The use of Phosgene dates back to the World War I where it was responsible for more than 80% of the deaths. The legacy of Phosgene Market has evolved over the decades with the Phosgene Industry making multiplied profits owing to its use as an irreplaceable constituent in industrial manufacturing. According to the latest report published by Market Research Future (MRFR), the Phosgene Market is poised to catalyze revenue creation at a moderate CAGR throughout the projection period 2017 to 2023.
The scientific approaches and advancements introduced in agriculture have propelled the demand for pesticides globally which is one of the key drivers of demand in the Phosgene Market. The booming pharmaceuticals industry also favors the expansion of Phosgene Market. Furthermore, the escalated requirement of phosgene based specialty chemicals across different industry verticals has catapulted the need for production in the Phosgene Industry.
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The changing consumer behavior across industries such as dry cleaning, pains & coatings, plastics, etc. has a favorable influence on the growing demand for phosgene in the market as it is crucial in delivering essential benefits for peptide synthesis, activated amino acids, etc.
However, the strict regulatory laws enforced for the containment of hazards of Phosgene gas coupled with the additional cost required for its handling might hold the Phosgene Market growth during the forecast period.
The competitive landscape of the Phosgene Market is flocked with a number of national, international, and, regional players who strive to channelize their resources efficiently for augmented revenue generation. The intense competition among the prominent players facilitates the growth and expansion of the market. The key players profiled by MRFR in its recently published report are Bayer Group (Germany), BASF SE (Germany), Wanhua Chemical Group Co., Ltd. (China), Vertellus Holdings LLC (U.S.), Atul Ltd (India), Paushak Ltd (India), UPL (India), ISOCHEM (France), ), VanDeMark Chemical Inc. (U.S.), J.H. Products (U.S.) among others.
Charkit which is a chemical company has acquired ChayseChem, distributor for a Vandemark company that specializes in the manufacturing of a wide range of phosgene derivatives.
By Derivatives, the Global Phosgene Market is segmented into isocyanates, chloroformates, carboamoyl chlorides, and others. The isocyanates segment account for the maximum market size across the assessment period, trailed by chloroformates segment.
By Application, the Global Phosgene Market is segmented into agrochemicals, pharmaceuticals, dyes, specialty chemicals, and others.
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By Region, the Phosgene Market has been segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Asia Pacific is projected to be the largest market for phosgene over the next couple of years, and it will grow saliently at the highest CAGR. The surge in demand will be driven by the rapid urbanization and industrialization being witnessed in the region. The emerging economies such as Vietnam, China, India, Japan, and Malaysia will be the primary contributors of revenue during the projection period owing to the intensified need for phosgene derivatives in pharmaceuticals and agrochemicals industries. The easy availability of raw materials, cheap labor cost, low-priced plots for plant establishment, etc. act as catalysts to the Phosgene Market growth and expansion in Asia Pacific market.
North America market will demonstrate an upward swing as a response to the initiatives taken for revamping the industrial sector. The deep-rooted requirement for phosgene derivatives across various industries will fuel the demand in the region. The expansion of the textile industry in North America will also be complementing the Phosgene Market growth over the assessment period. Europe market will also thrive at steady CAGR due to the developments in numerous end-user industries and rising expenditure on innovation and research & development. However, the regulatory laws implemented by the governments in Europe and North America due to safety concerns will pull back the market growth to some extent.
The significant contributions of revenue in Latin America market will be generated from Argentina, Mexico, Brazil, and Colombia. The promising textile industry in the region will steer growth and expansion of the Phosgene Market. The Middle East & Africa region will grow at a sluggish rate with the major driver being the bullish trend witnessed in the construction industry.
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