Thriving Chemical Industry To Propel Chlorobenzene Market Growth In Future

Factors such as the burgeoning demand for personal care and pharmaceutical products and the widening application base of chlorobenzene in the chemical industry will drive the chlorobenzene market growth during the forecast period (2021–2030). Moreover, the booming demand for high-performance polymers and agrochemicals will also support the market growth in the coming years. According to P&S Intelligence, the market revenue reached around $2.3 billion in 2020. Additionally, the increasing use of chlorobenzene as a solvent in the rubber industry will also augment the demand for the compound in the upcoming years.

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Chlorobenzene is majorly used as a solvent in the synthesis of pesticide and insecticide formulations, organic chemicals, drugs, di-phenyl oxide, di-isocyanate, and nitrobenzene. With rapid industrialization and globalization, the demand for chlorobenzene from manufacturing and chemical facilities will escalate at a significant rate in the foreseeable future. Thus, the flourishing chemical industry will drive the demand for this compound in the forthcoming years. Besides, the increasing use of chlorobenzene for degreasing automobile parts will also boost the market growth in the forecast years, owing to the mounting automobile sales.

At present, the players operating in the chlorobenzene market are opting for collaborations and partnerships to expand their global reach. For instance, in April 2020, CHEMADA Industries Ltd. partnered with OQEMA Group, a Europe-based company, to give the exclusive distribution rights of its chemicals to the latter. CHEMADA Industries Ltd. produces fine chemicals for the specialty chemicals, agricultural, and pharmaceutical industries. Other companies undertaking such strategic measures are Meryer (Shanghai) Chemical Technology Co. Ltd., Kureha Corporation, J&K Scientific Ltd., Beckmann-Kenko GmbH, Jiangsu Yangnong Chemicals Group Co. Ltd., and China Petrochemical Corporation.

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Geographically, Asia-Pacific (APAC) accounted for the largest share in the chlorobenzene market during the historical period (2015–2020), and it is expected to retain its dominance throughout the forecast period. This can be attributed to the increasing consumption of chlorobenzene in the production of herbicides and polyphenylene sulfide resin in the region. China is the largest producer and consumer of chlorobenzene in the world, due to the presence of a strong manufacturing base in the country.

Thus, the booming demand for pharmaceutical products and the growing chemical industry will complement the market growth in the coming years.

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This release was published on openPR.