Monochlorobenzene Market is Set to Witness an Uptick Size USD 2,592.6 Million to 2032 | Says FMI Analyst

The global monochlorobenzene market is expected to reach a valuation of US$ 2,592.6 Mn by 2032, with the market expanding at a dormant CAGR of 3.3% from 2022 to 2032. Valued at US$ 1,813.98 Mn in 2021, the monochlorobenzene market will likely reach an estimated US$ 1,873.9 Mn in 2022.

The escalating application of monochlorobenzene in different end-use industries drives the market growth of the same. More than half of all monochlorobenzenes are utilized in the production of nitrochlorobenzenes which, in turn, is used to produce pigment intermediates, dye, pesticides, rubber processing chemicals, organic intermediates and pharmaceuticals among others.

This, along with other monochlorobenzene subcategories propel the growth of the target market during the forecast period. An aromatic organic compound with the chemical formula C6H5Cl is referred to as monochlorobenzene . A colorless, flammable liquid, monochlorobenzene acts as a typical solvent for use as an intermediate in the manufacture of other chemicals.

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These compounds are mainly used as a medium in the production and synthesis of pesticides and a variety of other chemicals. Monochlorobenzenes are, thus, largely used in manufacture of different pesticides, insecticides, deodorizers, degreasers, fumigants and herbicides among others.

The major growth driver for the monochlorobenzene market is the product's diverse applications such as nitrochlorobenzene, sulfone polymers, diphenol ether and phenylphenols, and solvents are driving the growth of the market.

Again, nitrochlorobenzenes are, in turn, used as intermediates in the manufacture of rubber chemicals, agricultural chemicals, antioxidants, dyes and pigments. In this manner, nitrochlorobenzenes  segment comprises the major application of monochlorobenzene. Thus, varied application of monochlorobenzene acts as its key growth driver.

Moreover, monochlorobenzene is used as s a solvent in processes to create rubber products, pesticides, pharmaceuticals, and resins. Hence, the year-by-year expansion of the pharmaceutical and pesticide industries augments the demand for the monochlorobenzenes market.

Heightened demand for the target product from the chemical industry, and the personal care sector boosts the overall growth of the monochlorobenzene market during the forecast period.

"Rising emphasis on personal care and grooming is expanding the personal care industry, which in turn, drives the global growth of the monochlorobenzene market over the forecast period," says an FMI analyst.  

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Key Takeaways:

Availability of substitutes and the growing concern for the environment may impede market growth.
North America will account for 20.8% of the market share by the end of 2022.
In 2022, Europe will hold about 17.2% of the total market share.
Rising demand will the chemical industry will propel the growth of the Nitrochlorobenzene segment.
Asia Pacific is the fastest growing market for monochlorobenzene.
China is driving the target market growth in the Asia Pacific region.

Competitive Landscape 

Arkema SA, Henan Kaipu Chemical Co., Ltd., Bayer AG, PPG Industries, Inc., Jinhua, Chemical (Group) Corporation, Nanjing Chemical Industry Co.Ltd, Solutia, Inc., and Tianjin Bohai Chemical Co. Ltd., among others are some of the major players in the monochlorobenzene market profiled in the full version of the report.

Leading market players are focusing on product development and creating unique formulations to cater to the growing demand.

More Insights into Monochlorobenzene Market Report

In its latest report, FMI offers an unbiased analysis of the global monochlorobenzene market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032.

To understand the global market potential, growth, and scope, the market is segmented on the basis of type (p-Dichlorobenzene, o-Dichlorobenzene, m-Dichlorobenzene, Tetrachlorobenzenes, Nitrochlorobenzene, Trichlorobenzenes, Hexachlorobenzene, others), and region.

According to the latest FMI reports, based on segmentation, the Nitrochlorobenzene segment will account for a major share of the overall market in 2022 and will continue this steady growth during the forecast period. In terms of end-use, the chemical use segment will drive the demand for Nitrochlorobenzene during 2022-2032.

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Based on region, the monochlorobenzene market in North America will present substantial growth by accounting for 20.8% of the overall market share in 2022.

The establishment of specialty chemical manufacturing industries coupled with rising demand for the target product in the chemical sector will propel the market growth in this region during the forecast period. Europe and Asia Pacific will also present lucrative opportunities to the monochlorobenzene market through 2032.

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.