Increase in demand for metalworking fluids in industrial applications and low manufacturing cost of chlorinated paraffin drive the growth of the global chlorinated paraffin market. Based on application, the lubricating additives segment held the major share in 2020. By region, on the other hand, Asia-Pacific would grow at the fastest CAGR by 2030.
Portland, OR, May 24, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global chlorinated paraffin market was estimated at $1.8 billion in 2020 and is expected to hit $2.5 billion by 2030, registering a CAGR of 3.2% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in demand for metalworking fluids in industrial applications and low manufacturing cost of chlorinated paraffin drive the growth of the global chlorinated paraffin market. On the other hand, stringent government regulations pertaining to the use of chlorinated paraffin is expected to hamper the growth to some extent. However, easy availability of raw materials is anticipated to create lucrative opportunities in the industry.
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Shutdown of various infrastructure activities in developing countries declined the demand for chlorinated paraffin.
On the other hand, however, surge in e-commerce activities during the outbreak increased the awareness among people regarding the advantages of online shopping. This, in turn, heightened the demand for chlorinated paraffin products which are used in the packaging industry. This is how the pandemic has had a mixed impact on the global chlorinated paraffin market.
The global chlorinated paraffin market is analyzed across product type, application, and region. Based on product type, the medium chain segment accounted for the major share in 2020, holding more than two-fifths of the global market. The short chain segment, however, would exhibit the fastest CAGR of 3.94% throughout the forecast period.
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Based on application, the lubricating additives segment generated the highest share in 2020, accounting for nearly one-third of the global market. The adhesives segment, on the other hand, would exhibit the fastest CAGR of 4.46% from 2021 to 2030.
Based on region, the market across North America held the lion’s share in 2020, garnering nearly two-fifths of the global market. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 4.02% by the end of 2030. The other provinces studied in the report include Europe and LAMEA.
The key market players analyzed in the global chlorinated paraffin market report include INOVYN, Altair Chimica SpA, INEOS Chlor, Caffaro Industrie S.p.A., Quimica del Cinca, S.A., LEUNA-Tenside GmbH, Dover Chemical Corporation, Handy Chemical Corporation Ltd., and Aditya Birla Chemicals. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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