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Phosgene Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Phosgene Market
According to The Business Research Company's, the phosgene market size has grown strongly in recent years. It will grow from $4.51 billion in 2023 to $4.84 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to chemical manufacturing growth, polyurethane foam production, plastics and resins manufacturing, agrochemicals production, textile industry applications.
The phosgene market size is expected to see strong growth in the next few years. It will grow to $6.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to continued growth in chemical manufacturing, rising demand for polyurethane foam, increasing use in specialty polymers, growing demand for high-performance plastics, expansion of agrochemicals market. Major trends in the forecast period include innovations in water treatment technologies, advancements in metal processing, technological innovations in production, stringent regulatory environment, focus on sustainable production.
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Market Drivers and Trends:
The expansion of the pharmaceutical industry is expected to propel the growth of the phosgene market going forward. The pharmaceutical industry is a sector that encompasses the development, production, and marketing of drugs and medications for medical use. Phosgene is used in the pharmaceutical industry as a key building block for the production of pharmaceutical active ingredients and specialty plastics and the manufacture of pharmaceutical products, including activated amino acids and peptide synthesis. For instance, in June 2023, according to the European Federation of Pharmaceutical Industries and Associations, a Belgium-based trade association and lobbying organization, the production value of pharmaceuticals in Europe increased from $347.31 billion (€ 323,950 million) in 2021 to $364.26 billion (€340,000 million) in 2022. Therefore, the expansion of the pharmaceutical industry is driving the growth of the phosgene market.
Major companies operating in the phosgene industry are adopting a strategic partnership approach to accelerate the company's growth and strategic expansion. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in September 2022, SK Capital Partners, a US-based capital market company, partnered with Comvest Partners, a US-based private equity firm, to invest in VanDeMark Chemical Inc. SK Capital's investment was aimed at steering VanDeMark towards expanding its presence in fine chemistries for the global life science market, with a focus on high-end specialty chemical intermediates, including those derived from phosgene. VanDeMark Chemical Inc is a US-based company producer of phosgene, and supplier of custom and specialty chemicals.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Altivia, Paushak Ltd, VanDemark Chemical Inc, Synthesia AS, Puyang Shenghuade Chemical Co Ltd, ISOCHEM, UPL LTD, Atul Ltd, Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC Ltd), SABIC, Clariant AG, Huntsman Corporation, Hodogaya Chemical Co Ltd, Solvay SA, Arkema Group, Celanese Corporation, Eastman Chemical Company, Praxair Inc, Westlake Chemical Corporation, PPG Industries, Braskem SA, Wanhua Chemical Group Co, Chongqing Changshou Chemical Co, Linde plc, Dow Inc, LyondellBasell Industries, Bayer AG, BASF SE, Shandong Tianan Chemicals Co Ltd, Akzo Nobel NV
Phosgene Market 2024 Key Insights:
• The phosgene market is expected to grow to $6.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Pharmaceutical Industry Expansion Catalyzes Phosgene Market
• SK Capital Partnered With Comvest Partners For Strategic Investment
• Asia-Pacific was the largest region in the Phosgene market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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