Phosgene is a colorless gas with applications in organic compounds and medicines. Major derivatives of phosgene are acid chlorides, isocyantes, chloroformates, and isocyanates. Global Phosgene Market report by Market Research Future (MRFR) contains valuable insights on the opportunities and trends for the period of 2019 to 2025 (forecast period). It has also considered the impact of the COVID-19 pandemic on the industry.
Competitive Outlook:
H. Products, Paushak Ltd, VanDeMark Chemical Inc., Atul Ltd, UPL, Wanhua Chemical Group Co. Ltd, BASF SE, ISOCHEM, Vertellus Holdings LLC, and Bayer AG are key players of the Global Phosgene Market.
Segmentation:
Global Phosgene Market has been segmented based on Derivatives and Application.
On the basis of Derivatives, Global Phosgene Market has been segmented into carbamoyl chlorides, isocyanates, chloroformates, and others.
Based on Application, Global Phosgene Market has been segmented into dyes, specialty chemicals, agrochemicals, fine chemicals, pharmaceuticals, polycarbonates, and others.
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Market Scope:
According to MRFR Analysis, Global Phosgene Market is estimated to reach USD 1.24 billion by the end of 2025 at a CAGR of 4.6% over the forecast period.
The growing demand from bedding and furniture sectors is expected to trigger the demand for Phosgene over the coming years. Rise in purchasing power of interior furniture by customers can bode well for the market. This is exemplified by the use of polyurethane. The use of toluene diisocyanate and methylene diphenyl diisocyanate in pesticide and insecticide formulations in Asia Pacific can induce the demand from its producers. Cultivation of cash crops, availability of arable land, and viable farmer database can foment growth in the region. Investments in production of phosgene derivatives are predicted to favor the Global Phosgene Market Greatly.
Regional Analysis:
Global Phosgene Market has been studied across five key regions, namely Asia Pacific (APAC), North America, Latin America, Europe, and the Middle East & Africa (MEA).
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The APAC Phosgene Market is expected to register the highest CAGR during the forecast period. This is largely attributed to the growing end-use industries of pharmaceuticals, agriculture, and automotive. Increasing consumption of Phosgene in medicines, agrochemicals, dyes, and specialty chemicals is likely to propel the regional market growth. The massive demand for the chemical in developing countries of APAC owing to wide consumption of phosgene derivatives can culminate in high earnings.
The European Market held the second-largest share in 2018 owing to the high consumption of phosgene in pharmaceuticals, dyes, and specialty chemicals applications, followed by North America. Germany leads in regional demand share followed by Spain, Italy, and France on account of growing budget for R&D and product innovation. However, strict regulations pertaining to the toxicity of phosgene are likely to hinder the regional market growth.
The North America Phosgene Market is likely to expand at a moderate CAGR during the assessment period owing to the recovery of the industrial sector as well as increasing investments in textile and healthcare sectors.
The Latin American market is likely to grow at a notable CAGR during the review period owing to the growing consumer spending on textile-driven products and increasing usage of phosgene on dyes. Brazil, Mexico, and Argentina are the regional contributors. Lastly, the MEA Phosgene Market is expected to register a moderate CAGR in the coming years owing to the growing investments in urban and industrial development.
COVID-19 Study in Detail:
COVID-19 Impact on Self-Healing Materials Market @ https://www.marketresearchfuture.com/report/covid-19-impact-self-healing-materials-market
COVID-19 Impact Analysis on Artificial or Synthetic Leather Market @ https://www.marketresearchfuture.com/report/covid-19-impact-artificial-synthetic-leather-market
NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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