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Chlorinated Paraffin Market size will be driven by expansion of manufacturing sector in APAC region

Author : Ravi Chawat | Published Date : 2020-09-17 

Growing application in manufacturing of metal and plastic products is poised to bolster chlorinated paraffin market outlook globally. Chlorinated paraffin is widely used as an additive for various applications including equipment and machineries, metal products and automobiles. Rapidly expanding manufacturing sector across the APAC region will boost product demand in the coming years.

Moreover, growing usage of plastic, and strengthening of aerospace and automotive sectors will further bolster demand for chlorinated paraffin. The product is extensively used as an additive in PVC in order to manufacture cables, films, pipes, wires, and other related products. Growing demand for the PVC products in insulation, transmission, construction and other industries may complement business growth in the coming years.

Global chlorinated paraffin market size is forecast to cross the USD 2 billion mark by 2024. Availability of substitute product in the market and fluctuating raw material costs may hinder chlorinated paraffin product proliferation. As the product is obtained from the distillation of petrol and variation in the oil prices results in raw material cost fluctuation, there can be negative impact on the overall industry growth.

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Increasing preference for bio-based products in Europe and North America may hamper product adoption as well. However, medium and long-chain chlorinated paraffin grades will together account for a revenue of more than USD 1.5 billion in 2024 due to their excellent mechanical and physical properties such as low volatility, good stability, flame resistance, and others, which makes them ideal for a myriad of end-user domains.

From metal working fluids application, chlorinated paraffin market share will garner over USD 650 million in value by 2024. Escalating product demand along with immense application scope in aerospace, automotive, other manufacturing sectors may supplement segmental growth. The product works as a coolant, good flame retardant, and offers various other advantageous features. Chlorinated paraffin is primarily used as a key ingredient in the working of metal cutting fluids and is subsequently experiencing large scale adoption.

Based on end-user, rubber and manufacturing industries will hold a 50% combined share in the chlorinated paraffin market by the end of 2024. Such high growth is attributable to wide acceptance of the product as a lubricative additive, softening agent, water repellant fabric treatment agent and in fire retardants.

About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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