Trichloroethylene Market Expected to Expand at a Steady CAGR of 0.9% through 2031

Trichloroethylene Market: Introduction

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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