Chlorobenzene Market to Grow With Substantial Growth Rate in Coming Years Says P&S Intelligence
New York, Aug. 10, 2021 /PRNewswire/ -- The burgeoning requirement for chlorobenzene in various industries such as high-performance polymers, pharmaceuticals, agrochemicals, and personal care, is fueling the worldwide demand for chlorobenzene. Because of this factor, the global chlorobenzene market is predicted to exhibit huge expansion during 2021–2030.
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The chlorobenzene market is divided into ortho dichlorobenzene, monochlorobenzene, and para dichlorobenzene, depending on type. Out of these, the paradichlorobenzene category is predicted to demonstrate the highest CAGR in the market during the forecast period. This is credited to the soaring usage of paradichlorobenzene in the production of polyphenylene sulphide and the booming production of paradichlorobenzene in the U.S., Japan, and China.
Geographically, the Asia-Pacific (APAC) region held the largest share in the chlorobenzene market in 2020, and this trend is predicted to continue in the forthcoming years. This will be because of the soaring requirement for chlorobenzene in Japan and China. Currently, China is the largest consumer and producer of chlorobenzene in the world. Additionally, the production of polyphenylene sulphide resin is surging sharply in Japan, thereby propelling the market expansion in the APAC region.
Due to the COVID-19 pandemic, the governments of many countries imposed lockdowns and strict social distancing regulations and also closed down borders, as these measures break the chain of transmission of the infection, thereby mitigating the spread of the disease. These measures massively hampered supply chain and logistics operations. As chlorobenzene is used as a chemical precursor or a solvent in the production of many products such as cosmetics, adhesives, paints, medicines, dyes, and polishes, the halt in industrial production caused a massive decline in its demand, thereby affecting the growth of the chlorobenzene market.
The players operating in the chlorobenzene market are focusing on collaborations to expand their operations geographically. For example, CHEMADA Industries Ltd., which is a producer of fine chemicals for numerous industries, announced in February 2020 that it has signed a distribution agreement with Moriroku Holdings Company Ltd. (Moriruko Japan), a company based in Japan. As per the agreement, Moriroku Japan was granted the rights to distribute the products of CHEMADA Industries in Japan.
Some of the major players in the global chlorobenzene market are Jiangsu Yangnong Chemicals Group Co. Ltd., Meryer (Shanghai) Chemical Technology Co. Ltd., Kureha Corporation, China Petrochemical Corporation, J&K Scientific Ltd., Beckmann-Kenko GmbH, and Applichem GmbH.
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SOURCE P&S Intelligence
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