Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast 2017 to 2024”
the Asia Pacific region emerged as the largest market for phosgene owing to the growing usage in dyes and agrochemical sectors. Followed by Europe and North America. Europe market is likely to grow on the account of developing numerous end-use industries and rising expenditure on R&D. North America is projected to experience a remarkable growth due to the recovery of industrial sector along with escalating investments to revive the textile industry. Also, the expansion of medical sector is another major factor driving the market growth in the region. Moreover, Latin America is estimated to witness moderate growth with the development of new firms along with the growing textile industry in the region. Furthermore, Middle East & Africa is expected to grow at steady growth owing to the rising residential and commercial sector.
On the other hand, phosgene is highly toxic and its exposure may lead to respiratory disorders such as breathing problems which is likely to act as a major restraint for the growth of the phosgene industry.
Some of the prominent players in the market are Rubican, BayerCrop Science, BASF, Dow Chemical, PPG Industries, DuPont, and others.
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