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Chlorobenzene Market Scope With Key Players, Price And Forecast To 2027
The Global Chlorobenzene Market is projected to reach USD 3,146.50 by 2027 exhibiting a CAGR of 5.7%. Chlorobenzene is a colourless liquid used as a solvent, degreasing agent, and chemical intermediate. It belongs to the family of organic halogen compounds. Chlorobenzene is used in the manufacturing of organic chemicals, insecticides, pigment, dyes, paints, textiles, and cosmetics.
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The chemical industry across the globe is witnessing healthy growth due to the increase in the demand in the industries such as construction, automotive, and electronics. Industrialization and urbanization in Asia-Pacific supported by low labour cost and economic growth are also favouring the growth of the industry. Thus, the growth of the chemical industry is expected to fuel the demand for chlorobenzene.
Chlorobenzene is significantly used in the production of fertilizers and agrochemicals. The growth of the market is driven by expanding agricultural industry in emerging countries. In addition, the adoption of advanced technologies such as genomics, organic farming, and agricultural biotechnology is further expected to boost the growth of the industry and drive the global chlorobenzene market growth.
Market Segmentation
The global Chlorobenzene Market has been segmented on the basis of type, application, and region. Monochlorobenzene, o-dichlorobenzene, p-dichlorobenzene, m-dichlorobenzene, tetrachlorobenzene, trichlorobenzenes, hexachlorobenzene, and others are the segments based on type. The monochlorobenzene segment held significant market share in 2020 and is projected to be the dominant segment owing to its increasing application in the chemical and polymer industries. The hexachlorobenzene segment is projected to register a healthy CAGR on account of the growing need to increase the yield of the crops.
The paints, cosmetics, adhesive, textiles, pharmaceuticals, chemical, rubber & polymer, and others are the application segments of the global market. Chemical application segment is expected to grow at remarkable pace owing to high demand for polymers in the automotive industry led by growing adoption of lightweight automobile components across the globe.
Competitive Analysis
Chemieorganics Chemical India Pvt.Ltd (India), Aarti Industries Limited (India), China Petroleum & Chemical Corporation (China), Kureha Corporation (Japan), LANXESS (Germany), Seya Industries Ltd (India), Panoli Intermediates India Private Limited (India), J&K Scientific Ltd (India), Jiaxing Zhonghua Chemical Co.LTD (China), and Meryer (Shanghai) Chemical Technology Co., Ltd (China) are the key players operating in the market.
Regional Analysis
The North America market is expected to register a healthy CAGR during the forecast period owing to the expanding electric vehicles, cosmetics, textile, pharmaceuticals, paints, and adhesive industries. In addition, the increasing demand for cosmetics due to change consumer grooming trends has surged the application of chlorobenzene.
Asia-Pacific is projected to be the fastest-growing market. The governments of developing countries in the region are highly investing in the manufacturing of electric vehicles, where chlorobenzene significant used to enhance the speed and design. The growth of the European Chlorobenzene Market Vendor Strategies is driven by its increasing application in the manufacturing of lightweight aircraft components.
The Middle East & Africa and Latin America are expected to register healthy growth in terms of revenue owing to the high demand for chlorobenzene in polymer, rubber, chemical, and cosmetics industries.
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