Perchloroethylene Market By Function (Intermediate,Solvent, Isomerization & Reforming), By Grade (Fluorocarbon Grade, Degreasing & General Purpose, Industrial Grade), By Application, By Region - Global Mraket Forecast 2020-2030
Global Perchloroethylene Market Analysis
The global perchloroethylene market is poised to embark on a positive growth trajectory over the forecast period (2020-2030). Growth is attributed to its increased demand in dry cleaning applications. Attributed to its efficient solvency, ease of recycling, and safe handling, perchloroethylene has emerged as an ideal solvent cleaning chemical for dry cleaning applications.
Virgin perchloroethylene offers high cleaning quality, and rapidly dissolves multiple stains and soiling from a range of fabrics, making it a great choice of dry cleaning chemical. Increasing consumer spending on dry cleaning & laundry services and busy lifestyles are projected to fuel the global dry cleaning & laundry services market at a CAGR 4% over the forecast period. This will lead to the expansion of the global perchloroethylene market size through 2030.
Perchloroethylene Market Application Insights
Efficacy to act as an intermediate, perchloroethylene has emerged as an ideal feedstock in fluorocarbon production. As an intermediate, perchloroethylene is widely used to produce refrigerants, refrigerant blends, and other fluorinated compounds. As a result, hydrofluorocarbon application has identified as the largest consumer of perchloroethylene, accounting for nearly three-fourth of global consumption in 2019.
Apart from hydrofluorocarbon, perchloroethylene is largely utilized as a solvent in dry cleaning, metal cleaning, and vapor degreasing applications. As perchloroethylene is more stable than any other chlorinated solvent, it has become the most used dry cleaning chemical. Further, owing to its high boiling point, it is highly preferred for heavy-duty applications that require high temperature to remove contaminants.
Regional Outlook of Perchloroethylene Market
China is one of the leading refrigerant manufacturers, due to which, it has created significant demand for perchloroethylene during the historical period, accounting for nearly half of global demand. East Asia has driven consumption and holds a noteworthy perchloroethylene market share on the back of China, and the scenario is projected to continue during the forecast period too.
Growth is attributed to increasing demand for chlorinated solvents in the region, for applications such as hydrofluorocarbon refrigerant production, metal cleaning, and vapor degreasing applications. Due to lack of regularity policies in East Asia, demand for perchloroethylene is poised to expand at a CAGR of 3.6% during the forecast period.
After China, the United States is the second-largest refrigerant manufacturer, accounting for over one-fourth of global production. The country generated huge demand for perchloroethylene in 2019. However, after identification of perchloroethylene’s hazardous effects on humans and the environment, its demand in the United States declined by 0.5% during the historical period.
Perchloroethylene Market: Manufacturers
The global perchloroethylene market is highly consolidated in nature where the top players currently account for over half of the sales. Currently, Occidental Chemical, Olin Corporation, and Westlake Chemical Corporation are the key stakeholders in perchloroethylene market. Due to declined demand and increased legalizations, market players have remained conservative during the historical period.
In order to leverage huge demand from developing countries such as China and India, prominent players are offering application-specific products. For instance, Westlake Chemical Corporation offers azeotrope of perchloroethylene that assists vapor degreasers to function as a drying device for metal parts without degradation of the solvent.
Similarly, Occidental Chemical Corporation offers technical grade that is used as a cleaner in applications such as fabric finishes, adhesives, paint removers, etc. Adopting this strategy, prominent companies are trying to create a monopoly in their targeted areas.
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COVID-19 Impact on Perchloroethylene Market
The coronavirus outbreak has affected the whole world resulting in lockdowns, which has affected demand across the globe. The outbreak has forced countries to stop any kind of import export across borders. As per the World Bank, the global economy is poised to contract by 5% in 2020, leaving a permanent scar on the global economy. Analyzing the current scenario, the global economy may take years to recover from the current recession.
The economies of developed countries such as Germany, France, the United Kingdom, and the United States are poised to contract by 8 to 10% in 2020. These countries are the key consumers of perchloroethylene, and are poised to show a decline in growth till the midterm forecast. East Asia is the least affected region and the largest the consumer, a fact that will assist global market growth during the midterm forecast period.
The Analyst’s Viewpoint
“In the midst of the COVID-19 pandemic, the global perchloroethylene market is poised to suffer a likely loss of US$ 20 Mn by the end of 2020”.
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Perchloroethylene Market: About the Report
Fact.MR published an exclusive forecast report on the perchloroethylene market for 2020 and 2030. The foremost objective of this report on the perchloroethylene market is to pitch spearhead insights on the market scenario, demand generators and technological advancements in the perchloroethylene market. Also, the study on the perchloroethylene market addresses key dynamics that are expected to diversify the sales and future prominence of the perchloroethylene market.
The report on the perchloroethylene market begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the perchloroethylene market, elaborating on key segments.
The report also outlines visionary insights on the dynamics of the perchloroethylene market, including the drivers, restraints, opportunities, trends and pricing analysis, along with the key buying factors for perchloroethylene. Supply chain analysis and pricing analysis of the perchloroethylene market along with the difference between perchloroethylene used as per application has also been included in the report to help readers clearly understand the product framework map in the perchloroethylene market space.
Perchloroethylene Market: Segmentation
Fact.MR has segmented the perchloroethylene market on the basis of function, grade, application, and region.
- Isomerization & Reforming
- Fluorocarbon Grade
- Degreasing & General Purpose
- Industrial Grade
- Dry Cleaning
- Metal Cleaning & Degreasing
- Isomerization & Reforming
- North America
- East Asia
- South Asia & Oceania
- Rest of the World
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