Chlorinated Paraffin Market Value offering at USD2.5 Billion by 2022
Chlorinated
Paraffin Market Outlook 2014-2022:
Global Chlorinated
Paraffin Market was valued at $1,902 million in
2015, and is expected to reach $2,426 million by 2022, supported by a CAGR of
3.5% during the forecast period 2016 - 2022. China is one of the prominent
producers of chlorinated paraffin and held nearly one-fifth of the total market
in 2015.
Chlorinated paraffin is
colorless or yellowish, viscous, dense oils, except for the chlorinated
paraffins of long carbon chain length with high chlorine content (about 70%),
which are solid. Chlorinated paraffin offers advantages such as flame
retardancy and low-temperature strength as well as increases the flexibility of
the materials. Chlorinated paraffins are used as extreme pressure additives as
metal working lubricants or cutting oils. This is attributed to their
compatibility with oils, viscous nature, and property of emancipating
hydrochloric acid at high temperatures. They improve the resistance to water
and chemicals, which is most suitable when they are used in marine paints, as
coatings for industrial flooring, vessels, and swimming pools.
Factors that drive the
growth of the global chlorinated paraffin market are rise in PVC and metal
working industry coupled with aerospace & industrial sector. In addition,
growth in automotive sector is also expected to fuel the demand for chlorinated
paraffin in the near future. However, stringent regulations pertaining to use
of short-chain chlorinated paraffin in many regions and availability of
alternatives is expected to hamper the growth of this market in near future.
Medium-chain chlorinated
paraffin is expected to maintain its dominance in the global chlorinated
paraffin market during the forecast period. This is mainly attributed to its
use as substitute to short-chain chlorinated paraffins in many applications.
However, short-chain chlorinated paraffin is estimated to hold one-fourth of
the market share in Asia-Pacific due to lack of regulations to prohibit its use.
Metal working fluids and
lubricating additives applications cumulatively dominated the global
chlorinated paraffin market with more than half share in terms of volume, in
2015. Increase in demand for flame retardant properties across various end-use
industries such as automotive and aerospace is anticipated to drive the
chlorinated paraffin market during the analysis period.
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Chlorinated
Paraffin Market Key findings:
- In terms of
value, long-chain segment is expected to expand at a CAGR of 4.3% during
the forecast period.
- Asia-Pacific is
projected to maintain its lead position throughout 2022 and grow at a CAGR
of 4.7%, in terms of value.
- Lubricating
additives application is estimated to occupy one-third of the total market
by 2022.
- China is expected
to occupy more than half of the total Asia-Pacific chlorinated paraffin
market by 2022.
- In the global
chlorinated paraffin market, China is expected to grow at the highest CAGR
of 5.7% in terms of value from 2016 to 2022
In 2015, Asia-Pacific and North America collectively accounted
for two-thirds of the total chlorinated paraffin market and are expected to
continue this trend, specifically in China, India, and other developing
economies. Rise in lubricating sector is the main reason for the growth of the
market in the Asia-Pacific region.
The major companies
profiled in the report include INOVYN, Altair Chimica SpA, INEOS Chlor, Caffaro
Industrie S.p.A., Quimica del Cinca, S.A., LEUNA-Tenside GmbH, Dover Chemical
Corporation, Handy Chemical Corporation Ltd., and Aditya Birla Chemicals.
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