What Has Been the Growth of the Phosgene Market So Far?
The phosgene market has seen considerable growth due to a variety of factors.
• The phosgene market has witnessed considerable expansion in the last few years. It is projected to increase from $4.84 billion in 2024 to $5.17 billion in 2025, boasting a Compound Annual Growth Rate (CAGR) of 7.0%.
Factors contributing to the growth in the past were enhancements in chemical manufacturing, an uptick in polyurethane foam production, and advancements in the manufacture of plastics and resins, production of agrochemicals, and applications in the textile industry.
How Will the Phosgene Market?
The phosgene market is expected to maintain its strong growth trajectory in upcoming years.
• Steady expansion is predicted in the phosgene market in the upcoming years, where it is expected to reach a market size of $6.43 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.6%.
This anticipated growth can be linked to the consistent expansion of chemical manufacturing, escalating demand for polyurethane foam, and its increased application in specialty polymers. There is also an emerging demand for high-performance plastics and a burgeoning agrochemicals industry supporting this growth. Key trends that will influence the market during the forecast period include advancements in water treatment technologies and metal processing, progress in technological production techniques, a rigorous regulatory landscape, and a shift towards sustainable production.
Which Factors Are Boosting Growth In The Phosgene Market?
The phosgene market's progression is predicted to be bolstered by the pharmaceutical industry's growth. Encompassing drug development, production and marketing for medical application, the pharmaceutical industry often utilizes phosgene as an essential component in its processes. It assists in creating pharmaceutical active ingredients, specialty plastics and in the manufacturing of various pharmaceutical products that include activated amino acids and peptide synthesis. The European Federation of Pharmaceutical Industries and Associations revealed in June 2023 that the production value of pharmaceuticals escalated in Europe, moving from $347.31 billion (€ 323,950 million) in 2021 to $364.26 billion (€340,000 million) in 2022. Hence, the expansion of the pharmaceutical industry stimulates the phosgene market's growth. The phosgene market's development is likely to be influenced by the compound's toxicity and hazardous nature. Products possessing such characteristics can pose a threat to human health and the environment, being capable of either causing immediate harm or inducing long-term illness. For instance, a document published by the University of New Mexico Research in August 2022 asserts that Phosgene is an extremely poisonous, irritant, and corrosive gas that impacts all body tissues. Inhaling the gas can even lead to life-threatening respiratory damage. Several symptoms can arise from inhaling 20-30 ppm for a 1-minute duration, including respiratory irritation, throat burning, nausea, vomiting, chest discomfort, coughing, labored breathing, and headaches. Thus, phosgene's noxious and hazardous nature hinders the growth of its market.
What Key Areas Define The Segmentation Of The Global Phosgene Market?
The phosgene market covered in this report is segmented –
1) By Derivatives: Isocyanates, Chloroformates, Carbamoyl Chlorides, Other Derivatives
2) By Application: Methyl Diphenyl Diisocyanate, Toluene Diisocyanate, Polycarbonate Resins, Others Application
3) By End-Use: Pharmaceuticals, Agrochemicals, Dyes, Fine Chemicals, Polycarbonates, Specialty Chemicals, Other End-users
Subsegments:
1) By Isocyanates: Methylene Diphenyl Diisocyanate (MDI), Toluene Diisocyanate (TDI), Hexamethylene Diisocyanate (HDI), Other Isocyanates
2) By Chloroformates: Ethyl Chloroformate, Methyl Chloroformate, Butyl Chloroformate, Other Chloroformates
3) By Carbamoyl Chlorides: N-Methyl Carbamoyl Chloride, N-Ethyl Carbamoyl Chloride, N-Butyl Carbamoyl Chloride, Other Carbamoyl Chlorides
4) By Other Derivatives: Polycarbonate, Phosgene Oxime, Other Specialty Chemicals
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How Are New Trends Impacting The Size Of The Phosgene Market?
Prominent corporations in the phosgene sector are employing strategic partnership tactics to fast-track their growth and strategic enlargement. This process involves companies making use of each other's capabilities and resources for mutual advantages and triumph. For example, in September 2022, a partnership was formed between SK Capital Partners, an American capital market corporation, and Comvest Partners, a US private equity firm. Their objective was to invest in VanDeMark Chemical Inc, a US manufacturer of phosgene and distributor of bespoke and specialty chemicals. SK Capital's investment is designed to guide VanDeMark in broadening its reach in the international life science market's fine chemistries segment, particularly focusing on high-end specialty chemical intermediates, including those made from phosgene.
Who Are the Key Players In The Phosgene Market?
Major companies operating in the phosgene market report are:
• 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
What Is The Most Dominant Region In The Phosgene Market?
Asia-Pacific was the largest region in the Phosgene market in 2024. The regions covered in the phosgene market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
