Press release
Global Chlorinated Paraffin Market Size to reach a value of $2.3 billion by 2028 Thanks to Rapidly Expanding Flame Retardant Industry
Global chlorinated paraffin market was valued at US$ 1.9 billion in 2021, and it is expected to reach market size of US$ 2.3 billion by 2028, with a CAGR of 3.2% during the forecast period of 2022-2028.Demand for chlorinated paraffin market is anticipated to increase significantly throughout the forecast period as a result of growth in the flame retardant industry. The need for flame retardants is projected to increase as a result of factors such as new environmental legislation, safety standards from end-user sectors, and tighter fire-safety standards in developed countries like North America and Europe. This would ultimately fuel the market for chlorinated paraffin soon.
In the upcoming years, the demand for chlorinated paraffin is anticipated to increase in the area due to the rising demand for PVC compounds and metalworking fluids, which is mostly attributable to the respective fast-growing plastic and metalworking sectors in China, India, and ASEAN nations. However, because of growing environmental and health concerns over chlorinated paraffin, the market for these products is predicted to increase slowly in developed nations.
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The Middle East & Africa is anticipated to see moderate growth. Chlorinated paraffin market growth are projected to witness an impeded growth due to availability of superior replacements or alternatives and low growth in downstream industries. Due to supply restrictions from North America and expected moderate-to-high growth in the plastic and metalworking industries over the next few years, the Latin American chlorinated paraffin market is expected to develop only a little.
Read the market research report, " Global Baby Food Market by Product Type (Short-chain, medium-chain, and large-chain), By Application (Lubricating additives, Plastics, Rubber, Paints, Metal Working Fluids, and Adhesives), & By Region - Forecast and Analysis 2022-2028" by SkyQuest
Currently, Asia-Pacific is dominating the global chlorinated paraffin market. The region primarily includes nations such as China, India, Japan, South Korea, Australia, and the rest of Asia-Pacific. A significant increase in personal income level and an improvement in financial situation, which, in turn, is supports market expansion. Also, they are the main drivers of the textile and manufacturing sectors. It is anticipated that China and India will increase their ongoing production of all grades of chlorinated paraffin, which will have a substantial impact on the region's demand for the product.
As many regional nations, including Canada and the US, forbid the manufacturing and use of chlorinated paraffin, North America and Europe chlorinated paraffin markets are anticipated to experience minimal growth in the next years. Furthermore, the expansion of the regional market may be hampered by the presence of replacements in the area.
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During the projected period, the chlorinated paraffin market is anticipated to expand moderately in the Middle East & Africa, and Latin America regions. Chlorinated paraffin demand in the Middle East & Africa region may be constrained by slow growth in the downstream sectors and a rise in the number of workable alternatives. The Latin American chlorinated paraffin market could be negatively impacted by the region's slow expansion of the metalworking and plastics industries as well as supply issues.
The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
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Key Players in the Global Chlorinated paraffin Market
● INOVYN (UK)
● Caffaro Industrie S.p.A. (Italy)
● JSC Kaustik (Russia)
● Altair Chimica S.p.A (Italy)
● INEOS Chlor (UK)
● Quimica del Cinca, S.A. (Spain)
● Handy Chemical Corporation Ltd. (Taiwan)
● Dover Chemical Corporation (US)
● Aditya Birla Chemicals (India)
● Flow Tech Group of Industries (India)
● Makwell Group (India)
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