As per the report by Global Market Insights, Inc., “Worldwide Chlorinated Paraffin Market was valued USD 1.6 billion in 2018 and will surpass a revenue collection of USD 2 billion by 2024 with an annual growth rate of 3% over 2018 to 2024.”
Chlorinated Paraffin Market size 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.
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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.
Subject to the growing manufacturing and textile sectors, Asia Pacific chlorinated paraffin industry has been forecast to record a CAGR of 3.5% over 2017-2024. China and India apparently, would chiefly propel the APAC industry, given that both these economies are heavily involved in the continuous production of all grades of chlorinated paraffin, pertaining to the product demand from the manufacturing sector. The India manufacturing sector alone contributed to over USD 310 billion to the GDP in 2016. However, North America chlorinated paraffin market will depict a slightly sluggish growth graph, subject to the stringent regulatory framework in the region and the rising demand for bio-based and green products.
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Due to the absence of stringent norms across the Asia Pacific, chlorinated paraffin market enjoys quite a strong hold in the region. The cost-efficient labor resource in Asia Pacific and strict regulations in the developed nations has prompted foreign investors to pour in their coffers in APAC chlorinated paraffin market. In fact, estimates state that foreign direct investments (FDI) in India crossed USD 70 billion in 2017, as major multinational companies had begun to shift their focus from the advanced to the emerging economies, driven by the cost-efficient human resource. Thus, driven by the globally enforced legislations to use flame retardants in paints and coatings, electrical devices and buildings, and the robust rise of end-use domains such as the rubber, leather, and manufacturing sectors in countries like U.S., Singapore, Australia, Germany and Japan, chlorinated paraffin market is set to carve out a profitable growth map over 2017-2024.
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