Rockville, April 05, 2023 (GLOBE NEWSWIRE) -- According to this new study by Fact.MR, a provider of market research and competitive intelligence, the global phosgene market is expected to reach US$ 8.4 billion by 2033, expanding at a CAGR of 5.8% from 2023 to 2033.
Phosgene is a highly toxic gas that was used as a natural defense during world wars and other conflicts. It is also used in the production of a variety of chemicals, including plastics, pesticides, and pharmaceuticals. Because of its toxic nature, the use and handling of phosgene are strictly regulated in most countries.
Many compounds are produced from phosgene. Phosgene finds application in the production of polycarbonate polymers, which are used in various products such as CDs, DVDs, and eyeglass lenses. Additionally, it is utilized for the manufacturing of isocyanates, crucial intermediates in the production of polyurethane foams and coatings. In addition, phosgene is used in the production of certain insecticides and herbicides.
Overall, while phosgene is a useful chemical in certain industrial processes, its toxic nature necessitates its safe handling, as it should be used only under strict regulatory guidelines. Phosgene is utilized in the production of diethyl carbamoyl chloride, a vital application in the pharmaceutical industry. This compound is an intermediate in the production of several drugs, pesticides, and dyes.
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Increasing use of phosgene in the plastics, pharmaceutical, and agrochemical industries is one of the major drivers for the growth of the phosgene market. The market for phosgene is driven by its extensive usage in the production of diethyl carbamoyl chloride, which is further employed to hydrolyze water-insoluble compounds that serve as vital intermediates in the production of pesticides, drugs, and dyes.
Key Takeaways from Market Study
- The global phosgene market is valued at US$ 4.8 billion in 2023.
- Demand for phosgene is projected to increase at a CAGR of 5.8% from 2023 to 2033.
- Sales of phosgene are estimated to reach a market value of US$ 8.4 billion by the end of 2033.
- Sales of isocyanates are projected to register a CAGR of 4.8% through 2033.
- Demand for phosgene in China is set to rise at a high CAGR of 9.5%.
“Growth of the phosgene market is primarily driven by rising usage in the pharmaceutical and agrochemical sectors. Increasing investments in research and development initiatives are also fueling market expansion,” says a Fact.MR analyst.
Key Segments of Phosgene Industry
- By Derivative :
- Isocyanates
- Chloroformates
- Carbamoyl Chlorides
- Other Derivatives
- By Application :
- Agrochemicals
- Pharmaceuticals
- Polycarbonates
- Fine Chemicals
- Dyes
- Specialty Chemicals
- Others
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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| Report Attributes | Details |
| Phosgene Market Size in 2022 | US$ 4.5 Billion |
| Estimated Market Value (2023) | US$ 4.76 Billion |
| Projected Market Value (2033) | US$ 8.4 Billion |
| Global Market Growth Rate (2023 to 2033) | 5.8% CAGR |
| No. of Pages | 170 Pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
Market Competition
The development of new technologies, ongoing research and development activities supported by the government, and product innovations are providing profitable opportunities to manufacturers of phosgene. Moreover, the increasing use of phosgene in the extraction of metals such as platinum, plutonium, uranium, and niobium, and the production of chemicals such as beryllium chloride, aluminum chloride, and boron trichloride, further drives the demand for phosgene. Safeguarding human health and the environment by adhering to government regulations is crucial to mitigate risks associated with the use of phosgene.
- For instance, in September 2022, VanDeMark Chemical announced a partnership with Comvest Partners and an investment from SK Capital.
Key Companies Profiled
- BASF SE
- Altivia
- DuPont De Nemours, Inc.
- Atul Ltd.
- Vertellus Holdings LLC
- ISOCHEM
- Bayer AG
- VanDeMark Chemical Inc.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global phosgene market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights on the market based on derivative (isocyanates, chloroformates, carbamoyl chlorides, other derivatives) and application (agrochemicals, pharmaceuticals, polycarbonates, fine chemicals, dyes, specialty chemicals, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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