Analysis of COVID-19 Crisis-driven Growth Opportunities in Chlorinated Paraffin Market
The global demand for chlorinated paraffins stood nearly US$ 1.70 Bn in 2018 and is projected to reach over US$ 2.31 Bn by 2027. The global chlorinated paraffins market is primarily driven by modest demand for chlorinated paraffins in lubricants and PVC compounds. Increasing demand for flame retardants and PVC compounds in Asia Pacific and Latin America is expected to act as key driver for the chlorinated paraffins market in the next few years.
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Chlorinated paraffins are synthetic chemicals manufactured by chlorination of paraffins of various carbon chain lengths. Based on the carbon chain length, chlorinated paraffins are generally classified into L-grade, M-grade, and H-grade. Additionally, each of these chlorinated paraffins is further classified based on the level of chlorination such as less than 40%, 40% to 70%, and above 70% chlorine by weight. The most commercial grade used in all the three product segments is 40% to 70% by weight, as further addition of chlorine content in paraffin wax affects viscosity and limits the application range.
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Growth in the flame retardant industry is expected to play a vital role in boosting demand for chlorinated paraffins during the forecast period. Factors such as new environmental regulations, safety standards from end-user industries, and stricter fire-safety standards in developed regions such as North America and Europe are likely to boost demand for flame retardants. This, in turn, would propel the chlorinated paraffins market in the near future.
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In terms of volume, Asia Pacific held the largest share of the global chlorinated paraffins market in 2018. The region constituted more than 55% share of the global chlorinated paraffins in 2018. Easy availability of raw materials, moderate growth in the metalworking industry, and economical cost of chlorinated paraffins have boosted the chlorinated paraffins market in the region. Asia Pacific is also likely to be the fastest-growing regional market for chlorinated paraffins during the forecast period.
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The global chlorinated paraffins market is significantly fragmented. Key players in the chlorinated paraffins market include
- INOVYN
- Ajinomoto Fine-Techno Co., Inc.
- Altair Chimica SpA
- NCP Chlorchem
- Dover Chemical Corporation
- Leuna Tenside GmbH
- Química del Cinca
- Caffaro Industrie S.p.A.
- JSC Kaustik
- KLJ Group
- Qualice, LLC
- United Group, Makwell Group,
- Aditya Birla Chemicals.
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