Phosgene Market Size, Share, Trends & Industry Growth Analysis Report to 2024-2032
By Ritesh on August 26, 2024
dyed polymer resin with samples
The global phosgene market size was worth around USD 4.81 billion in 2023 and is predicted to grow to around USD 7.40 billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.90% between 2024 and 2032.
Phosgene is generated through the reaction of chlorine with carbon monoxide. It is a colorless compound with a pungent odor. It is a gas that is highly toxic and condenses into a fuming liquid at a temperature of 0°C. It is employed as an intermediate in the production of a variety of chemical products. The most notable application is the production of toluene diisocyanate and methylene diphenyl diisocyanate.
The global phosgene market is anticipated to experience significant development due to the growing demand for furniture and bedding. The demand for bedding and furniture has increased as a result of the global population expansion over the past two decades. The population has experienced development as a result of a variety of factors, including an increasing life expectancy rate and a decreased infant mortality rate. Furthermore, the demand for furniture and linens has been bolstered by the upsurge in relocation activities among the millennial population.
This, in turn, is anticipated to increase the demand for phosgene during the forecast period. Globally, manufacturers have been expanding their production capacities for MDI and TDI. The demand for PU foams has increased in end-user industries, including automotive, construction, and furniture, as a result of their improved properties.
However, the global phosgene market’s expansion may be jeopardized by the obstacles associated with its transportation. Additionally, the production of phosgene is subject to a variety of regulations. The most recent trend in the industry is the expansion of the capacity of MDI and TDI manufacturers to accommodate the population’s increasing needs. This is anticipated to open up new opportunities for the primary participants in the global phosgene market.
The Global Phosgene market profiles key players such as:
● BASF
● Covestro
● Dow Chemical
● PPG Industries
● DuPont
● Rubican
● Yantai Wanhua
● Tosoh
● Mitsui Chemical
● Huntsman
Regional Analysis of the Phosgene Market
It is anticipated that the Asia Pacific region will experience substantial growth during the forecast period and will be the fastest-growing region. The demand for phosgene in the Asia Pacific region is anticipated to be driven by emerging economies such as China and India. This is due to the fact that phosgene is utilized in the production of polyurethane foams, which are used in the production of automotive furniture, residential furniture, and bedding.
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