Phosgene Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Phosgene Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Phosgene Global Market Report 2024, The phosgene market size has grown strongly in recent years. It will grow from $4.51 billion in 2023 to $4.84 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to chemical manufacturing growth, polyurethane foam production, plastics and resins manufacturing, agrochemicals production, textile industry applications.

The phosgene market size is expected to see strong growth in the next few years. It will grow to $6.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to continued growth in chemical manufacturing, rising demand for polyurethane foam, increasing use in specialty polymers, growing demand for high-performance plastics, expansion of agrochemicals market. Major trends in the forecast period include innovations in water treatment technologies, advancements in metal processing, technological innovations in production, stringent regulatory environment, focus on sustainable production.

The expansion of the pharmaceutical industry is expected to propel the growth of the phosgene market going forward. The pharmaceutical industry is a sector that encompasses the development, production, and marketing of drugs and medications for medical use. Phosgene is used in the pharmaceutical industry as a key building block for the production of pharmaceutical active ingredients and specialty plastics and the manufacture of pharmaceutical products, including activated amino acids and peptide synthesis. For instance, in June 2023, according to the European Federation of Pharmaceutical Industries and Associations, a Belgium-based trade association and lobbying organization, the production value of pharmaceuticals in Europe increased from $347.31 billion (€ 323,950 million) in 2021 to $364.26 billion (€340,000 million) in 2022. Therefore, the expansion of the pharmaceutical industry is driving the growth of the phosgene market.

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The phosgene market covered in this report is segmented –

1) By Derivatives: Isocyanates, Chloroformates, Carbamoyl Chlorides, Other Derivatives

2) By Application: Methyl Diphenyl Diisocyanate, Toluene Diisocyanate, Polycarbonate Resins, Others Application

3) By End-Use: Pharmaceuticals, Agrochemicals, Dyes, Fine Chemicals, Polycarbonates, Specialty Chemicals, Other End-users

Major companies operating in the phosgene industry are adopting a strategic partnership approach to accelerate the company’s growth and strategic expansion. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in September 2022, SK Capital Partners, a US-based capital market company, partnered with Comvest Partners, a US-based private equity firm, to invest in VanDeMark Chemical Inc. SK Capital’s investment was aimed at steering VanDeMark towards expanding its presence in fine chemistries for the global life science market, with a focus on high-end specialty chemical intermediates, including those derived from phosgene. VanDeMark Chemical Inc is a US-based company producer of phosgene, and supplier of custom and specialty chemicals.

The phosgene market report table of contents includes: