Phosgene Market Size Estimation, Pricing Trend and Global Industry Share 2023 - Bayer Group (Germany), BASF SE (Germany), VanDeMark Chemical Inc., Wanhua Chemical Group Co.,Ltd., Vertellus Holdings LLC, Atul Ltd, Paushak Ltd, UPL, ISOCHEM, J.H. Products

The Phosgene Market is growing rapidly owing to the huge demand from the agrochemical industry. Perceiving outstanding growth, other end-user sectors of phosgene such as pharmaceuticals, dyes, and specialty chemicals among others, have been boosting the growth of the market, driving a huge demand for the product. The market is expected to continue to attract massive investments which will escalate the market growth to furthering heights.

Market Research Future (MRFR) in its recently published study report asserts that the already booming Phosgene Market is expected to grow fabulously by 2023 registering a striking CAGR from 2016 -2023. The market is expected to remain highly attractive, drawing substantial investments in forthcoming years.

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Increasing population is fostering the growth of the market, increasing the demand in the construction, agriculture and textile industry. Additionally, increased urbanization that demands sanitation increases the usage of chemicals used as a cleaning agent. Furthermore, the government across the globe, especially in the developing countries, are investing in infrastructure development projects which are resulting in growth in the usages of chemicals used in the construction sector.

Agrochemical growth has a strong linkage to the growth of the rural economy. Augmenting demand for pesticide and insecticide in the growing agriculture sector is expected to provide massive impetus to the market growth during the forecast period. Rapid expansions of various end-use industries in the developing countries are predicted to influence the market demand patterns, positively.

Increasing usage of phosgene in the production of other healthcare products along with the increasing demand for medicinal products is expected to fuel the growth of the market. On the other hand, the stringent regulations associated with the toxicity level of phosgene is estimated to restrict the overall market growth in the developed and developing nations.

Industry/Innovation/Related News:

August 09, 2018 – KBR, Inc. (US), a global provider of differentiated professional services and technologies across the Government Services and Hydrocarbons sectors announced the receiving of a contract for license and engineering and a proprietary equipment supply by China Pingmei Shenma Group (PMSM) to build two new polycarbonate plants in Kaifeng and Pingdingshan in the Henan Province in China.

As per the contracts, both plants will utilize KBR’s proprietary phosgene-based interfacial polycarbonate technology PCMAXT. Growing demand for polycarbonate products in China is expected to present attractive opportunities for PMSM, and KBR's superior PCMAX™ technology will empower PMSM to be a market leader in the polycarbonate business.

Global Phosgene Market - Regional Analysis

Asia Pacific region accounts for the leading market for Phosgene owing to the expansion of various application such as dyes and agrochemicals among others. Some of the APAC countries such as India, China, Vietnam, Japan, and Malaysia account for the largest consumers of Phosgene, generating the huge demand.

The demand for phosgene is expected to upsurge further on account of wide utilization of phosgene derivatives in pharmaceutical and agrochemical products, especially in India and China. Additionally, ample availability of feedstock along with the cost-competitive land and labor force are some of the major driving forces for the market growth in the region.

The Europe phosgene market standing as the second-largest market globally, closely follows the APAC market. Markets in countries such as the UK, France, Italy, and Germany have emerged as the important consumer markets, witnessing well proliferated end-use industries and the substantial investments put into innovation and R&D activities.

However, the stringent regulatory framework in Europe and North America is estimated to impede the market growth during the assessment period.

The North America market is emerging as one of the promising markets for phosgene, growing rapidly. The market is anticipated to witness an outstanding growth due to the resurging industrial sector and increasing investments, revitalizing the textile sector.

The US and Canada among the other North American countries account for the key contributors to the market growth in the region. Also, the constant expansion of the healthcare sector is one of the key drivers fostering the market growth.

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Global Phosgene Market - Competitive Analysis

The key players operating in the Phosgene market compete based upon pricing, Technology, and services they strive to deliver the best quality products based on innovative technologies, and best practices. Phosgene market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in intensified competition further.

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This release was published on openPR.