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Chlorinated Paraffin Global Market Report 2024 To 2033 | INOVYN, Grasim Industries Limited, Ajinomoto Co. Inc., JSC Kaustik, Dover Chemical Corporation
Chlorinated Paraffin Market Share
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According to The Business Research Company's, The chlorinated paraffin market size has grown strongly in recent years. It will grow from $2.12 billion in 2023 to $2.23 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to increased demand for pvc, increased partnerships and collaborations, supportive government initiatives and easy availability of raw materials.
The chlorinated paraffin market size is expected to see strong growth in the next few years. It will grow to $2.74 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to growth in manufacturing sector, increasing demand for automobiles, an increase in investments and increasing demand from construction sector. Major trends in the forecast period include focus on collaborating with other companies for their market growth and product expansion, focus on mergers and acquisitions to acquire more production capabilities and focus on increasing investments and expanding product portfolios.
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Market Drivers and Trends:
The increasing demand for the usage of PVC pipes and flooring is expected to drive the growth of the chlorinated paraffin market. Chlorinated paraffin is used as a secondary plasticizer for polyvinyl chloride (PVC) pipes, cables, paints, flexible CPVC pipes, and flooring, which are used in the construction industry. According to Invest India, National Investment Promotion and Facilitation Agency in India, the demand for PVC is growing in residential construction as the construction industry is expected to reach $738.5 billion by 2022. Thus, the growth of the construction industry is likely to generate higher revenues for the chlorinated paraffin market.
The launch of post-consumer recycled (PCR) plastics is one of the key trends in the chlorinated paraffin market. PCR plastic is recycled from the plastics and then sterilized and (PP) polypropylene is made from the polymerization of propene monomer packages. Major companies are focusing on sustainable packaging to attract more consumers and survive in the competitive business environment. For instance, in October 2022, NOVA Chemicals Corporation, a Canada-based petrochemical company launched EX-PCR-NC4 a new mechanically recycled polyethylene resin. By utilizing this product, converters and brand owners can achieve their sustainability objectives without sacrificing the performance of the packages in applications like shrink, e-commerce, heavy-duty sacks, and protective packaging. To reduce packaging's carbon footprint and combat climate change, EX-PCR-NC4 contains 100% post-consumer recycled polyethylene (rPE) and offers extremely flexible design options.
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Major Key Players of the Market:
Shell plc, Aker Solutions, Linde PLC, Fluor Corporation, Mitsubishi Heavy Industries Ltd, Carbon Engineering Ltd, Schlumberger Limited, Exxon Mobil Corporation, GC Holdings Corporation, Praxair Inc, NGK Spark Plug Co Ltd, Taiyo Nippon Sanso, Oxair, Air Products and Chemicals Inc, Yingde Gas Group Co. Ltd, Messer Group, Core Industrial Gases, Supagas, AMCS Corporation, Sinopec Qilu-Shengli Oilfield CCUS, Royal Dutch Shell, Equinor Total Energies, Lukoil, Polish Energy Group, Zeroco2, Terrasigna, NRG Energy, General Electric, Honeywell, Dakota Gasification Company, Chevron, Lanzatech, WIKA Alexander Wiegand SE & Co. KG, Gulf Cryo, Buzwair, Sasol, Air Liquide, Gas Africa Limited, Carbacid Investments Limited, Afrox.
Chlorinated Paraffin Market 2024 Key Insights:
• The chlorinated paraffin market size is expected to see strong growth in the next few years. It will grow to $2.74 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Increased Demand For Pvc Pipes And Flooring Boosts Chlorinated Paraffin Market Growth
• Chlorinated Paraffin Market Embraces Sustainability With The Introduction Of Post-Consumer Recycled (PCR) Plastics
• Asia-Pacific was the largest region in the chlorinated paraffin market in 2023
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Learn More About The Business Research Company
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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