Phosgene Market Size, Share, Trends, Growth 2032

Phosgene Industry Prospective:

The global phosgene market size was worth around USD 4.81 billion in 2023 and is predicted to grow to around USD 7.40 billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.90% between 2024 and 2032.

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The study includes drivers and restraints for the phosgene oil market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the phosgene market on a global as well as regional level.

Phosgene Market: Growth Drivers

Phosgene is produced by the reaction of carbon monoxide with chlorine. It is a colorless compound and has a pungent odour. It is a highly toxic gas that condenses to a fuming liquid at 0°Celsius. It is used as an intermediate in the manufacture of various chemical products. Most notably, it is used in the manufacturing of methylene diphenyl diisocyanate and toluene diisocyanate.

Increasing demand for bedding and furniture is expected to be the major driving factor for the growth of the global phosgene market. The global population explosion in the last two decades has increased the demand for bedding and furniture. Various factors such as increasing life expectancy rate, reduced infant mortality rate, etc. has aided the growth of the population. Moreover, increasing relocation activities among the millennial population has also contributed to the demand for bedding and furniture.

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This, in turn, is expected to drive the demand for phosgene during the forecast period. Manufacturers across the globe have been enhancing their production capacities of MDI and TDI. The enhanced properties of PU foams have increased its demand among end-user industries such as automotive, construction, furniture, etc.

However, the challenges in the transportation of these chemicals could pose a threat to the growth of the global phosgene market. Moreover, the manufacturing of phosgene is subjected to various regulations. The recent trend to be witnessed in the industry is the capacity expansion of MDI and TDI manufacturers to meet the ever growing demands of the population. This is expected to provide new avenues of opportunities for the key players operating in the global phosgene market.

Phosgene Market: Segmentation

The global phosgene market is segmented on the basis of application and region.

Based on application, the market is segmented in to methylene diphenyl diisocyanate (MDI)/ polymeric methylene diphenyl diisocyanate (PMPPI), toluene diisocyanate (TDI) and others. Based on consumption, MDI/PMPPI segment accounted for the largest market share in 2018. It can be attributed to the increasing demand for MDI/PMPPI in various applications such as reaction injection molding systems, high-performance elastomers, spandex fibres, sealants, adhesives as well as in the manufacture of PU foam for bedding applications.

Phosgene Market : Report Scope

Phosgene Market: Regional Analysis

Asia Pacific is expected to be the fastest growing region and is expected to witness significant gains during the forecast period. Emerging economies such as China and India are expected to drive the demand for phosgene in Asia Pacific as it is used in the manufacture of PU foams that is used in automotive furniture, home furniture, bedding, etc. 

Phosgene Market: Competitive Analysis

The global phosgene market is dominated by players like:

• BASF
• Covestro
• Dow Chemical
• PPG Industries
• DuPont
• Rubican
• Yantai Wanhua
• Tosoh
• Mitsui Chemical
• Huntsman

The global phosgene market is segmented as follows:

By Application

• MDI/ PMPPI
• TDI
• Others

By Region

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa