Global Chlorinated Paraffins Market: Highlights
- The global chlorinated paraffins marketis projected to grow at a CAGR of nearly 5% between 2019 and 2027. Growth in plastic and metalworking industries is primarily estimated to augment the global chlorinated paraffins market in the next few years. However, availability of application-specific substitutes and potential prohibition on the production and consumption in developed regions are projected to hamper market growth during the forecast period.
- Chlorinated paraffins are a group of synthetic chemicals that consist of different proportions of chlorine, generally ranging from 30%to 70% by weight. Chlorinated paraffins are commercially sold in various product forms based on the carbon chain lengths such as l-grade, m-grade, and h-grade. L-grade signifies short carbon chain of 10 to 13, while m-grade signifies medium carbon chain length of 14 to 17 carbons. H-grade long chain chlorinated paraffins contain carbon length of 18 and above. These product types are used in various applications such as lubricating additives, plastic additives, rubber, paints, and metalworking fluids.
- Expansion in the lubricants market in Asia Pacific is likely to offer growth opportunities to the chlorinated paraffins market during the forecast period.
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Global Chlorinated Paraffins Market: Segmental Trends
- In terms of volume, m-grade was the largest product segment of the global chlorinated paraffins market, accounting for more than 55%share in 2018. Low cost and broad application array of m-grade chlorinated paraffins are the key reasons for its dominance. However, h-grade of chlorinated paraffins is expected to increase its dominance over the next few years, considering the likely ban on consumption in developed regions such North America and Europe.
- In terms of application, metalworking fluids was the largest segment of the global chlorinated paraffins market, accounting for over 35%share in Chlorinated paraffins are also used in metalworking applications due to their flame retardant properties.
- The plastic additives segment is anticipated to be the fastest-growing application segment of the chlorinated paraffins market between2019 and Rising demand for PVC compounds in various end-user industries is estimated to propel the demand for chlorinated paraffins in the next eight years in developing regions. Modest expansion in these industries in developed regions and fast-paced growth in developing regions are projected to drive the demand for chlorinated paraffins.
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Global Chlorinated Paraffins Market: Regional Highlights
- Asia Pacific accounted for more than55% share of the global chlorinated paraffins market in 2018. This was primarily ascribed to the high demand in the metalworking and plastic industries. Asia Pacific is estimated to be the fastest-growing market during the forecast period due to continued high demand for chlorinated paraffins in the downstream markets in the region.
- The chlorinated paraffins market in developed regions such as North America and Europe is estimated to experience low growth during the forecast period. Likely prohibition of production & consumption coupled with potential substitution in major applications is projected to further affect the chlorinated paraffins market in the regions mentioned above. Countries such as Canada and the U.S. in North America and countries within the European Union are expected to be the forerunners in the prohibition of the chlorinated paraffins. Thus, the market for chlorinated paraffins in developed regions is anticipated to be unfavorable during the forecast period.
- Middle East & Africa is estimated to witness moderate growth during the forecast period. Factors such as presence of better substitutes and modest growth in downstream industries are affecting growth of the chlorinated paraffins market in the region. The chlorinated paraffins market in Latin America is projected to expand modestly, owing to supply constraints from North America and moderate-to high-growth in the plastic and metalworking industries in the coming years.
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