By 2024, Chlorinated Paraffin Market will grow by a CAGR more than 3% | | Ajinomoto Fine-Techno, JSC Kaustik, Dover Chemical, INOVYN, INEOS Chlor, United Group, Aditya Birla Chemicals
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Competitive Market Share
Dover Chemical, INOVYN, INEOS Chlor, United Group, Aditya Birla Chemicals, Ajinomoto Fine-Techno, JSC Kaustik, LEUNA-Tenside GmbH, Altair Chimica SpA, Caffaro Industrie, Handy Chemical Corporation Ltd, Quimica del Cinca, S.A., and Makwell Group
Chlorinated paraffin holds potential compatibility with different kinds of oils and is considered to be viscous in nature, which makes the product highly suitable for use as a coolant and lubricant in metal cutting and forming. This apart, chlorinated paraffin is also being used in water resistant materials and chemicals, acting as a flame retardant and compound for enhancing the flexibility of materials. One of the key application areas of flame retardants is the electronics and electrical components.
Although the precise figures are unknown, it has been estimated that fires claim up to 1 lakh lives almost every year worldwide, of which about 10% are ascribed to be caused by electrical faults, and account for 19% of injuries. Flame retardants come in handy in this situation as they are used to prevent the onset of fires and reducing their seriousness. Flame retardants are a must-use product for all equipment manufacturing companies and industries.
Such demand has led the companies operating in global chlorinated paraffin market to move in the direction of developing products that cater to the mounting consumer demands while also being competitive in the business space. In one such instance, Univar Solutions- a global leader in chemical and ingredients distribution and provider of value-added services, announced being appointed as a distributing partner for supply of INOVYN’s complete line of CERECLOR in the United States in 2019. For the records, CERECLOR enjoys the popularity of being a leading brand for chlorinated paraffin.
Elaborating further, use of chlorinated paraffin in production of metal work lubricants has now considerably propelled the overall industry dynamics. The product is considered to be optimally effective as an extreme pressure additive and is hence massively used for lubricants in the aerospace and automotive sectors. Moreover, it also finds immense usage in the paints industry for producing water-resistant and fireproof paint. Furthermore, the use of chlorinated paraffin in various coatings, adhesives, sealants, and caulks as well as in impregnation fabrics and textile of all kinds is also supporting the growth map of chlorinated paraffin market.
When speaking of the thriving textile and manufacturing sectors, it would be essential to note that Asia Pacific chlorinated paraffin market has been forecasted to register substantial gains over the forthcoming years. Two prominent economies, India and China apparently, have been touted to chiefly propel the APAC industry, given that both these countries are largely involved in the continuous production of all grades of chlorinated paraffin including short-chain, long-chain, and medium chain grades, pertaining to the surging product demand from the manufacturing sector.
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One of the fundamental reasons for the ostensible growth of this chlorinated paraffin market across the economies in the region is the absence of strict regulations in APAC, which allows chlorinated paraffin industry to enjoy quite a robust hold in the continent. The cost-effective labor resource and stringent norms in the developed nations have encouraged foreign investors to undertake investments in the regional market. In fact, estimates claim that foreign direct investments (FDI) in India rose by 81% in November 2020 even amidst the ongoing COVID-19 scare.
All in all, fueled by the globally imposed laws to use flame retardants in electrical devices, paints and coatings, and buildings, aligned with a fabulous upsurge of end-use domains such as the rubber, leather, and manufacturing sectors in countries like the United States, Australia, Singapore, Japan, and Germany, chlorinated paraffin market is set to carve out a lucrative growth trajectory over 2017-2024.
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