A14236 | Pages: 273 | Jun 2022 | 1952 Views | ||
Author(s) : Devashree Patwardhan, Chidanand Bilagi , Eswara Prasad | Tables: 184 | Charts: 71 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Phosgene Market
Request Now !The global phosgene market size was valued at $39.2 billion in 2021, and is projected to reach $65.4 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
COVID-19 outbreak had negative impact on global phosgene market owing to its dependence on agrochemicals and fine chemicals. According to the International Monetary Fund (IMF), owing to the outbreak of novel coronavirus (COVID-19), the global economy shrunk by 3.0% in 2020. Many countries are under strict lockdowns, which have forced several sectors to shut down their operations. This has halted manufacturing activities and reduced the demand and production of phosgene.
Phosgene is a colorless gas with chemical formula COCl2. It is produced by reacting chlorine and carbon monoxide. In general, a small amount of phosgene is released in nature from volcanoes. It is mainly produced artificially and is extremely toxic and thus, it was even used as a chemical weapon during wars. Phosgene is used for deriving a number of chemical compounds used in various industrial sectors.
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The increased usage of phosgene in production of diethyl carbomoyl chloride, which is further utilized to hydrolyze water insoluble compound that acts as an intermediate for the production of pharmaceuticals, pesticides and dyes, accelerates the growth of the phosgene market. Rise in utilization for platinum, plutonium, uranium and niobium metal extraction and its wide use in chemical such as beryllium chloride, aluminum chloride and boron trichloride further influence the growth of the phosgene market. In addition, growth of pharmaceutical sector, increase in R&D activities, rise in need for enhanced treatments, and surge in investments positively affect the phosgene market growth. In the chemical industry, phosgene is widely used for production of aromatic di-isocyanates such as toluene diisocyanate (TDI) and methylene diphenyl diisocyanate (MDI), which are precursors for production of polyurethanes and some polycarbonates. Surge in demand for flexible polyurethane foams in applications such as furniture and as a cushioning material in automobiles and furniture, is expected to drive the demand for TDI during the forecast period. In addition, rise in use of MDI in the building and construction industry for applications such as roof insulation, insulated panels, and gap fillers for the space around doors and windows, is anticipated to surge the demand for phosgene to increase the production of TDI and MDI to meet the rise in demand during the forecast period. All these factors collectively surge the demand for phosgene, thereby augmenting the global phosgene market growth.
However, exposure to phosgene may cause irritation to eyes, dry burning throat, vomiting, cough, foamy sputum, breathing difficulty, and chest pain. In addition, workers of various industries such as chemical, agrochemical, and pharmaceutical may suffer from exposure to phosgene. The level of exposure depends upon the dose, duration, and work being done. This factor is anticipated to restrain the growth of the phosgene market during the forecast period.
On the contrary, according to the Food and Agriculture Organization (FAO), the global food demand is expected to increase
from 50.0% to 90.0% by 2050, owing to expected increase in the global population by 2,300.0 million people, between 2009 and 2050. The global food production needs are expected to increase by about 70.0% by 2050 to meet the growth in food demand due to increase in population globally. This implies that there must be a significant increase in the production of certain food commodities. For instance, the production of cereals must reach around 3,000.0 million metric tons by 2050, an increase from nearly 2,100.0 million metric tons in 2018. The increased demand for food security has surged the production of several agrochemicals such as pesticides and herbicides, where phosgene gas is widely used for pesticide manufacturing and is anticipated to offer new growth opportunity in the phosgene market.
The phosgene market is segmented on the basis of derivative, application, and region. On the basis of derivative, the market is categorized into isocyanates, chloroformates, and carbamoyl chlorides. By application, it is classified into agrochemicals, pharmaceuticals, polycarbonates, dyes, fine chemicals, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in this report 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., Altivia, Tokyo Chemical Industry Co. Ltd., Lanxess, Hangzhou Better Technology Co. Ltd., Chuo Kaseihin Co. Inc., PMC Isochem, KPX Life Science Co. Ltd., and Nippon Soda Co. Ltd.
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The Asia-Pacific phosgene market accounted for 33% of the market share in 2021, and is projected to grow at the highest CAGR of 5.7% during the forecast period. Increase in demand for agricultural products and the resultant commercialization of agriculture induced a rise in use of agricultural chemicals in the Asia-Pacific. The crop damage by insects is the highest, followed by pathogens and weeds. Agrochemicals account for a prominent share in total pesticide use in the Asia-Pacific. In countries such as India, there is a significant increase in imports of agrochemicals from countries such as China and Germany. Owing to an increased focus toward environmental sustainability, while maintaining the crop output, the demand for agrochemicals in the region is expected to increase in the coming years. With companies such as Syngenta CropScience, Bayer AG, and FMC Corporation setting up their own manufacturing plants and
launching products that cater to the needs of farmers in this region, the demand for agrochemicals is expected to increase during the next few years. This factor is anticipated to surge the demand for phosgene from agrochemicals manufacturers across the region.
