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Trichloroethylene Market Expected to Expand at a Steady CAGR of 0.9% through 2031
Transparency Market Research delivers key insights on the global trichloroethylene market. In terms of revenue, the global trichloroethylene market is estimated to expand at a CAGR of 0.9% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global trichloroethylene market.
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The global trichloroethylene market is broadly affected by several factors, including increase in usage of trichloroethylene in various applications such as hydrofluorocarbon refrigerants, degreasers, and spot-removal solvents. Rise in global demand for fluorocarbon, standard degreasers, and general solvents has led to significant growth in the usage of trichloroethylene. Increase in the production and demand for spot-removal solvents is expected to be the primary driver of the global trichloroethylene market. The rise in the demand for hydrofluorocarbon refrigerants and degreaser applications is propelling the trichloroethylene market.
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Trichloroethylene Market: Dynamics
Trichloroethylene is a volatile, colorless liquid organic chemical. It does not occur naturally and created by chemical synthesis. It is used primarily to make refrigerants and other hydrofluorocarbons, and as a degreasing solvent for metal equipment. It is also used in some household products such as cleaning wipes, aerosol cleaning products, tool cleaners, paint removers, spray adhesives, and carpet cleaners and spot removers. Commercial dry cleaners also use trichloroethylene as a spot remover. Trichloroethylene is used as chemical intermediate in the production of hydrofluorocarbons (e.g., HFC134a and HFC125), monochloroacetic acid, blowing agents, flame retardants, and some agricultural chemicals.
Several industries, including aerospace, automotive, and household appliance production, use trichloroethylene in vapor degreasing of metal parts to remove soil and metal chips during fabrication and prior to galvanization.
The global hydrofluorocarbon refrigerant sector is expected to expand considerably during the forecast period due to its widespread usage in cooling systems, ranging from refrigerators and freezers to automotive air conditioning units. Thus, rise in production of hydrofluorocarbon refrigerants, degreasers, and spot-removal solvents is projected to boost the demand for trichloroethylene during the forecast period.
Manufacturers are focusing on the hydrofluorocarbon refrigerant, as the share held by this segment in the trichloroethylene market is likely to increase during the forecast period.
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Trichloroethylene Market: Prominent Regions
Asia Pacific holds the major share of the global trichloroethylene market. The market in the region is anticipated to expand at a CAGR of more than 1.5% during the forecast period. Increase in demand for trichloroethylene in various applications such as hydrofluorocarbon refrigerant, degreaser, and spot-removal solvent is driving the trichloroethylene market in Asia Pacific. China is a key country of the trichloroethylene market in Asia Pacific. It held significant share of the trichloroethylene market in Asia Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
North America is also a prominent region of the global trichloroethylene market. The U.S. led the trichloroethylene market in North America in 2020. Increase in demand for trichloroethylene in the hydrofluorocarbon refrigerant, degreaser, and spot-removal solvent applications is driving the market in the U.S.
Trichloroethylene Market: Major Players
The global trichloroethylene market is consolidated with the presence of key players. Prominent players operating in the global trichloroethylene market include Westlake Chemical Corporation, Olin Corporation, The Dow Chemical Company, AGC Chemicals, Toagosei Co. Ltd., DCW Ltd., Acuro Organics Limited, Befar Group Co. Ltd., Shandong Xinlong Group, Kanto Denka Kogyo Co. Ltd., Mitani Sangyo Co. Ltd., and Sankyo Chemical Co. Ltd.
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Trichloroethylene Market Poised for 3.2% CAGR Through 2030
𝐓𝐫𝐢𝐜𝐡𝐥𝐨𝐫𝐨𝐞𝐭𝐡𝐲𝐥𝐞𝐧𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐀𝐧𝐭𝐢𝐜𝐢𝐩𝐚𝐭𝐞𝐬 𝐒𝐭𝐞𝐚𝐝𝐲 𝐆𝐫𝐨𝐰𝐭𝐡 𝐓𝐡𝐫𝐨𝐮𝐠𝐡 𝟐𝟎𝟑𝟎
The global trichloroethylene market, valued at USD 452.01 million in 2023, is projected to reach approximately USD 563.52 million by 2030, exhibiting a compound annual growth rate (CAGR) of 3.2% during the forecast period.
𝐈𝐧𝐭𝐫𝐢𝐠𝐮𝐞𝐝 𝐭𝐨 𝐞𝐱𝐩𝐥𝐨𝐫𝐞 𝐭𝐡𝐞 𝐜𝐨𝐧𝐭𝐞𝐧𝐭𝐬? 𝐒𝐞𝐜𝐮𝐫𝐞 𝐲𝐨𝐮𝐫 𝐡𝐚𝐧𝐝𝐬-𝐨𝐧 𝐬𝐚𝐦𝐩𝐥𝐞 𝐜𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭: https://www.maximizemarketresearch.com/request-sample/121693/
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Understanding Trichloroethylene Prices: A Comparative Analysis of Recent Trends
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