Global Chlorobenzenes Market Size to Hit USD 3.5 Bn by 2028 | CAGR 5.65% - Says Facts & Factors

Facts & Factors
Facts & Factors

According to Facts and Factors, the Global Chlorobenzenes Market size was valued at around USD 2.25 billion in 2021 and is predicted to grow to around USD 3.5 billion by 2028 with a compound annual growth rate (CAGR) of roughly 5.65% between 2022 and 2028. The key market are covered in the report are China Petrochemical Corporation, ITW Reagents Division (PanReacApplichem), Kureha Corporation, LANXESS, Jiangsu Yangnong Chemicals Group Co., Ltd, and others.

TOKYO, JAPAN, Oct. 07, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Chlorobenzenes Market Size, Share, Growth Analysis Report By Application (Adhesive, Paints, Pharmaceuticals, Cosmetics, Rubber & Polymer, Chemical, and Others), By Product (O-Dichlorobenzene, Trichlorobenzene, Monochlorobenzene, Hexachlorobenzene, M-Dichlorobenzene, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.

The report analyses the Chlorobenzenes market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Chlorobenzenes market.

Chlorobenzenes Market Overview:

Chlorobenzene is a flammable, aromatic, colorless liquid that exhibits an odor resembling an almond. While most of the compound evaporates in ais, some of it is capable of dissolving in water. Chlorobenzene is synthetically prepared and is not a naturally occurring substance. The production of the compound has witnessed a steady decline in North America where earlier it was used to produce chemicals like Dichlorodiphenyltrichloroethane, the agricultural insecticide, and phenol.

However, its utilization has increased in the growing economies. The compound is currently used extensively as a solvent for creating pesticides or to aid degreasing in automotive parts, as well as a chemical intermediate for creating other chemicals. The color appearance of chlorobenzene may range from colorless to clear, light yellowish liquid. It has a flash point of 80 degrees Fahrenheit. It is a form of benzene with the substitution of single hydrogen with chlorine.

The compound has been termed hazardous and may have health implications if humans or other forms of living organisms are exposed to the compound for a prolonged duration. When used as a chemical intermediate, or heat transfer medium may cause chlorobenzene to be released into the air, even though in small proportions, it may build up over the years resulting in medical discomfort amongst exposed organisms.

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Key Insights from Primary Research

  • As per the analysis, the Chlorobenzenes market is likely to grow above a CAGR of around 5.65% over the forecast period (2022-2028).

  • In terms of revenue, the chlorobenzenes market size was valued at around USD 2.25 billion in 2021 and is projected to reach USD 3.5 billion, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.

  • Based on application segmentation, adhesive was predicted to show maximum market share in the year 2021

  • Based on product segmentation, monochlorobenzene was the leading revenue-generating product in 2021.

  • On the basis of region, Asia-Pacific was the leading revenue generator in 2021.

Market Growth Drivers

  • Rising application in herbicide manufacturing to propel market growth

The global chlorobenzenes market is projected to grow owing to the increased application of the compound in the automotive and vehicle sector where it is largely used as a degreasing agent. The research to widen the application of the compound in the vehicle sector is expected to encourage more growth. Even though the automobile sector currently is facing multiple issues and there has been a slight decline in the demand from 80 million units sold in 2017 to 70 million in 2021, as per Statista, the growth in the electric vehicle segment, and more eco-friendly vehicles is projected to help the industry to bounce back in the next few years.

This could be aided by the growing disposable income as well as undertakings by market players to accommodate more consumers which will significantly impact the demand for chlorobenzenes as well. The global market size is expected to benefit from the increasing chemical industry where the product acts as a major intermediary compound. As per the Indian Brand Equity Foundation, the country’s government contributed around USD 27.43 million in the fiscal year 2022-2023 to the chemical industry.

Restraints

  • Health impacts of prolonged exposure to the compound may restrict the market growth

The health impacts of prolonged exposure to the compound may restrict the global market growth while the growing demand in the rubber industry is expected to provide growth opportunities. A severe consequence of mishandling chlorobenzene may challenge the global market expansion.

