From $2.3 Billion in 2020, Chlorobenzene Market Value To Grow Significantly by 2030

In 2020, the global chlorobenzene market revenue stood at $2.3 billion, which is expected to advance at a significant CAGR from 2021 to 2030. The market has several major drivers, such as the high demand for this chemical in the production of high-performance polymers and in the personal care sector. Chlorobenzene (C6H5Cl) is a colorless aromatic organic compound that is a widely used solvent and intermediate in the manufacturing of other chemicals, adhesives, drugs, cosmetics, polishes, paints, and dyes.

Trichlorobenzene, a variant of the base chemical, is used in the pharmaceutical industry to make intermediates for a variety of drugs, including vitamin supplements and antibiotic agents. The United Nations Industrial Development Organization (UNIDO) has been tasked with bolstering the domestic manufacturing of key generic medications in underdeveloped countries and emerging economies, including Nigeria, Kenya, and Ethiopia. This is one of the key factors that affect the chlorobenzene market positively. In addition, in recent years, research and development (R&D) on novel medications to treat chronic illnesses has increased.

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Additionally, the ingredient is widely utilized in the manufacturing of organic compounds, pesticide and insecticide formulations, nitrobenzene, di-isocyanate, diphenyl oxide, and medicines, as well as in the degreasing of vehicle parts. Chlorobenzene demand from chemical manufacturing and processing facilities is expanding as a result of globalization and industrialization. For instance, the IBEF says that India's chemical sector will have a value of $304 billion by 2025, compared to $178 billion in 2019.

Based on type, the market categories are monochlorobenzene, orthodichlorobenzene, and paradichlorobenzene. Among these, the paradichlorobenzene category is expected to expand the quickest in the chlorobenzene market in the forecast period. The expansion in the manufacturing of polyphenylene and polyphenylene sulfide, both of which need paradichlorobenzene as the raw material, is primarily to credit. Polyphenylene sulfide is used in the production of filter fabric for coal boilers, electrical insulation, papermaking felts, film capacitors, gaskets, specialty membranes, and packings.

The categories of the market under the application segment are nitrochlorobenzene, polymer, polysulfone, solvent, and others. Among these, the nitrochlorobenzene category had the largest share of the chlorobenzene market in 2020. This is because 4-nitrochlorobenzene is a key intermediate in the creation of typical industrial goods, such as azo or suphur dyes, antioxidants for rubber, polymers, and agrochemicals. With the increasing population driving up the demand for produce, the application of agrochemicals in farmlands continues to burgeon, thereby pushing up the consumption of nitrochlorobenzene.

In the historical period (2015-2020), the Asia-Pacific region held the greatest share of the market. This was mostly due to China's position as the world's leading manufacturer of this chemical, which is increasingly being used in the manufacturing of herbicides and polyphenylene sulfide resins. Similarly, India is the world's third-largest manufacturer of pharmaceuticals, which is another key application of this material. As per the IBEF, India accounts for more than 50% of the global vaccine supply, over 40% of the generics trade in the U.S., and 25% of all the drugs in the U.K.

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Global Chlorobenzene Market Key Players:

1- Jiangsu Yangnong Chemicals Group Co. Ltd.
2- Meryer (Shanghai) Chemical Technology Co. Ltd.
3- J&K Scientific Ltd.
4- Applichem GmbH
5- Kureha Corporation
6- China Petrochemical Corporation
7- Beckmann-Kenko GmbH

Moreover, CHEMADA Industries Ltd., which offers fine chemicals for the agricultural, pharmaceutical, and specialty chemicals sectors, signed a distribution and exclusive agency partnership agreement with Europe-based OQEMA Group in April 2020.

Thus, many sectors are using chlorobenzene; therefore, the market has a bright future, with many experts confirming that it will expand fast.

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Cosmetic Chemicals Industry - https://www.psmarketresearch.com/press-release/cosmetic-chemicals-market

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This release was published on openPR.