Global demand for phosgene market was valued at approximately USD 4,020.7 million in 2018 and is expected to generate revenue worth around USD 5,727.9 million by the end of 2025, growing at a CAGR of around 5.2% between 2019 and 2025.
The report covers forecast and analysis for the phosgene market on a global and regional level. The study provides historical data from 2015 to 2018 along with a forecast from 2019 to 2025 based on volume (Killo Tons) and revenue (USD Million). The study includes drivers and restraints for the phosgene oil market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the phosgene market on a global as well as regional level.
As per the report, the global demand for phosgene market was valued at approximately USD 4,020.7 million in 2018 and is expected to generate revenue worth around USD 5,727.9 million by the end of 2025, growing at a CAGR of around 5.2% between 2019 and 2025.
Phosgene is produced by the reaction of carbon monoxide with chlorine. It is a colorless compound and has a pungent odour. It is a highly toxic gas that condenses to a fuming liquid at 0°Celsius. It is used as an intermediate in the manufacture of various chemical products. Most notably, it is used in the manufacturing of methylene diphenyl diisocyanate and toluene diisocyanate.
Increasing demand for bedding and furniture is expected to be the major driving factor for the growth of the global phosgene market. The global population explosion in the last two decades has increased the demand for bedding and furniture. Various factors such as increasing life expectancy rate, reduced infant mortality rate, etc. has aided the growth of the population. Moreover, increasing relocation activities among the millennial population has also contributed to the demand for bedding and furniture. This, in turn, is expected to drive the demand for phosgene during the forecast period. Manufacturers across the globe have been enhancing their production capacities of MDI and TDI. The enhanced properties of PU foams have increased its demand among end-user industries such as automotive, construction, furniture, etc. However, the challenges in the transportation of these chemicals could pose a threat to the growth of the global phosgene market. Moreover, the manufacturing of phosgene is subjected to various regulations. The recent trend to be witnessed in the industry is the capacity expansion of MDI and TDI manufacturers to meet the ever growing demands of the population. This is expected to provide new avenues of opportunities for the key players operating in the global phosgene market.
The global phosgene market is segmented on the basis of application and region. Based on application, the market is segmented in to methylene diphenyl diisocyanate (MDI)/ polymeric methylene diphenyl diisocyanate (PMPPI), toluene diisocyanate (TDI) and others. Based on consumption, MDI/PMPPI segment accounted for the largest market share in 2018. It can be attributed to the increasing demand for MDI/PMPPI in various applications such as reaction injection molding systems, high-performance elastomers, spandex fibres, sealants, adhesives as well as in the manufacture of PU foam for bedding applications.
Asia Pacific is expected to be the fastest growing region and is expected to witness significant gains during the forecast period. Emerging economies such as China and India are expected to drive the demand for phosgene in Asia Pacific as it is used in the manufacture of PU foams that is used in automotive furniture, home furniture, bedding, etc.
Some of the key players operating in the global phosgene market include BASF, Covestro, Dow Chemical, PPG Industries, DuPont, Rubican, Yantai Wanhua, Tosoh, Mitsui Chemical, and Huntsman among others. The market is moderately consolidated with a few compaies accouting for a major share of the global capacity.