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In 2021, the isocyanate derivative was the largest revenue generator, and is anticipated to witness growth at a CAGR of 5.6% during the forecast period. Significant growth in the automotive industry along with rapid industrialization across the globe, especially in the emerging economies, is one of the key factors driving the demand for isocyanate. Furthermore, widespread adoption of isocyanate-based products in the construction industry is also providing a boost to the demand for isocyanates. Isocyanates exhibit excellent insulation properties, owing to which they are used in the form of rigid PU foams for insulating panels and gap fillers in the spaces around doors and windows. They are also used on the exterior components of automobiles to minimize the overall vehicular weight and improve the fuel efficiency. Various advancements, such as the development of bio-based variants, are acting as another demand inducing factor.
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By application, the polycarbonate application dominated the global market in 2021, and is anticipated to grow at a CAGR of 6.2% during the forecast period. In the electrical and electronics industry, polycarbonates are used to make numerous corresponding equipment such as electrical enclosures, junction boxes, and others. Some of these most common parts include switching relays, sensor parts, LCD sections, connectors, cell phones, and computers, owing to their lightweight and high impact strength. Hollow polycarbonates are perfect thermal insulators, making them a preferred choice in most wire insulation applications in the electrical and electronics industry. Polycarbonate sheets are used in electrical accessories, hardware gadgets, and optical plates. Growth in demand for more innovative and technologically advanced electronic products across the globe is anticipated to boost the demand for polycarbonates, which is expected to escalate the demand for phosgene from polycarbonate manufacturers during the forecast period.
Key benefits for stakeholders
IMPACT OF COVID-19 ON THE GLOBAL PHOSGENE MARKET
Key Market Segments
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Key Market Players
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According to CXOs of leading companies, the global phosgene market is anticipated to witness growth during the forecast period, owing to increase in the use of the chemical in pharmaceutical, agrochemical, polycarbonates and chemical industries, which acts as one of the major factors driving the growth of phosgene market. The increased usage of the product in the production of diethyl carbomoyl chloride, which is further utilized to hydrolyze water insoluble compound that acts an intermediate for the production of pharmaceuticals, pesticides and dyes, accelerates the growth of the phosgene market. Rise in utilization for platinum, plutonium, uranium and niobium metal extraction and its wide use in chemical such as beryllium chloride, aluminum chloride and boron trichloride further influence the growth of the phosgene market. In addition, growth of pharmaceutical sector, increase in R&D activities, rise in need for enhanced treatments, and surge in investments positively affect the phosgene market growth.
However, high toxicity of phosgene is expected to hamper the growth of the phosgene market during the forecast period. Furthermore, increase in consumption of phosgene in pesticides and insecticides is expected to provide growth opportunities for the phosgene market during the forecast period.
A. Escalating demand from chemical industry and growing demand for bedding & furniture sectors are the key factors boosting the phosgene market growth.
A. The global phosgene market was valued at $39.2 billion in 2021, and is projected to reach $65.3 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
A. BASF SE, Dow, Covestro A.G., VanDemark Chemical Inc., Vertellus, Synthesia A.S., Atul Ltd., Paushak Ltd., Hodogaya Chemical Co. Ltd., and Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC Ltd). are the most established players of the global phosgene market
A. Polycarbonates and agrochemicals industry is projected to increase the demand for phosgene market.
A. The global phosgene market size is segmented on the basis of derivative, application, and region. By derivative, it is analyzed across isocyanates, chloroformates, and carbamoyl chlorides. By application, it is segmented into agrochemicals, pharmaceuticals, polycarbonates, dyes, fine chemicals, and others. Region-wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
A. Demand for phosgene is expected to be driven by its utilization in pharmaceutical, agrochemical, polycarbonates, and chemical industries. It is widely used to manufacture diethylcarbomoyl chloride which is used to hydrolyze water insoluble compound and is extensively used as an intermediate for the production of pesticides, pharmaceuticals, and dyes.
A. According to the International Monetary Fund (IMF), owing to the outbreak of novel coronavirus (COVID-19), the global economy shrunk by 3.0% in 2020. Many countries are under strict lockdowns, which have forced several sectors to shut down their operations. This has halted manufacturing activities and reduced the demand and production of phosgene.
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