Global Chlorinated Paraffin Market Report, published by Allied Market Research, forecasts that the global market was valued at $1,902 million in 2015, and is expected to reach $2,426 million by 2022, supported by a CAGR of 3.5% during the forecast period 2016 – 2022. China is one of the prominent producers of chlorinated paraffin and held nearly one-fifth of the total market in 2015.
Chlorinated paraffin is colorless or yellowish, viscous, dense oils, except for the chlorinated paraffins of long carbon chain length with high chlorine content (about 70%), which are solid. Chlorinated paraffin offers advantages such as flame retardancy and low-temperature strength as well as increases the flexibility of the materials. Chlorinated paraffins are used as extreme pressure additives as metal working lubricants or cutting oils. This is attributed to their compatibility with oils, viscous nature, and property of emancipating hydrochloric acid at high temperatures. They improve the resistance to water and chemicals, which is most suitable when they are used in marine paints, as coatings for industrial flooring, vessels, and swimming pools.
Summary of the Chlorinated Paraffin Market can be accessed on the website at: https://www.alliedmarketresearch.com/chlorinated-paraffin-market
Factors that drive the growth of the global chlorinated paraffin market are rise in PVC and metal working industry coupled with aerospace & industrial sector. In addition, growth in automotive sector is also expected to fuel the demand for chlorinated paraffin in the near future. However, stringent regulations pertaining to use of short-chain chlorinated paraffin in many regions and availability of alternatives is expected to hamper the growth of this market in near future.
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Medium-chain chlorinated paraffin is expected to maintain its dominance in the global chlorinated paraffin market during the forecast period. This is mainly attributed to its use as substitute to short-chain chlorinated paraffins in many applications. However, short-chain chlorinated paraffin is estimated to hold one-fourth of the market share in Asia-Pacific due to lack of regulations to prohibit its use.
Metal working fluids and lubricating additives applications cumulatively dominated the global chlorinated paraffin market with more than half share in terms of volume, in 2015. Increase in demand for flame retardant properties across various end-use industries such as automotive and aerospace is anticipated to drive the chlorinated paraffin market during the analysis period.
According to Eswara Prasad, Team Lead, Chemicals & Materials at Allied Market Research, “The demand for medium-chain and long-chain chlorinated paraffins in applications, such as metal working fluids and additives, is relatively high. A shift of manufacturing base from developed regions to Asia-Pacific region is expected in the near future. This is mainly attributed to absence of stringent regulations in this region.“
Chlorinated Paraffin Market Key Findings:
- In terms of value, long-chain segment is expected to expand at a CAGR of 4.3% during the forecast period.
- Asia-Pacific is projected to maintain its lead position throughout 2022 and grow at a CAGR of 4.7%, in terms of value.
- Lubricating additives application is estimated to occupy one-third of the total market by 2022.
- China is expected to occupy more than half of the total Asia-Pacific chlorinated paraffin market by 2022.
- In the global chlorinated paraffin market, China is expected to grow at the highest CAGR of 5.7% in terms of value from 2016 to 2022
In 2015, Asia-Pacific and North America collectively accounted for two-thirds of the total chlorinated paraffin market and are expected to continue this trend, specifically in China, India, and other developing economies. Rise in lubricating sector is the main reason for the growth of the market in the Asia-Pacific region.
The major companies profiled in the report include INOVYN, Altair Chimica SpA, INEOS Chlor, Caffaro Industrie S.p.A., Quimica del Cinca, S.A., LEUNA-Tenside GmbH, Dover Chemical Corporation, Handy Chemical Corporation Ltd., and Aditya Birla Chemicals.