LONDON--(BUSINESS WIRE)--The chlorobenzene market is expected to grow by USD 767.36 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Chlorobenzene and its by-products are some of the most consumed materials in the chemical industry. They are used as intermediates in the production of various chemical-based products such as dyes, pigments, herbicides, and pesticides. Chlorobenzene is also used as a solvent in the manufacture of paints, adhesives, oil cleaners, waxes, and polishes. Furthermore, PPS, a semi-crystalline polymer manufactured by chlorobenzene, is widely used in the textile industry for coatings and fabrics owing to its high resistance to temperature, thermal shock, and chemicals. Many such applications are increasing the consumption of chlorobenzene in the chemical industry, which is driving the growth of the market.
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As per Technavio, the high consumption of chlorobenzene in APAC will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Chlorobenzene Market: High Consumption of Chlorobenzene in APAC
The market is witnessing an increase in the demand for chlorobenzene from emerging economies such as China, India, and Japan. This can be attributed to the abundant availability of raw materials and the strong presence of established market players in these countries. Besides, the shifting of chemical industries from developed countries such as the US to China and India has significantly increased the consumption of chlorobenzene in APAC. Also, the strong growth of cotton and textile industries in China and India is increasing the demand for dyes, pigments, and fabric solvents. In addition, the increasing demand for personal care products, chemicals, and pharmaceuticals in APAC is significantly contributing to the overall growth of the global chlorobenzene market.
“Increasing demand for agrochemical intermediates and the rising population in India and China will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Chlorobenzene Market: Segmentation Analysis
This market research report segments the chlorobenzene market by type (monochlorobenzene, p-dichlorobenzene, o-dichlorobenzene, and others) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the chlorobenzene market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the high consumption of p-dichlorobenzene.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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