Asia-Pacific to Dominate Phosgene Market During Forecast Period

Increasing demand for better medical facilities coupled with the growing demand for phosgene in the preparation of medicinal products to drive global phosgene market through 2024

According to TechSci Research report, “Global Phosgene Market By Derivatives, By Region, Competition, Forecast & Opportunities, 2024”, global phosgene market is expected to grow at a steady CAGR of around 5% during the forecast period owing to the continuous expansion of the medical sector. Additionally, increasing investments in infrastructure development projects are resulting in growth in the usages of chemicals, especially in the construction industry. However, stringent governmental regulations on the toxicity level of phosgene along with the threat of non-toxic substitutes are expected to hamper the growth of market during forecast period. Moreover, growing environmental concerns such as contamination of water, soil, and air, among others due to the increased use of phosgene in agrochemicals are further restricting the growth of market. Safe transportation of hazardous chemical is also obstructing the market.

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The global phosgene market is segmented based on derivatives, region and company. Based on derivatives the market can be categorized into methyl diphenyl diisocyanate, toluene diisocyanate and polycarbonate resins. The methyl diphenyl diisocyanate is expected to dominate the market during the forecast period on account of its use in the production of rigid polyurethane foams and its main applications are for building and industrial insulation and refrigeration. Toluene diisocyanate is also expected to witness significant growth attributable to its use in making flexible polyurethane foams, packaging, and textiles.

Bayer AG, BASF SE, Wanhua Chemical Group Co. Ltd, Atul Ltd., Paushak Ltd., UPL Ltd., Vertellus Holdings LLC, VanDeMark Chemical Inc., ISOCHEM, Huntsman International, Shandong Tianan Chemicals, Covestro and others are some of the leading players operating in global phosgene market.

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“Asia-Pacific is expected to be the fastest growing market for phosgene during the forecast period, owing to the increasing consumption of phosgene in agrochemicals, dyes, and medicines, among others. Additionally, factors such as easy availability of raw material, low labor and land cost, and increasing R&D innovations to reduce the toxicity of phosgene are further anticipated to propel the growth of Asia-Pacific phosgene market in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Phosgene Market By Derivatives, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global phosgene market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global phosgene market.

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