Phosgene Market Size, Share, Market Forecast & Industry Analysis 2023 - Bayer Group, BASF SE, VanDeMark Chemical, Wanhua Chemical Group Co.,Ltd., Vertellus Holdings LLC, Atul Ltd, Paushak Ltd, UPL, ISOCHEM, J.H. Products

Synopsis of Phosgene Market

Phosgene is a class of an organic compound with chemical formula COCl2. It is a colorless gas with unpleasant odor. Phosgene is found in trace amounts in nature from volcanoes. It is majorly manufactured synthetically and is toxic in nature, on account of this it was used as a chemical weapon during wars across the globe. It is a prominent industrial reagent and used as a building blocks in synthesis of many organic compounds and pharmaceuticals. At room temperature, phosgene is considered as a poisonous gas but with applying cooling and pressure it can be converted into liquid so that it can be shipped and stored. Its derivatives are widely utilized in numerous applications such as pharmaceuticals, specialty chemicals, dyes, agrochemicals, and others. Some of the derivatives of Phosgene are utilized in the manufacturing of construction chemicals.

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As per our analysis, some of the important market factors and trends identified in the Global Phosgene Market are, rising awareness, increasing consumption of pesticides and insecticides products, and growing population. Increasing number of working professional coupled with rising per capita disposable income is expected to boost the demand for Phosgene during the review period (2016-2023). Increasing usage of Phosgene in the production of medicines and other healthcare products combined with the increasing demand for medicinal products is anticipated to propel the growth of the market. Furthermore, rising demand for pesticide and insecticide coupled with increasing agriculture sector is predicted to give a new momentum to the demand for phosgene. Moreover, rapid expansion of various end use industries in the emerging economies is predicted to positively influence demand patterns. Additionally, improved lifestyle and growing purchasing power of consumer are some other factors, expected to positively influence the growth of the market. However stringent regulations associated with the toxicity level of product along with threat of substitutes are estimated to hamper the overall market growth in the developed and developing nations.

Segmentation

The Global Phosgene Market is classified on the basis of Derivatives, Application and Region. On the Basis of Derivatives, the market is segmented in isocyanates, chloroformates, carboamoyl chlorides, and others. Among these, phosgene is majorly consumed for isocyanates followed by chloroformates. On the Basis of Application, the market is classified into agrochemicals, pharmaceuticals, dyes, specialty chemicals, and others. On the Basis of Regions, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.

Regional Analysis

The Global Phosgene Market is spanned across five regions, Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among these, the Asia Pacific region is estimated to grow with the fastest CAGR during the assessment period, (2016 to 2023) owing to expansion of various application such as dyes and agrochemicals among others. The demand for Phosgene is predicted to surge in various countries of Asia Pacific such as Vietnam, China, India, Japan, and Malaysia on account of wide utilization of phosgene derivatives in pharmaceutical and agrochemical products. Moreover, ease of availability of raw material, cheap land & labor cost, and increasing development strategies to fulfil the demand for Phosgene in the growing applications are the important factors for the regional market growth.

Asia Pacific emerged as the largest market for Phosgene followed by Europe and North America. North America is anticipated to witness a tremendous Growth in phosgene market due to recovery of industrial sector coupled with escalating investments to revitalize textile sector. Countries of North America such as the U.S. and Canada are among the major contributors in the regional market growth and are estimated to see a significant regional market growth on account of continuous expansion of medical sector. European countries such as Italy, France, Germany, and the U.K have emerged as the important consumer markets due to developed numerous end use industries and rising expenditure on innovation and R&D. However, stringent regulatory framework in Europe and North America is predicted to hamper market growth during the corresponding period. In Latin American countries such as Argentina, Mexico, Brazil, and Colombia are also estimated to witness moderate growth with the involvement of new business models. Moreover, rising consumer spending on textile products is predicted to give a new impetus to the regional market growth. The Middle East & Africa is expected to witness a steady growth during the review period 2017-2023. Heavy investment in institutional, residential as well as commercial construction sector in Turkey, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE) is expected to positively influence the industrial growth over the assessment period.

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