North America Chlorinated Paraffin Market Is Expected to Reach $748 Million by 2025Download Sample Reports Overview
According to a new report published by Research Dive, titled, "Chlorinated Paraffin Market : North America Opportunity Analysis and Industry Forecast, 2017-2025," The North America chlorinated paraffin market was valued at $599 million in 2017 and is projected to reach $748 million by 2025, growing at a CAGR of 2.7% from 2018 to 2025.
Chlorinated paraffin is colorless or yellowish, viscous, dense oils, except for the chlorinated paraffins of long carbon chain length with high chlorine content (about 70%), which are solid. Chlorinated paraffin offers advantages such as flame retardancy and low-temperature strength as well as increases the flexibility of the materials. Chlorinated paraffins are used as extreme pressure additives as metal working lubricants or cutting oils. This is attributed to their compatibility with oils, viscous nature, and property of emancipating hydrochloric acid at high temperatures. They improve the resistance to water and chemicals, which is most suitable when they are used in marine paints, as coatings for industrial flooring, vessels, and swimming pools.
The rise in demand for PVC and metal working fluids in aerospace & industrial and automotive sectors drive the growth of the North America chlorinated paraffin market. However, stringent regulations pertaining to use of short-chain chlorinated paraffin in many regions and availability of alternatives is expected to hamper the growth of this market in near future.
This market is segmented based on product type, application, and country. On the basis of product type, the market is classified into short-chain, medium-chain, and long-chain. Based on chlorine content, each product type is further segmented into less than 40%, 40%–70%, and more than 70%. Medium-chain chlorinated paraffin is expected to maintain its dominance in the North America chlorinated paraffin market during the forecast period. This is mainly attributed to its use as substitute to short-chain chlorinated paraffins in many applications. Medium-chain and long-chain product segments together accounted for about 85% of the total North America chlorinated paraffin market value in 2017.
On the basis of application, the market is bifurcated into lubricating additives, plastics, rubber, paints, metal working fluids, and adhesives. Lubricating additives and metal working fluids are the two potential markets, expected to witness considerably higher growth rates over the forecast period. Owing to the growing demand for chlorinated paraffin, these two applications together account for around half of the North America chlorinated paraffin market in 2017.
By country, North America chlorinated paraffin market is analyzed across, the U.S., Canada, and Mexico. The U.S. pose lucrative opportunities for investment owing to its growing economy, construction sector, and increasing purchasing power of developing economies. The popularity of the white building material, fueled by its diverse and specialized applications, and the rise in consumer purchasing power poses lucrative opportunities for the market.
Key Findings of Chlorinated Paraffin Market:
- Long-chain chlorinated paraffin market is expected to grow with the highest CAGR during the forecast period
- By type of medium-chain chlorinated paraffin, 40%-70% segment and more than 70% segment have together accounted for majority share of about 75% in 2017
- Lubricating additives application is expected to witness lucrative growth rate in North America chlorinated paraffin market during the forecast period.
- The U.S. was the highest contributor contributing more than half of the North America chlorinated paraffin market in 2017, and is expected to grow at a CAGR of 2.7% during the forecast period.
The major companies profiled in the report include Ajinomoto Fine-Techno, Caffaro Industries, Dover Chemical, INOVYN ChlorVinyls, JSC Kaustik, Petroleum Additives, Pioneer Americas, Inc., and Ferro Corporation