ALBANY, N.Y., Nov. 5, 2020 /PRNewswire/ -- The global chlorinated paraffins market may invite promising growth opportunities across the forecast period of 2019-2027 on the account of the overwhelming demand across products with PVC content such as tubes, wires, cables, pipes, and sheets.
Chlorinated paraffins are synthetic chemicals manufactured through chlorination of diverse carbon chain lengths. They also improve water and chemical resistance. All these aspects benefit the chlorinated paraffins market greatly.
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The overwhelming demand for long and medium-chain chlorinated paraffin in a plethora of applications such as vessels, marine paints, swimming pools, and industrial flooring will bring exponential growth opportunities for the chlorinated paraffins market. Burgeoning usage of flame retardants across diverse end-users such as building and construction, electronics, paints and coatings, etc. will assist in increasing the growth rate of the chlorinated paraffins market.
An exhaustive study conducted by the researchers at Transparency Market Research decodes that the global chlorinated paraffins market to expand at a CAGR of 3.5 percent during the assessment period of 2019-2027.
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The properties of chlorinated paraffins such as non-flammability, great stability, full compatibility, low volatility, anti-moisture, and others make it one of the preferred choices among a large number of end-users. The cost-effectiveness of chlorinated paraffins may also invite good growth opportunities through the forecast period.
Chlorinated Paraffins Market: Key Revelations
- On the basis of volume, m-grade was the leading product segment and accounted for more than 55 percent share in 2018
- In the applications category, metalworking fluids was a dominant segment and held over 35 percent share in 2018
- The plastic additives segment may gain rapid growth and acquire a dominant position in terms of application across the assessment period of 2019-2027
- Asia Pacific held a share of more than 55 percent in terms of geographical growth in 2018
- Asia Pacific may maintain the same dominance throughout the forecast period of 2019-2027
- North America and Europe expect a low growth turnover across the assessment period
- The Middle East and Africa may record moderate growth
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Chlorinated Paraffins Market: Growth Accelerators
The prospering PVC and metalworking industry coupled with the rising industrialization across various regions may bring immense growth prospects for the chlorinated paraffins market.
- The extensive use of chlorinated paraffins in the flame retardant industry may bring expansive growth prospects for the chlorinated paraffins market
- Rising disposable income and rapid urbanization are also helping in escalating the growth rate of the chlorinated paraffins market
- The utilization of chlorinated paraffins to enhance the flexibility of materials may serve as a great growth generator
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Chlorinated Paraffins Market: Growth Restraints
The heightening awareness about environmental concerns and bio-based products may restrain the growth of the chlorinated paraffins market to a certain extent. Stringent regulations by the governments of various countries may also dampen the growth prospects of the chlorinated paraffins market. Furthermore, the ubiquitous availability of alternatives may destabilize the chlorinated paraffins market.
Some well-entrenched players in the chlorinated paraffins market are Caffaro Industrie S.p.A., INOVYN, Leuna Tenside GmbH, JSC Kaustik, Aditya Birla Chemicals, Dover Chemical Corporation, Qualice, LLC, Química Del Cinca, Altair Chimica SpA, Ajinomoto Fine-Techno Co., Inc, and Caffaro Industrie S.p.A.
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Chlorinated Paraffins Market: Segmentation
By Product Type
- A1 (<40%)
- A2 (40%–70%)
- A3 (>70%)
- B1 (<40%)
- B2 (40%–70%)
- B3 (>70%)
- C1 (<40%)
- C2 (40%–70%)
- C3 (>70%)
- Lubricating Additives
- Plastic Additives
- Rubber Paints
- Metalworking Fluids
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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Lubricant Additives Market - Global demand for lubricant additives is expected to increase in the near future on account of rising demand from the industrial machinery, automotive, marine, and power sector. Global lubricants consumption is expected to have a direct impact on the demand for lubricant additives. The global lubricant additive market is projected to grow at a CAGR of nearly 2% between 2019 and 2027. Technological advancement and changing government regulations for emissions is likely to impact the growth for lubricant additives market. Lubricant additives are a combination of various chemicals that are mixed with the base oil to enhance the performance of lubricants. Apart from extending the life of lubricants, they perform functions such as preventing engine wear, reducing friction, stabilizing oxidation, and cleaning engines. Global lubricant additives market to greatly benefit from the dynamic automotive sector. As manufacturers work towards meeting various emission standards, their demand for lubricants additives is expected to rise during the forecast period.
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Paints & Coatings Fillers Market - Industrial coatings are usually thin films applied to steel, concrete, and other materials to augment specific properties such as corrosion resistance, wear resistance, and conductivity. These coatings contain fillers such as barium sulfate, calcium carbonate, clay & kaolin, glass powder, mica, and silica. These fillers are used primarily to improve the performance characteristics of these coatings. Presence of some of the fastest-growing economies, such as China, India, and South Korea, and rising demand for industrial coatings in the automotive industry play a vital role in driving the demand for industrial coatings in Asia Pacific. This, in turn, is boosting the paints & coatings fillers market in the region.
Plastic Additives Market - Plastics have become an essential part of our day to day lives. They are used from manufacturing of the electronics devices or packaging. However, the credit of making human lives easy does not belongs to just plastic, plastic additives also plays a crucial role. It is because of these additives the casing is able to gain its strength. Moreover, looking at the growing application of various form of conventional and biodegradable plastics in several industrial applications, the demand for plastic additive has skyrocketed in past few years. This as a result is anticipated to boost the growth of global plastic additives market in the duration of 2019 to 2027.
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