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Chlorobenzenes Market: COVID-19 Impact Analysis

Covid-19 harmed the global market cap driven by the closure of chemical industries, one of the largest consumers of the compound, as well as the paint and adhesive sector. The demand for the chemical was high in the pharmaceutical industry but it was difficult to maintain a balanced supply chain resulting in dipped revenue.

Competitive Players

The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

Some of the main players in the global Chlorobenzenes market includes

  • China Petrochemical Corporation

  • ITW Reagents Division (PanReacApplichem)

  • Kureha Corporation

  • LANXESS

  • Jiangsu Yangnong Chemicals Group Co. Ltd

Segmentation Analysis

The global chlorobenzenes market is segmented based on product, application, and region.

Based on product, the global market segments are o-dichlorobenzene, trichlorobenzene, monochlorobenzene, hexachlorobenzene, m-dichlorobenzene, and others. Monochlorobenzene leads the market growth due to its wide application in the production of dichlorodiphenyltrichloroethane.

Based on application, the global market segments are adhesive, paints, pharmaceutical, cosmetics, rubber & polymer, chemical, and others.Adhesive led the segmental growth owing to the growing adhesives & sealants which is currently over USD 70 billion.

Browse the full “Chlorobenzenes Market Size, Share, Growth Analysis Report By Application (Adhesive, Paints, Pharmaceuticals, Cosmetics, Rubber & Polymer, Chemical, and Others), By Product (O-Dichlorobenzene, Trichlorobenzene, Monochlorobenzene, Hexachlorobenzene, M-Dichlorobenzene, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/chlorobenzene-market

Regional Analysis:

Asia-Pacific is showing signs of emerging as the highest contributor to the global chlorobenzene market as it has in the past few years. The main segment which may contribute heavily is the automobile sector which is witnessing promising growth in countries like China, India, Japan, South Korea, and others. The increasing range of vehicles accommodating all consumer segments is expected to help the higher market penetration of the vehicle industry coupled with the presence of efficient cars ranging from low-prices to luxury vehicles including electric automobiles.

For instance, in 2021, Japan recorded a total of 3.67 million car registrations. As per official records, in 2022, the Indian market witnessed a growth of 686% in 2022 the electric vehicle segment with around 211,398 vehicles sold between April and June of the same year. The chemical industry in India may also act as a major contributor. It is expected to contribute around USD 300 billion to India's gross domestic product (GDP) by 2025, as per published reports.

Recent Industry Developments:

  • In June 2022, Suzuki and Toyota, Japanese auto giants, announced deeper collaborations for the Indian market, especially in the development and production segment. With the move, the companies are expected to initiate the production of new sport utility vehicles (SUVs) for the Indian consumers

  • In May 2022, Toyota Motor Europe and Stellantis announced a partnership extension to produce a new large commercial van, with a battery-electric model.

Report Scope:

Report Attribute

Details

Market Size in 2021

USD 2.25 Billion

Projected Market Size in 2028

USD 3.5 Billion

CAGR Growth Rate

5.65% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

China Petrochemical Corporation, ITW Reagents Division (PanReacApplichem), Kureha Corporation, LANXESS, Jiangsu Yangnong Chemicals Group Co. Ltd, and Others

Key Segment

By Application, Product, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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The global Chlorobenzenes market is segmented as follows:

By Application

  • Adhesive

  • Paints

  • Pharmaceuticals

  • Cosmetics

  • Rubber & Polymer

  • Chemical

  • Others

By Product

  • O-Dichlorobenzene

  • Trichlorobenzene

  • Monochlorobenzene

  • Hexachlorobenzene

  • M-Dichlorobenzene

  • Others

By Region

  • North America

    • The U.S.

    • Canada

  • Europe

    • France

    • The UK

    • Spain

    • Germany

    • Italy

    • Rest of Europe

  • Asia Pacific

    • China

    • Japan

    • India

    • Southeast Asia

    • Rest of Southeast Asia

  • The Middle East & Africa

    • GCC

    • South Africa

    • Rest of the Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

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