Phosgene Market Size was valued at USD 1.68 Billion in 2023. The Phosgene industry is projected to grow from USD 1.76 Billion in 2024 to USD 2.56 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.60% during the forecast period (2024 - 2032). Phosgene is a colourless gas with the chemical formula COCl2, having an unpleasant odour and is primarily found in trace amounts of volcanos. Phosgene can be manufactured synthetically and is highly toxic, owing to which it was used as a chemical weapon during major wars across the globe, and is known to be a significant industrial agent widely used as a building block in the preparation of several organic compounds and medicines. The growing utilization of phosgene in the manufacturing of diethyl carbamoyl chloride, which is then used to hydrolyze water-insoluble compounds that serve as intermediates for the production of medicines, insecticides, and dyes, is driving the expansion of the global phosgene market.
The ongoing trend of sustainable production along with the increased demand for polyurethanes is aiding the market's growth.
The polyurethane industry has a substantial influence on the global phosgene market since it is a key customer of phosgene derivatives such as MDI and TDI. The usage of polyurethane foam (PU foam) in buildings, insulation, and furnishings is expected to continue to rise, according to the study carried out, which is mostly due to the rapid growth of urbanization and infrastructure throughout the world. Consequently, this leads to an increase in the requirement for phosgene. However, there is a factor that works against it, and that is the growing emphasis on sustainability. In the realm of research and development, efforts are being made to develop methods of manufacturing phosgene that are much less harmful to the environment through organic synthesis. Carbonylation and other alternative methods of producing phosgene are being investigated by businesses worldwide as part of their efforts to lessen their reliance on hazardous chemicals. With this, the overall production of phosgene has boosted the market revenue and taken the said market segment among the top revenue grosses. February 2024According to official papers, traces of the toxic gas phosgene, which was used during World War One, were found in an event that occurred at the headquarters of Sweden's security agency last Friday.According to an earlier statement made by Sapo, the security agency, which said that there was no gas detected either inside or outside the structure, this information contradicts that declaration. The building was evacuated by hundreds of people, and eight of them were sent to the hospital. The majority of fatalities caused by chemicals during World War One were caused by phosphone, which is used in the production of plastics and insecticides. The Swedish daily Svenska Dagbladet was able to get a copy of the report that suggested the presence of the hazardous material on the premises. The report originated from the County Administrative Board of Stockholm.
The global phosgene market is primarily segmented based on derivatives and applications.
Based on derivatives, the phosgene market is further segmented into isocyanates, chloroformates, and carbamoyl chlorides. Out of which, the isocyanate segmentation dominates the global market share, which is attributed to the immense growth of the global automotive sector and the fast-paced industrialization in major emerging economies like India, China, Japan, Mexico, etc. Apart from this, the increased use of isocyanate derivatives in several crucial applications including the manufacturing of foams, paints and elastomers.
Based on application, the global phosgene market is further sub-segmented into agrochemicals, pharmaceuticals, polycarbonates, fine chemicals, dyes, and speciality chemicals. Out of which, the speciality chemicals sub-segmentation dominates the market segment and is estimated to witness the highest growth rate during the forecast period. The estimated growth of the said segmentation is primarily due to the increased use of phosgene as a key raw material in the manufacturing of speciality polycarbonates. There is a rising demand for these carbonates in various industries such as construction, automotive, medical, and electronics. Furthermore, the increasing adoption of research and development efforts to enhance the effectiveness, environmental friendliness, and security of phosgene-based procedures is expected to broaden the market potential and stimulate the need for specialized chemicals.
The global phosgene market is primarily studied across four regions, namely, North America, Europe, Asia-Pacific & the Rest of the World. Out of which, the Asia-Pacific region is said to dominate the global market and is estimated to have the highest growth rate during the forecast period. The said growth trajectory is largely attributed to the growing end-use industries such as agriculture, automotive, and pharmaceuticals. Increasing consumption of phosgene in agrochemicals, dyes, and medicines is likely to propel the regional market growth. High demand for phosgene is predicted to surge in various developing countries of Asia-Pacific such as India, China, and Malaysia owing to the wide consumption of phosgene derivatives in bedding and furniture; and agrochemicals applications. Factors such as easy availability of raw materials, low labour and land cost, and increasing R&D innovations to reduce the toxicity of phosgene are further anticipated to boost regional market growth.
The European region is estimated to be the second largest market share holder in the global phosgene market during the forecast period ending in the year 2030. The region's growth is due to the high consumption of phosgene in pharmaceuticals, dyes and speciality chemical applications. Germany is the leading country in the European region in terms of revenue share among European countries, which is followed by Spain, Italy and France, on account of the constant research & development and product innovation.
Apart from these two regions, the North American market for phosgene accounts for a substantial market share, and is likely to grow at a steady CAGR during the said forecast period owing to the recovery of the industrial sector combined with increasing investments in textile and healthcare sectors.
The global phosgene market is considered to be fragmented based on several aspects, and it is projected that competition will be present due to the presence of multiple competitors. Major key players in the industry are continually improving their products to maintain a competitive advantage over their rivals. To obtain a competitive advantage over their contemporaries and seize a sizeable portion of the market, these firms place a strong emphasis on partnerships, product advancements, and collaborative efforts.
November 2022 -
In November 2022, Huntsman Corporation signed an agreement to sell its textile division to Archoma, a portfolio company of SK Capitals.
October 2022 -
In October 2022, the Department of Chemical Technology and Bioengineering Technologies announced their allied production of polyurethanes.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 1.68 Billion |
| Market Size 2024 | USD 1.76 Billion |
| Market Size 20232 | USD 2.56 Billion |
| CAGR | 4.60% 2032 |
| Base Year | 2023 |
| Forecast Period | 2024 to 2032 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Derivatives, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Bayer AG (Germany), VanDeMark Chemical Inc. (US), Wanhua Chemical Group Co. Ltd (China), Vertellus Holdings LLC (US), Atul Ltd (India), Paushak Ltd (India), UPL (India), ISOCHEM (France), H. Products (Germany),BASF SE (Germany) |
| Key Market Opportunities | Increasing consumption of the product in pesticides and insecticides is expected to further boost the market growth |
| Key Market Drivers | Growing demand for bedding and furniture sectors owing to the increasing population and rising purchasing power is likely to drive the market growth. |
Phosgene Market Highlights:
Frequently Asked Questions (FAQ) :
Phosgene is a colorless gas with the chemical formula COCl2. It is toxic to humans, but is widely used in the preparation of several industrial compounds and medicines.
The phosgene market is expected to rise to a valuation of USD 2.56 billion by 2032.
The global phosgene market is expected to exhibit a solid 4.60% CAGR over the forecast period from 2024-2032.
The growing demand for pesticides and insecticides in the agriculture sector is likely to be a major driver for the global phosgene market. The growing consumption of phosgene in the pharmaceutical sector is also likely to be a major driver for the phosgene market.
Government restrictions on the use of phosgene, which is toxic to humans, are likely to be the key restraint on the global phosgene market over the forecast period.
According to MRFR analysis, the Phosgene Market is estimated to reach USD 2.34 billion by the end of 2030 at a healthy CAGR of 4.60%.
$2.34 Billion
4.60%
Asia-Pacific
2021-2030
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
