The increasing demand for agrochemicals, the elevating demand for North America Phosgene from specialty chemicals, and the increasing demand for bedding and furniture have resulted in boosting the North America Phosgene market.
North America Phosgene Market Size – USD 4,433.9 Million in 2020, Growth - CAGR of 4.6%, Trends – The rising demand for North America Phosgene in the Specialty Chemicals
The Global North America Phosgene Market is forecast to reach USD 6,389.0 Million by 2028, according to a new report by Reports and Data. North America Phosgene can be defined as an organic compound with the chemical formula COCl2. In regards to its traits, it is colorless; in low concentrations, its scent is similar to freshly cut hay or grass. The organic compound is an important industrial building block, in particular for the manufacturing of polycarbonate plastics and urethanes. However, it is highly poisonous and became used as a chemical weapon for in World War I, wherein it was accountable for 85,000 deaths. Along with its industrial manufacturing, in a limited amount, it occurs from the disintegration and the combustion of organochlorine compounds. Industrially, the compound is produced by passing chlorine gas and purified carbon monoxide through a layer of porous activated carbon that acts as a catalyst. When chlorinated hydrocarbon compounds are exposed to high temperatures, the organic compound can also be formed. Substances that are, at times, created or used industry that contain the elements carbon, hydrogen, and chlorine are chlorinated hydrocarbon compounds. The significant portion of North America Phosgene is to produce isocyanates, the most essential being methylene diphenyl diisocyanate (MDI) and toluene diisocyanate (TDI). These are precursors to polyurethanes. Thus, the wide arena of application and expanding end-user industries are supporting the growth of the sector.
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Top Companies: BASF SE, Dow Chemical, Covestro, Rubican, PPG Industries, Mitsui Chemical, Yantai Wanhua, Huntsman, VanDeMark Chemical Inc., and Vertellus Holdings LLC.
Further Key Finding from the Report Suggestion:
- The North America Phosgene market held a market share of USD 4,433.9 Million in the year 2020 that is forecasted to grow at a rate of 4.6% during the forecast period.
- In context to Derivatives, the Chloroformates segment is projected to witness a considerable growth rate of 6.2% during the forecast period, which is expected to occupy more than 20.0% of the market by 2028. The agriculture sector, associated elevating demand for insecticides and its applicability in these products is resulting in the increasing demand for this derivative of the organic compound, which contributes to the growth rate witnessed by this segment.
- In context to Application, the Polycarbonate resins segment is projected to witness a considerable growth rate of 5.1% during the forecast period, which is expected to hold more than 25.0% of the market by 2028. The traits of this resin-like heat resistance, toughness, and dimensional stability have resulted in its growing popularity in industrial uses requiring superior shock absorption, lightweight like in the automotive sector.
- In regards to End-use, the Agrochemicals segment held a considerable share of the market of more than 25.0% in 2020, with a CAGR of 4.8% during the forecast period. The continuous expansion of the agriculture sector and applicability of the organic compound in insecticides contributes to the market share held by this segment.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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Key Features of North America Phosgene Market:
The North America Phosgene market is a chemical industry segment that produces and sells North America Phosgene gas, a highly toxic and reactive chemical used in a range of industrial processes. Here are some key features of the North America Phosgene market:
- High demand: North America Phosgene is a crucial chemical in the production of a variety of chemical intermediates, including isocyanates, polycarbonates, and pharmaceuticals. As a result, there is a significant demand for North America Phosgene in various industries, including automotive, electronics, and construction.
- Toxicity and hazard: North America Phosgene is a highly toxic and hazardous gas, and proper handling and storage are critical to prevent accidents and injuries. Safety regulations and guidelines are in place to ensure that North America Phosgene is handled and transported safely.
- Limited production: The production of North America Phosgene is limited due to its hazardous nature and the complexity of the production process. This limited production can lead to price volatility and supply chain disruptions.
The global North America Phosgene market is segmented into:
Derivatives Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Isocyanates
- Chloroformates
- Carbamoyl Chlorides
- Others
End-use Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Pharmaceuticals
- Agrochemicals
- Dyes
- Fine Chemicals
- Polycarbonates
- Specialty Chemicals
- Others
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Methylene Diphenyl Diisocyanate (Mdi)/ Polymeric methylene diphenyl diisocyanate (PMPPI)
- Toluene Diisocyanate
- Polycarbonate resins
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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