The trichloroethylene market is projected to grow at a sluggish CAGR of 2% in terms of value through the period of forecasting between 2020 and 2030. The report suggests that the growth of the market is mainly associated with trichloroethylene's impressive solvency and high stability, which make it an ideal choice of metal cleaning and vapor degreasing applications.
Dubai, United Arab Emirates -- (SBWIRE) -- 12/04/2020 -- The trichloroethylene market is projected to grow at a sluggish CAGR of 2% in terms of value through the period of forecasting between 2020 and 2030. The report suggests that the growth of the market is mainly associated with trichloroethylene's impressive solvency and high stability, which make it an ideal choice of metal cleaning and vapor degreasing applications. However, the outbreak of COVID-19 is further decelerating the slow growth of the market, as a result of demand contraction in end-use industries.
"Growing adoption of trichloroethylene as an intermediate in the hydrofluorocarbon refrigerant industry coupled with the ongoing application as cleaning material will continue to drive the market on a steady growth trajectory," says the Fact.MR report.
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Trichloroethylene Market - Key Takeaways
The global trichloroethylene market is forecasted to attain a valuation of US$ 293 Mn by the end of 2030.
Based on function, the hydrofluorocarbon refrigerant segment is poised to remain the largest segment during the forecast period, accounting for over 75% of market value.
By grade, degreasing and general purpose grade held over 15% of the value in 2019 and will remain highly sought-out through the assessment period.
East Asia is anticipated to remain the largest regional market, accounting for more than half of the overall market value.
East Asia's dominance is majorly attributed to the presence of China, which is the world's largest hydrofluorocarbon producer.
Trichloroethylene Market - Driving Factors
Trichloroethylene's ability to incorporate effective stabilization during vapor degreasing operations is expected to remain a crucial growth attribute.
Advantages of trichloroethylene such as excellent solvency and non-flammability make it an ideal fit for chemical processing and metal cleaning applications, driving the market growth.
Trichloroethylene Market - Constraints
Stringent regulations regarding the consumption of trichloroethylene in Europe and the US are restricting sales in these regions.
Risk of cancer upon extended exposure to trichloroethylene is also acting as a major roadblock to steady growth as end-users seek safe products with zero ozone-depleting potential.
Anticipated Market Impact by Coronavirus Outbreak
In the wake of COVID-19, operations in the chemical industry have been suspended, pushing the growth of the trichloroethylene market into uncertainty. Beginning from the first quarter of 2020, the sales of trichloroethylene witnessed a steep decline as trading across borders came to a curt termination, and the downtrend will prevail throughout the year. On a positive note, East Asia, the epicenter of the initial outbreak has recovered in the interim, and operations in the region are gradually returning to normality. This is likely to alleviate the long-term impact to an extent.
Explore the Trichloroethylene market comprising of 111 figures and 70 data tables, along with the table of contents. You can find a detailed market segmentation on https://www.factmr.com/report/3701/trichloroethylene-market
The key players operating in the trichloroethylene market include, but not limited to, Sinopec, Khimprom, Lords Chloro Alkali Limited, Ecolink, Befar Group Co.,LTD., Banner Chemicals Limited, ASAHI TRICHLOR, ChemiRu, Westlake Chemical, and Olin Corporation. Market players are focusing on offering different forms of products to ensure the demand does not reach a stagnation and are offering products based on application-specific requirements. For instance, Olin Corporation and Westlake Chemical Corporation specialize in offering trichloroethylene for applications such as hydrofluorocarbon, metal cleaning, and vapor degreasing.
More on the Report
The FACT.MR's market research report provides in-depth insights into the Trichloroethylene Market. The market is scrutinized on the basis of function (intermediate, solvent, and others), grade (hydrofluorocarbon grade, degreasing & general purpose, and industrial grade) and application (hydrofluorocarbon, metal cleaning & degreasing, chemical processing, coatings & adhesives, and others), across five major regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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