Chlorinated Paraffin Market  is expected surpass the USD 2 billion frontier by 2024, owing to the extensive and diverse utilization of chlorinated paraffin in a number of industries such as manufacturing, paint and coatings and textile. The product is compatible with oils and is viscous in nature, deeming it suitable to be used as a lubricant and coolant in metal forming and cutting. As a flame retardant and compound for increasing the flexibility of materials, chlorinated paraffin is also widely used in water resistant materials and chemicals such as coatings for swimming pools, industrial floor, underwater vessels and marine paints. This substantially massive application spectrum is one of the pivotal factors responsible for fueling the growth of chlorinated paraffin market, which is estimated to register a 3% CAGR over 2017-2024.

Growth in plastic and manufacturing industries coupled with rise in aerospace and automotive sectors is a key factor stimulating the product demand across the developing regions. This is attributed owing to the upsurge in buying power and significant monetary growth and will boost the chlorinated paraffin market growth by 2024. Construction sector expansion is likely to augment the market growth in coming years owing to rising population coupled with increasing housing requirements of the people in the developing regions. This is due to extensive product usage in PVC in order to manufacture the sheets, films, cables, wires, pipes and other related products. Increasing demand for the PVC products in construction, insulation, transmission and other industries is fueling the market growth due to outstanding technical features.

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Fluctuating raw material costs coupled with availability of substitute product in the market may restrict the chlorinated paraffin market growth during the forecast timeframe. Basically, the product is obtained from the distillation of petrol and variation in the oil prices significantly impacts on the overall raw materials prices. Rise in demand for bio-based products in North America and Europe will hinder the chlorinated paraffins demand.

The use of this product in the manufacturing of metal work lubricants has considerably impelled chlorinated paraffin industry. Chlorinated paraffin is optimally efficient as an extreme pressure additive and hence is widely used for lubricants in the automotive and aerospace sectors. Furthermore, it also finds widespread usage in the paints industry for manufacturing fireproof and water-resistant paint. The usage of chlorinated paraffin in various adhesives, coatings, sealants and caulks as well as in impregnation textile and fabrics of all kinds will thus help drive the growth of chlorinated paraffin industry.

From end-user perspective, chlorinated paraffin market is driven by manufacturing, paints and coating, rubber, textile and leather sectors. Its flame retarding characteristic has made it an important additive in fabrics, paints and coatings and plastics. Furthermore, its rising use as a plasticizer in the preparation of solvents, emulsion paints and varnishes will positively boost chlorinated paraffin industry share. Due to its characteristics such as high stability, low volatility, non-inflammability and easy compatibility, its utilization in paints and varnishes increases their resistance to acids and improves the elasticity of the final products, thus expanding the scope of chlorinated paraffin market expansion.

The chlorinated paraffin market has been classified on the basis of grades, application, end-user and regions. The different grades include short-chain, medium-chain and long-chain grade chlorinated paraffin. Among these, medium- and long-chain grades, collectively will cross USD 1.5 billion in 2024 owing to their excellent mechanical and technical features such as good stability, low volatility, compatibility, flame resistance, etc. which benefit myriad end-user domains.

In terms of revenue, metal working fluids application segment will cross USD 650 million by the end of the forecast span. Increasing demand coupled with wide product acceptance in automotive, aerospace and other manufacturing sectors will boost the segment growth as it works as a good flame retardant, coolant and other technical features. Chlorinated paraffin is primarily used as a key ingredient in the formulation of working or metal cutting fluids, enhancing the product penetration over the forecast period.

Based on end-user, the market is fragmented into paints & coatings, rubber, manufacturing, textile, leather and other industries. Among these, rubber and manufacturing industries will register a combined share of over 50% in chlorinated paraffin market in 2024. This is attributed due to the wide acceptance of the product as a softening agent, lubricative additive, fire retardants and water repellant fabric treatment agent.

Based on geography, Asia Pacific will likely hold a significant share in the overall chlorinated paraffin market in 2016 and will expand in the forecast timeframe at the substantial rate. North America and Europe will have a collective market size of over USD 600 million in 2024 accounting for over one third of the global chlorinated paraffin industry.

The key manufacturers in the chlorinated paraffin market which include Ajinomoto Fine-Techno, Dover Chemical, JSC Kaustik, Caffaro Industrie, INOVYN, Flow Tech Group of Industries, Aditya Birla Chemicals, Handy Chemical , Altair Chimica, Quimica del Cinca, INEOS Chlor, Makwell Group, LEUNA-Tenside, United Group, and NCP Chlorchem.