Increase in use of phosgene for platinum, plutonium, uranium and niobium metal extraction, its use in production of chemicals such as beryllium chloride, aluminum chloride, & boron trichloride, growth of the pharmaceutical sector, increase in R&D activities, and the growing need for enhanced treatments drive the growth of the global phosgene market. By application, the polycarbonates segment held the largest market share in 2021 and would rule the roost through 2031.
Portland, OR, July 06, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global phosgene market stood at a revenue of $39.2 billion in 2021, and is projected to amass $65.4 billion by 2031, witnessing a CAGR of 5.3% from 2022 to 2031. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Growing use of phosgene in the metal industry for platinum, plutonium, uranium and niobium metal extraction, its use for the production of chemicals such as beryllium chloride, aluminum chloride, & boron trichloride in the chemical industry, growth of the pharmaceutical sector, increase in R&D activities and the growing need for enhanced treatments drive the growth of the global phosgene market. However, the risks associated with exposure to phosgene such as irritation to eyes, dry burning throat, vomiting, cough, foamy sputum, breathing difficulty, and chest pain impede the market growth. Moreover, the increased demand for food security which led to the surge in the production of several agrochemicals such as pesticides and herbicides where phosgene gas is widely used is expected to generate potential opportunities for the market during the forecast period.
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The Covid-19 outbreak impacted the global phosgene market negatively owing to the dependence of the industry on agrochemicals and fine chemicals.
There were disruptions in the supply chain as a result of which the agricultural sector had to face problems such as labor unavailability, pharmaceuticals barriers, restriction for market access and lack of inventories. Fertilizer and pesticide manufacturers faced issues due to low availability of raw materials, leading to reduction in manufacturing of various agrochemical products. However, the market is recovering post the pandemic.
The report offers detailed segmentation of the global phosgene market based on derivative, application and region.
Based on derivative, the isocyanates segment was the largest in 2021, holding more than two-thirds of the global phosgene market, and is likely to rule the roost during the forecast period. The same segment is likely to register the highest CAGR of 5.6% from 2022 to 2031.
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Based on application, the polycarbonates segment was the largest in 2021, grabbing nearly two-fifths of the global market, and would exhibit prominent growth throughout 2031. The same segment is also projected to register the highest CAGR of 6.2% throughout the forecast period.
By region, Asia-Pacific contributed to nearly one-third of the total market share in 2021 and is estimated to continue its dominancy through 2031. The same region is projected to manifest the fastest CAGR of 5.7% during the forecast period. The other regions analyzed in the report are Europe and LAMEA.
Leading players of the global phosgene market analyzed in the research include BASF SE, Dow, Covestro A.G., VanDemark Chemical Inc., Vertellus, Synthesia, A.S., Atul Ltd., Paushak Ltd., Hodogaya Chemical Co. Ltd., Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC Ltd), UPL Limited, Shandong Tianan Chemicals Co. Ltd. and Altivia.
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