Chlorinated Paraffin Market size will be driven by expansion of manufacturing sector in APAC region.
Sellbyville, DE -- (SBWIRE) -- 04/30/2020 -- Global chlorinated paraffin market size is forecast to cross the USD 2 billion mark by 2024. Availability of substitute product in the market and fluctuating raw material costs may hinder chlorinated paraffin product proliferation. As the product is obtained from the distillation of petrol and variation in the oil prices results in raw material cost fluctuation, there can be a negative impact on the overall industry growth.
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Increasing preference for bio-based products in Europe and North America may hamper product adoption as well. However, medium and long-chain chlorinated paraffin grades will together account for a revenue of more than USD 1.5 billion in 2024 due to their excellent mechanical and physical properties such as low volatility, good stability, flame resistance, and others, which makes them ideal for a myriad of end-user domains.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Ajinomoto Interamericana Indústria e Comércio Ltda.
2. Dover Chemical Corp
3. JSC Kaustik
4. CAFFARO INDUSTRIE SPA
6. Flow Tech, Inc.
7. Aditya Birla Chemicals
8. Handy Chemicals USA LTD
9. Altair Chimica SpA
10. Química del Cinca, S.L.U.
12. LEUNA-Tenside GmbH
13. United Group
14. Makwell Plastisizers Pvt. Ltd.
15. NCP Chlorchem
From metal working fluids application, chlorinated paraffin market share will garner over USD 650 million in value by 2024. Escalating product demand along with immense application scope in aerospace, automotive, other manufacturing sectors may supplement segmental growth. The product works as a coolant, good flame retardant, and offers various other advantageous features. Chlorinated paraffin is primarily used as a key ingredient in the working of metal cutting fluids and is subsequently experiencing large scale adoption.
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Based on end-user, rubber and manufacturing industries will hold a 50% combined share in the chlorinated paraffin market by the end of 2024. Such high growth is attributable to wide acceptance of the product as a lubricative additive, softening agent, water repellant fabric treatment agent and in fire retardants.
The regional segmentation covers:
? Europe Region (Germany, UK, France, Russia, Italy, Rest of Europe)
? North America Region (U.S., Canada, Mexico)
? South America Region (Argentina, Brazil, Columbia, Rest of South America)
? Asia-Pacific Region (China, South Korea, Japan, Southeast Asia, India, Rest of Asia-Pacific)
? The Middle East & Africa Region (UAE, Saudi Arabia, Nigeria, South Africa, Egypt, Rest of MEA)
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In 2016, Asia Pacific held a significant share in the overall chlorinated paraffin market and is forecast to showcase exponential growth rate over the analysis period, owing to large scale expansion of manufacturing industries across the region. Europe and North America chlorinated paraffin industries are expected to be valued at USD 600 million combined by 2024, dominating over one third of the global industry share.
Key manufacturers operational in the global chlorinated paraffin market are Ajinomoto Fine-Techno, JSC Kaustik, Dover Chemical, Caffaro Industrie, Flow Tech Group of Industries, INOVYN, Aditya Birla Chemicals, Handy Chemical, Quimica del Cinca, Makwell Group, Altair Chimica, INEOS Chlor, LEUNA-Tenside, NCP Chlorchem and United Group.
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