According to Future Market Insights (FMI) analysis, the monochlorobenzene industry is poised for robust growth with a projected Compound Annual Growth Rate (CAGR) of 3.5% over the forecast period. Anticipated to reach a market value of US$ 1,915.1 million by 2023, this positive trend underscores the sector’s resilience and potential. Factors contributing to this growth may include increased demand in various applications, technological advancements, and evolving market dynamics. As the industry continues to expand, stakeholders are likely to capitalize on emerging opportunities and navigate towards a promising future.
Trichlorobenzene, a type of monochlorobenzene, finds extensive application in the pharmaceutical industry to combine the intermediates of different medicines, such as vitamin supplements and antibiotics. Authority departments like United Nations Industrial Development Organization (UNIDO) have taken it upon themselves to invigorate the domestic production of necessary generic drugs in underdeveloped and developing economies like Kenya, Nigeria, and Ethiopia.
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Research and development procedures for novel drugs to cure prevailing diseases have escalated over the past few years. This is projected to create a noticeable impact on the market development.
The chemical further finds use in the production of high-performing polymers. In addition, the huge volume of monochlorobenzene is used as an agrochemical and a solvent for rubber production.
Monochlorobenzene is used extensively as a solvent to synthesize organic chemicals, pesticides, and insecticide formulations. Other use cases of the chemical are in drugs, nitrobenzene, di-phenyl oxide, di-isocyanate, and in degreasing automotive parts. With industrialization and globalization, the demand for chlorobenzene from different chemical manufacturing units is surging. Therefore, the robust development of the chemical industry is expected to influence the monochlorobenzene sector positively.
The monochlorobenzene is also in high demand in the textile industry, which produces pigments and dyes. Monochlorobenzene is deployed to make inks, paint removers, dyes, and pigments that later form the fiber of textile clothing. The accelerated growth of the textile industry worldwide is positively impacting the global market.
As per India Brand Equity Foundation (IBEF), the Indian textile industry shared 7% of the overall industry outcome in 2019. The sector also attracted a capital investment of US$ 1.44 billion under the incentive scheme for technical textiles and manmade fiber in 2020. This development is projected to have a beneficial impact on the monochlorobenzene industry.
Top Highlights from the FMI’s Analysis of the Monochlorobenzene Market:
- The United States monochlorobenzene industry is projected to acquire a market share of 19.3% in 2023.
- The German monochlorobenzene industry constitutes a value share of 16.3% in the present market.
- Japan is estimated to contribute a 2.6% share of the global market.
- Australian monochlorobenzene industry is assessed to acquire a 0.8% market share in 2023.
- The China monochlorobenzene industry is projected to register a CAGR of 2.8% over the forecast period.
- The India monochlorobenzene industry is anticipated to expand at a CAGR of 3.3% over the estimated period.
- The United Kingdom’s monochlorobenzene industry is expected to witness a sluggish growth rate of 1.7% over the forecast period.
- Based on the type category, nitrochlorobenzene is projected to accumulate a market share of 44.3% in 2023.
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How are Top-tier Players Projected to Maneuver the Present Market Circumstances?
The top competitors in the market are collaborating and partnering to scale on each other’s abilities. Further, manufacturers can be seen expanding their facilities outside their geographic boundaries to entice a larger consumer base. Firms are dedicated to receiving product approvals to smoothen the process of commercializing their chemicals in local and foreign countries.
Asian countries like India and China have an advantage in the form of cheap labor and low requirement for investment capital. Therefore, companies producing monochlorobenzene can be seen shifting or expanding their base in the said countries.
In February 2020, PPG Industries, Inc. obtained ICR, a producer of primers, paints and coatings, putties, clear coats, basecoats, and others. The key ingredient used in the formulation of these items is monochlorobenzene.
Key Companies Profiled
- Arkema SA
- Henan Kaipu Chemical Co. Ltd.
- Bayer AG
- Kureha Corporation
- PPG Industries Inc.
- Jinhua Chemical (Group) Corporation
- Nanjing Chemical Industry Co. Ltd
- Solutia, Inc.
- Tianjin Bohai Chemical Co. Ltd
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Key Segments Profiled in the Monochlorobenzene Industry Survey
By Type:
- p-Dichlorobenzene
- o-Dichlorobenzene
- m-Dichlorobenzene
- Tetrachlorobenzenes
- Nitrocholorobenzene
- Trichlorobenzenes
- Hexachlorobenzene
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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