Phosgene Market Size is projected to reach USD 4,433.9 Million by 2028, growing at a CAGR of 4.6%

According to a new report by Reports and Data, the global Phosgene market is predicted to reach USD 6,389.0 Million by 2028. Phosgene is an organic compound with the chemical formula COCl2, which is a colorless gas with a scent similar to freshly cut hay or grass in low concentrations. It is an important industrial building block, mainly for the manufacturing of polycarbonate plastics and urethanes. However, it is highly poisonous and was used as a chemical weapon during World War I, causing 85,000 deaths.

Phosgene is produced industrially by passing chlorine gas and purified carbon monoxide through a layer of porous activated carbon, which acts as a catalyst. It can also be formed when chlorinated hydrocarbon compounds are exposed to high temperatures. The main use of phosgene is to produce isocyanates, including methylene diphenyl diisocyanate (MDI) and toluene diisocyanate (TDI), which are precursors to polyurethanes.

Europe occupies a significant share of the market, mainly due to the expansion of the healthcare sector and rising demand for phosgene from the chemical industry.

The report also highlights key findings, such as the Phosgene market holding a market share of USD 4,433.9 Million in 2020, with a forecasted growth rate of 4.6% during the forecast period. The Chloroformates segment is projected to witness a growth rate of 6.2% during the forecast period, and the Polycarbonate resins segment is projected to witness a growth rate of 5.1% during the forecast period. The Agrochemicals segment held a considerable share of the market of more than 25.0% in 2020, with a CAGR of 4.8% during the forecast period.

North America held more than 20.0% of the market in 2020, with a CAGR of 4.8% during the forecast period, mainly due to the presence of a well-established chemical industry and a growing pharmaceutical sector. Key participants in the market include BASF SE, Dow Chemical, Covestro, Rubican, PPG Industries, Mitsui Chemical, Yantai Wanhua, Huntsman, VanDeMark Chemical Inc., and Vertellus Holdings LLC.

The global Phosgene market has been segmented by Reports and Data according to Derivatives, End-use, Application, and Region.

Get a sample copy of the Phosgene market report: https://www.reportsanddata.com/download-free-sample/2843

Phosgene Market: Drive factors

·        The phosgene market is expected to grow significantly in the forecast period, with a predicted market size of USD 6,389.0 Million by 2028. The growth can be attributed to various factors, including the increasing demand for phosgene as a building block in the production of polycarbonate plastics and urethanes, as well as its use in the manufacturing of isocyanates like methylene diphenyl diisocyanate (MDI) and toluene diisocyanate (TDI), which are essential precursors to polyurethanes.

·        Furthermore, the rising demand for phosgene in the agricultural sector due to its applicability in insecticides and its increasing usage in the healthcare sector for manufacturing pharmaceuticals is also driving market growth.

·        Europe holds a significant share of the market, thanks to the expanding healthcare sector and increasing demand for phosgene from the chemical industry in the region. North America also holds a considerable share of the market due to the presence of a well-established chemical industry and a growing pharmaceutical sector.

Phosgene Market:  Notable Innovation

·        There are several notable innovations in the phosgene market. One of the most significant innovations is the development of safer production methods and technologies to reduce the risk of exposure to phosgene. For instance, companies are investing in closed-loop production systems that prevent the release of phosgene into the environment and the use of automated systems that minimize human contact with the chemical.

·        Another notable innovation is the development of new applications for phosgene derivatives, such as isocyanates, which are used in the production of polyurethanes. Companies are exploring new applications in fields such as construction, automotive, and electronics, which are expected to drive demand for phosgene derivatives in the coming years.

·        In addition, there have been advancements in the development of phosgene alternatives, which are less toxic and safer for human and environmental health. For example, some companies are exploring the use of carbon dioxide as a replacement for phosgene in the production of polycarbonates.

·        Overall, these innovations are expected to drive growth in the phosgene market by increasing the safety and efficiency of production processes and expanding the range of applications for phosgene derivatives.

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