Trichloroethylene Market By Function (Intermediate, Solvent), By Grade (Fluorocarbon Grade, Degreasing & General Purpose,Industrial Grade), By Application, By Region - Global Mraket Forecast 2020-2030
Global Trichloroethylene Market Analysis
Growth of the global trichloroethylene market is attributed to increasing demand from developing countries such as China and India. Trichloroethylene is a chlorinated solvent primarily utilized in metal cleaning and vapor degreasing applications. Impressive solvency and high stability have made trichloroethylene an ideal choice in such applications.
Other bundled advantages such as non-flammability and ability to incorporate effective stabilizing systems during vapor degreasing operations are set to aid the expansion of the trichloroethylene market size over the forecast period of 2020 to 2030. Despite its exceptional solvency and cleaning efficiency, trichloroethylene is identified as carcinogenic in nature, which has restricted its demand to some extent in recent years.
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Trichloroethylene Market Application Insights
Call to replace hydrochlorofluorocarbon-based refrigerants has fueled the demand for trichloroethylene during the historical period, and the scenario is projected to continue during the forecast period too. Rapid demand from the hydrofluorocarbon refrigerant sector has made it the largest consumer of trichloroethylene. Hydrofluorocarbon refrigerant application is projected to remain the growth epicenter, accounting for over three-fourth the global trichloroethylene market by 2030.
After hydrofluorocarbon production, trichloroethylene is highly utilized in metal cleaning and vapor degreasing applications, but increasing stringent regulations to restrict its exposure limit have affected its consumption. However, increasing demand from niche applications such as chemical processing, coatings, and adhesives are set to assist market growth.
Regional Outlook of Trichloroethylene Market
East Asia is the largest trichloroethylene consumer in the world, and currently accounts for near half of the global consumption and trichloroethylene market share, which is around 151 kilo tons. This scenario is projected to continue due to China, as it’s the largest trichloroethylene consumer in the region and across the globe. China, being the largest hydrofluorocarbon refrigerant and automotive producer, has driven the consumption of trichloroethylene during the historical period.
Developed regions such as Europe and North America have reduced the consumption of trichloroethylene, owing to stringent regulations passed by the European Union and EPA. For instance, in Europe, trichloroethylene is classified as a category 2 carcinogen and has been banned in 2016, due to which, the European market will experience a declining growth rate.
Trichloroethylene Market Manufacturers
The global trichloroethylene market is highly consolidated in nature, where the top players currently account for over half of the sales. Currently, AGC Inc, Olin Corporation and Westlake Chemical Corporation, and Befar Group are key stakeholders in the trichloroethylene market space. Due to declining demand and increased legalizations, market players have remained conservative during the historical period.
Despite numerous legalizations, trichloroethylene is in demand in countries such as China, India, and the United States, owing to its high solvency and low cost. In order to meet the increasing demand from these regions, prominent players are offering a range of products for numerous applications. For instance, Olin Corporation and Westlake Chemical Corporation offer trichloroethylene for applications such as hydrofluorocarbon, metal cleaning, and vapor degreasing.
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COVID-19 Impact on Trichloroethylene Market
The coronavirus outbreak has brought the world to its knees, and forced people into lockdowns, which has affected the production and demand for trichloroethylene across the globe. Fear of coronavirus has forced countries to stop any kind of import-export across borders. Sudden industrial shutdowns and restricted transportation has crippled the global economy over the last few months. As per WHO and UN stats, loss caused due to the COVID-19 outbreak may take years to recover.
East Asia is the least affected region by the coronavirus outbreak and is poised to assist global market growth by the end of 2020. But, East Asia exports a huge amount of trichloroethylene to North America and other Asian countries, and halted import-export across borders due to the pandemic crisis may restrict market growth till the situation recovers.
Further, Europe and North America are the two prominent consumers of trichloroethylene, together accounting for significant demand in 2019. Along with leading trichloroethylene consumers, these are the most affected regions by the coronavirus outbreak, and account for nearly half of the global fatalities. The bad situation in these regions has impacted the growth of the global trichloroethylene market, which is poised to recover by the end of the year.
The Analyst’s Viewpoint
“In the midst of the COVID-19 pandemic, the global trichloroethylene market is poised to suffer a likely loss of US$ 25 Mn by the end of 2020”.
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Trichloroethylene Market: About the Report
Fact.MR published an exclusive forecast report on the trichloroethylene market for 2020 and 2030. The foremost objective of this report is to pitch spearhead insights on the market scenario, demand generators, and technological advancements in the trichloroethylene market. Also, the study on the trichloroethylene market addresses key dynamics that are expected to diversify the sales and future prominence of the trichloroethylene market.
The report on the trichloroethylene market begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the trichloroethylene market, elaborating on key segments. Also, the report outlines visionary insights on dynamics of the trichloroethylene market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with the key buying factors for trichloroethylene.
Supply chain analysis and pricing analysis of the trichloroethylene market along with the difference between trichloroethylene used as per application has also been included in the report, to help readers clearly understand the product framework map of the trichloroethylene market.
Trichloroethylene Market: Segmentation
Fact.MR has segmented the trichloroethylene market on the basis of function, grade, application, and region.
- Fluorocarbon Grade
- Degreasing & General Purpose
- Industrial Grade
- Metal Cleaning & Degreasing
- Chemical Processing
- Coatings and Adhesives
- North America
- East Asia
- South Asia & Oceania
- Rest of the World
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