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.

 

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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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