Trichloroethylene Market to Reach US$ 293 Mn by 2030-end; COVID-19 Outbreak to Impede Sales Prospects in Near Term
Published : 10 Sep 2020 Industry: Chemical & Materials
In order to phase out the consumption of CFC (chlorofluorocarbon) and HCFC (hydrochlorofluorocarbon), HFC (hydrofluorocarbon) has emerged as a third generation refrigerant. Trichloroethylene, being a key ingredient in HFC refrigerant production, is poised to expand in line with HFC market growth. Increasing consumption of trichloroethylene as an intermediate in the hydrofluorocarbon refrigerant industry is set to amplify market growth during the forecast period. Further, owing to trichloroethylene’s exceptional cleaning efficiency, it is poised to remain in demand for metal cleaning and vapor degreasing applications.
The global trichloroethylene market is expected to expand at a CAGR of around 2% over the next ten years, and be valued at US$ 293 Mn by the end of 2030.
Key Takeaways from Trichloroethylene Market Study
- On the basis of function, trichloroethylene is primarily used as an intermediate in hydrofluorocarbon refrigerant production, which is set to expand at a CAGR of 1.6% during the forecast period,
- On the basis of grade, degreasing and general purpose grade accounted for over 15% of the global consumption in 2019.
- Hydrofluorocarbon refrigerant production remained the primary use of trichloroethylene in 2019, and is poised to account for over three-fourth of global consumption by 2030.
- East Asia, being the largest hydrofluorocarbon producer, has led the consumption of trichloroethylene, and currently accounts for over half of global sales.
- Stringent regulations passed by the European Union and EPA to reduce the consumption of trichloroethylene are set to create impediments for the growth of the trichloroethylene market.
- The COVID-19 outbreak has resulted in lockdowns and cross-border trade restrictions, which has declined the growth rate of the global trichloroethylene market.
“Due to trichloroethylene’s carcinogenic nature, consumers are moving towards more sustainable alternative products with zero ozone depleting potential, which will restrain market growth over the forecast period,” says a Fact.MR analyst.
Regulatory Policies Leading Trichloroethylene Market towards Consolidation
The European ban on trichloroethylene and EPA’s restrictions on its usage have forced players to divest this business segment or halt production. The global trichloroethylene market space is consolidated with a few players, in which, the top four account for over half of global production. Companies such as AGC Inc, Befar Group, Olin Corporation, and Westlake Chemical Corporation are the current leading manufacturers. Olin Corporation is a leading player in the United States market, and accounts for over one-third of regional consumption and nearly one-fourth of global sales. In Asia Pacific, AGC Inc and Befar Group are the leading manufacturers accounting for over one-fourth of regional sales.
More Valuable Insights on Trichloroethylene Market
Fact.MR, in its new offering, presents an unbiased analysis of the global trichloroethylene market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the trichloroethylene market on the basis of function (intermediate, solvent, and others), grade (hydrofluorocarbon grade, degreasing & general purpose, and industrial grade) and application (hydrofluorocarbon, metal cleaning & degreasing, chemical processing, coatings & adhesives, and others), across five major regions.
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