The global acid chlorides market is anticipated to grow from USD 2,430.9 million in 2022 to USD 3,903 million by 2032, according to Future Market Insights. During the forecast period (2022–2032), overall demand is expected to accelerate at a 4.9% CAGR.
One of the main factors propelling the global market is the growing use of acid chlorides in agrochemicals, plastic & pigments, chemical reagents, pharmaceuticals, and organic peroxides. This trend is anticipated to continue during the forecast period.
Since cardiovascular diseases like atherosclerosis are becoming more common, demand for pharmaceuticals like aspirin continues to climb. According to data from the National Center for Biotechnology Information (NCBI) published in 2021, more than 30% of Americans used aspirin in 2019. Furthermore, it is projected that sustained pharmaceutical demand will drive market revenue growth over the next few years.
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Apart from pharmaceutical applications, demand for acid chlorides is also witnessing substantial growth opportunities in the agrochemical sector. Consistent population growth is propelling sales of agrochemicals to increase crop yields to meet the growing food demand. Being key active ingredients, various acid chlorides are experiencing elevated demand levels from agrochemical sector.
On the other hand, various health hazards associated with exposure to a wide spectrum of acid chlorides and the regulations associated with them are limiting market expansion
“Growing prevalence of heart diseases and increasing demand for pharmaceuticals like aspirin are anticipated to propel the sales of acid chlorides over the forecast period,” says an FMI analyst.
Key Takeaways:
- The global acid chlorides market is expected to attain a value of over US$ 3,903.5 Million by the end of the forecast period, growing at a CAGR of 4.9% over the forecast period.
- By product type, benzoyl chloride segment holds the largest share of the global acid chlorides market.
- Based on end use, the pharmaceuticals segment will grow at a higher CAGR over the next ten years.
- The U.S. will continue to remain the most prominent acid chlorides market during the forecast period.
- Demand for acid chlorides across China is poised to increase at a steady pace during the forecast period.
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Who is Winning?
According to FMI analysis, Altivia, BASF, Novaphene, CABB Chemicals, Orion Chem Pvt. Ltd., Wilmar International, Transpek Industry Ltd., VanDeMark Chemical, Inc., Kuhlmann Europe, R. Drugs and Intermediates Pvt. Ltd., Twin Lake Chemical Inc., Shiva Pharmachem Ltd., Rheinmetall AG, and others are identified as the key manufacturers in the Acid Chlorides market.
These key players are constantly focusing on increasing their production capacities to meet end user demands. They are establishing new production facilities if upgrading older ones, besides forming partnerships and alliances with other companies.
More Insights into the Acid Chlorides Market Report
In its latest report, FMI offers an unbiased analysis of the global acid chlorides market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the market potential, its growth, and scope, the market is segmented based on Product Type, Application, End Use and Region.
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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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