Phosgene Market to Grow with a CAGR of 4.97% through 2028
Growing demand of phosgene in chemical industry is
expected to drive the Global Phosgene Market growth in the forecast period,
2024-2028.
According to TechSci Research report, “Phosgene Market
– Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Phosgene Market stood at USD41.62 billion in
2022 and is anticipated to grow with a CAGR of 4.97% in the forecast period,
2023-2028. The initiatives taken by government based on Phosgene has led to
favorable market conditions for the Global Phosgene Market. Several factors
contribute to the growth of various Phosgene products.
As phosgene is a highly hazardous substance,
government organizations like the National Institute for Occupational Safety
and Health (NIOSH) in the U.S. are continuously working on developing
comprehensive safety standards to protect workers from phosgene exposure. These
safety standards encompass rigorous protocols and guidelines that aim to
minimize the risks associated with phosgene handling and ensure the well-being
of individuals working in industries that involve the use of this toxic
compound.
The U.S. Government Accountability Office (GAO) has
also undertaken extensive investigations into potential phosgene contamination
scenarios, conducting thorough assessments to ensure that safety protocols are
strictly adhered to in various settings. This meticulous approach by the GAO
serves as a crucial safeguard to prevent any lapses in safety measures and
maintain a high level of protection for workers and the general public alike.
In a remarkable display of innovation and
collaboration, the Biomedical Advanced Research and Development Authority
(BARDA) has forged a strategic partnership with Isola Therapeutics. Together,
they are dedicated to repurposing a lung cancer procedure as a medical
countermeasure against inhaled phosgene exposure. This groundbreaking
initiative not only demonstrates the government's proactive approach but also
showcases the immense potential for cross-disciplinary solutions in mitigating
the potential health risks associated with phosgene.
Furthermore, recognizing the importance of advancing
scientific knowledge and therapeutic interventions, the National Institutes of
Health (NIH) has announced funding opportunities to support research endeavors
aimed at understanding the underlying mechanisms of chemical toxicity. This
research aims to shed light on the intricacies of phosgene's adverse effects and
develop innovative therapeutics to mitigate its impact on human health. By
investing in such research, the NIH is fostering a greater understanding of
phosgene toxicity and paving the way for effective preventive and therapeutic
strategies.
Through these collective efforts, government
organizations and scientific institutions are working tirelessly to address the
potential health risks posed by phosgene. Their commitment to safety, research,
and collaboration underscores the importance of prioritizing the well-being of
individuals and ensuring a safer environment for everyone involved.
Browse over XX market data Figures spread
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Market”
Several factors contribute to the growing demand for
phosgene in the chemical industry. The ongoing industrialization and
urbanization, especially in developing countries, are leading to an increased
requirement for construction materials, coatings, and insulations. This surge
in demand is driven by the need to support the rapid expansion of
infrastructure and urban development projects. Moreover, the rise in the
electronics and automotive industries is propelling the demand for
polycarbonates. As technology continues to advance, there is a greater emphasis
on producing electronics products that are more efficient and lightweight. This
trend, in turn, fuels the need for phosgene as a key component in the
manufacturing of polycarbonates used in various electronic devices and
lightweight vehicles. With these industries experiencing continuous growth, the
demand for phosgene is expected to rise steadily in the coming years.
The Global Phosgene Market is segmented into derivative,
application, regional distribution, and company.
Based on its derivative, the Isocyanates segment held
the largest share in the market. The significant growth in the automotive
sector and rapid industrialization among major emerging economies like India
and China have led to exponential growth in the demand for derivatives. These
derivatives find extensive applications in various industries, including the
manufacturing of rigid and flexible foams, paints and varnishes, and elastomers
among others. The construction and automotive sectors, in particular, have
witnessed a remarkable surge in demand for these derivatives due to their
versatile properties and wide range of uses.
Based on region, North America segment is expected to
grow during the forecast period.
The presence of a well-established infrastructure for
chemical production, coupled with significant advancements in production
technologies and process improvements, has led to a more efficient and
cost-effective manufacturing of phosgene. This has further contributed to the
growth of the regional market. Moreover, the increasing utilization of phosgene
in the synthesis of numerous pharmaceutical products, including active
pharmaceutical ingredients and intermediates, especially in developed
economies, has played a crucial role in fueling the expansion of the market. As
a result, the demand for phosgene continues to rise, driven by its widespread
applicability in the pharmaceutical industry and the ongoing advancements in
its manufacturing processes.
Major companies operating in Global Phosgene Market are:
- BASF SE
- The Dow Chemical Company
- COVESTRO A.G.
- VANDEMARK CHEMICAL INC.
- Vertellus Holdings LLC
- SYNTHESIA, A.S.
- ATUL LTD
- HODOGAYA CHEMICAL CO., LTD.
- UPL LIMITED
- SHANDONG TIANAN CHEMICALS CO., LTD
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“Growing application of phosgene in various end user
industries are key drivers of the Phosgene Market. Growth in competitive
landscape and presence of well-established companies in the market who are
dedicated to enhance their productivity of phosgene with every passing year are
anticipated to register an impressive growth to Global Phosgene Market in the forecast
period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Phosgene Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Derivative (Isocyanates, Chloroformates, Carbamoyl Chloride, Others), By Application (Agrochemicals, Pharmaceuticals, Polycarbonates, Dyes, Fine Chemicals, Others), By Region and Competition”, has evaluated the future growth potential of Global
Phosgene Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Phosgene Market.
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