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Chlorinated Paraffin Market 2019 Worldwide Analysis, Opportunities And Forecast To 2024

Author : Ronak Bora | Published Date : 2019-05-16 

The size of Chlorinated Paraffin Market was anticipated as 1.6 billion in the year 2019 and is predicted to touch 2 billion till 2024, rising with a CAGR of 3% between the years 2019 to 2024 as per the research done by Global Market Insights, Inc.

Growth in plastic and manufacturing industries coupled with rise in aerospace and automotive sectors is a key factor stimulating the product demand across the developing regions. This is attributed owing to the upsurge in buying power and significant monetary growth and will boost the chlorinated paraffin market growth by 2024. Construction sector expansion is likely to augment the market growth in coming years owing to rising population coupled with increasing housing requirements of the people in the developing regions. This is due to extensive product usage in PVC in order to manufacture the sheets, films, cables, wires, pipes and other related products. Increasing demand for the PVC products in construction, insulation, transmission and other industries is fueling the market growth due to outstanding technical features.

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Fluctuating raw material costs coupled with availability of substitute product in the market may restrict the chlorinated paraffin market growth during the forecast timeframe. Basically, the product is obtained from the distillation of petrol and variation in the oil prices significantly impacts on the overall raw materials prices. Rise in demand for bio-based products in North America and Europe will hinder the chlorinated paraffins demand.

The chlorinated paraffin market has been classified on the basis of grades, application, end-user and regions. The different grades include short-chain, medium-chain and long-chain grade chlorinated paraffin. Among these, medium- and long-chain grades, collectively will cross USD 1.5 billion in 2024 owing to their excellent mechanical and technical features such as good stability, low volatility, compatibility, flame resistance, etc. which benefit myriad end-user domains.

The use of this product in the manufacturing of metal work lubricants has considerably impelled chlorinated paraffin industry. Chlorinated paraffin is optimally efficient as an extreme pressure additive and hence is widely used for lubricants in the automotive and aerospace sectors. Furthermore, it also finds widespread usage in the paints industry for manufacturing fireproof and water-resistant paint. The usage of chlorinated paraffin in various adhesives, coatings, sealants and caulks as well as in impregnation textile and fabrics of all kinds will thus help drive the growth of chlorinated paraffin industry.

From end-user perspective, chlorinated paraffin market is driven by manufacturing, paints and coating, rubber, textile and leather sectors. Its flame retarding characteristic has made it an important additive in fabrics, paints and coatings and plastics. Furthermore, its rising use as a plasticizer in the preparation of solvents, emulsion paints and varnishes will positively boost chlorinated paraffin industry share. Due to its characteristics such as high stability, low volatility, non-inflammability and easy compatibility, its utilization in paints and varnishes increases their resistance to acids and improves the elasticity of the final products, thus expanding the scope of chlorinated paraffin market expansion.

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Based on geography, Asia Pacific will likely hold a significant share in the overall chlorinated paraffin market in 2016 and will expand in the forecast timeframe at the substantial rate. North America and Europe will have a collective market size of over USD 600 million in 2024 accounting for over one third of the global chlorinated paraffin industry.

The key manufacturers in the chlorinated paraffin market which include Ajinomoto Fine-Techno, Dover Chemical, JSC Kaustik, Caffaro Industrie, INOVYN, Flow Tech Group of Industries, Aditya Birla Chemicals, Handy Chemical , Altair Chimica, Quimica del Cinca, INEOS Chlor, Makwell Group, LEUNA-Tenside, United Group, and NCP Chlorchem.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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