Chlorinated Paraffins Market is Expected to Reach US$ 1.98 Bn in 2023 : TMR
Transparency Market Research has released a new market report titled “Chlorinated Paraffins Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.” According to the report, the global chlorinated paraffins market was valued at US$ 1.48 Bn in 2014 and is anticipated to reach US$ 1.98 Bn in 2023, expanding at a CAGR of 3.2% between 2015 and 2023.
Chlorinated paraffins are a group of synthetic chemicals that consist of different proportions of chlorine, generally ranging from 30% to 70% by weight. Chlorinated paraffins are commercially sold in various product forms based on the carbon chain lengths such as l-grade, m-grade, and h-grade. L-grade signifies short carbon chain of 10 to 13, while m-grade signifies medium carbon chain length of 14 to 17 carbons. H-grade long chain chlorinated paraffins contain carbon length of 18 and above. These product types are used in various applications such as lubricating additives, plastic additives, rubber, paints, and metalworking fluids.
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Growth in plastic and metalworking industries is primarily estimated to augment the global chlorinated paraffins market in the next few years. However, availability of application-specific substitutes and potential prohibition on the production and consumption in developed regions are projected to hamper market growth during the forecast period. Expansion in the lubricants market in Asia Pacific is likely to offer growth opportunities to the chlorinated paraffins market from 2015 to 2023.
In terms of volume, m-grade was the largest product segment of the global chlorinated paraffins market, accounting for more than 55% share in 2014. Low cost and broad application array of m-grade chlorinated paraffins are the key reasons for its dominance. However, h-grade of chlorinated paraffins is expected to increase its dominance over the next few years, considering the likely ban on consumption in developed regions such North America and Europe.
In terms of application, metalworking fluids was the largest segment of the global chlorinated paraffins market, accounting for over 35% share in 2014. Chlorinated paraffins are also used in metalworking applications due to their flame retardant properties. The plastic additives segment is anticipated to be the fastest-growing application segment of the chlorinated paraffins market between 2015 and 2023. Rising demand for PVC compounds in various end-user industries is estimated to propel the demand for chlorinated paraffins in the next eight years in developing regions. Modest expansion in these industries in developed regions and fast-paced growth in developing regions are projected to drive the demand for chlorinated paraffins.
The global chlorinated paraffins market is considerably fragmented. Key players in the chlorinated paraffins market include INOVYN, Ajinomoto Fine-Techno Co., Inc., Altair Chimica SpA, NCP Chlorchem, Dover Chemical Corporation, Leuna Tenside GmbH, Química del Cinca, Caffaro Industrie S.p.A., JSC Kaustik, KLJ Group, Qualice, LLC, United Group, Makwell Group, and Aditya Birla Chemicals.
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