Phosgene: Rising demand in chemical industry will boost the global market growth

Pune, India, February 28, 2018 /press release/- Market Research Future Published a Half Cooked Research Report on Global Phosgene Market.

Phosgene market is a clear liquid with an unpleasant odor which is manufactured industrially by reacting carbon monoxide with chlorine over a catalyst at extreme temperature. It is majorly used to produce isocyanates (TDI, MDI, cycloaliphatic, and aromatic isocyanates), acid chlorides, chloroformates, chlorocarbamates, and organic carbonates. Derivative of phosgene such as diethylcarbamoyal chloride are extensively utilized in the pharmaceutical sector. Numerous properties of phosgene makes it suitable for utilization in various application such as pharmaceuticals, dyes, agrochemicals, specialty chemicals, and others.

Some of the important factors that positively influence the growth of the phosgene market are increasing disposable income, constant urbanization, and improved living standards. Additionally, rising use of pharmaceuticals has led to an increase in the demand for phosgene globally. Moreover, continuous growth of agrochemical industry along with wide utilization of pesticide and herbicide to meet the demand for good quality crop production is estimated to propel the demand for phosgene across the globe. Strong investment in the ongoing R&D projects by the key manufacturers operating in the market and strong acceptance within the end use industries is set to positively influence phosgene demand. However, increasing concern regarding the harmful effects of phosgene is estimated to hinder the market growth.

Market Segmentation:-

The global phosgene market is classified on the basis of derivatives, application, and region. On the basis of derivatives, the market is classified into isocyanates, chloroformates, carboamoyl chlorides, and others. Among these, 80% of phosgene is used to manufacture isocyanates. Isocyanates is further categorized into MDI, TDI, aliphatic, and others. Isocyanates is expected to grow with the fastest CAGR on account of its wide utilization in the production of rigid foams, adhesives, coatings, and elastomers. Moreover, increasing usage of construction chemicals along with continuous growth of construction sector is predicted to fuel the demand for phosgene over the assessment period. On the basis of application, the market is categorized into agrochemicals, pharmaceuticals, dyes, specialty chemicals, and others. Among these, the pharmaceutical and agrochemical sector together hold for around 48% market share. Pharmaceutical sector is predicted to register healthy growth due to increasing innovations in R&D and new product development. Agrochemical sector is expected to register significant growth on account of increasing awareness about the benefits associated with phosgene made chemicals which include high efficiency and ease of use. Moreover, the segment witnessed a sharp rise in demand due to aggressive advertisements and branding from multinational players such as Bayer’s and BASF SE, which in turn, has increased the penetration of agrochemicals.

Regional Analysis

Asia Pacific is expected to be the largest market for phosgene followed by Europe and North America owing to rising demand from numerous end use industries such as building & construction, agriculture, and pharmaceuticals among others. Europe phosgene market is estimated to witness a significant growth due to continuous growth of textile and agrochemicals industry. North America is predicted to witness a steady growth during the assessment period due to rising demand for construction chemicals in construction sector. The Middle East & African countries is estimated to witness strong market growth on account of increasing construction activities specifically in Qatar and the United Arab Emirates (UAE). In Latin America market growth is majorly due to expansion of pharmaceutical and textile sector.

Competitive analysis

The major players operating in the phosgene market are Bayer Group (Germany), BASF SE (Germany), VanDeMark Chemical Inc. (U.S.), Wanhua Chemical Group Co.,Ltd. (China), Vertellus Holdings LLC (U.S.), Atul Ltd (India), Paushak Ltd (India), UPL (India),  ISOCHEM (France), J.H. Products (U.S.) among others.

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