The global chlorobenzene market is expected to register a CAGR of over 5% during the forecast period.
– The major factors driving the market is the increasing demand for nitrochlorobenzene from various end-user industries such as pharmaceuticals, organic chemicals, rubber-processing chemicals and more.
– Detrimental effects of chlorobenzene exposure are likely to hinder the growth of the market studied.
– Asia-Pacific is likely to dominate the market through the forecast period.
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Key Market Trends
Monochlorobenzene to Dominate the Market
– Monochlorobenzene is the majorly used isomer of chlorobenze and is used for various applications such as nitrochlorobenzene, Sulfone polymers, Diphenol ether and phenylphenols, and Solvents.
– Nitrochlorobenzenes are used as intermediates in the manufacture of rubberchemicals, agricultural chemicals, antioxidants,dyes and pigments and constitutes the major application of monochlorobenzene.
– Monoclorobenzene is also used as s a solvent in processes to produce rubberproducts, pesticides, pharmaceuticals, and resins. Also, the y-o-y growth in the pharmacetical industry and pestisides increases the demand for the market studied.
– Additionally the global pharmaceutical market stood at around USD 1204.8 billion in 2018 and around USD 1250.4 billion in 2019. This trend is expected to increase during the forecast period.
Asia-Pacific to DOminate the Market
– Asia-Pacific region dominated the global market share and is likely to continue its dominance during the forecast period. With growing chemical manufacture, pharmaceutical industries, and increasing application as solvent in processes to produce rubberproducts, pesticides, resins, in countries, such as China, India, and Japan, the usage of chlorobenzene has been increasing in the region.
– India plays a prominent role in the formulations segment of the industry. India is the third largest producer of pharmaceuticals in the world by volume. India has the largest number of FDA approved plants outside the US.
– China is one of the fastest-growing economies, globally, and almost all the end-user industries are growing, owing to the rising population, living standards, and per-capita income. Although the pharmaceutical industry in China has seen a decline owing to COVID-19, the textile industry in the country is increasing at a swift pace. In March 2020 the added value of textile production in the country stood at -5.5%, in April 2020 it was 2%, and it increased further to 4.3% in May 2020.
– The factors mentioned above are expexted to increase the consumption of chlorobenzene in various applications during the forecast period.
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