Pune, India, January 23, 2019 /MRFR Press Release/- Market Research Future (MRFR) has announced a new cooked research report on the Global Allyl Chloride Market.
The global allyl chloride market is expected to rise and touch a valuation of USD 2,845.1 million by 2023, at a 4.11% CAGR during the forecast period (2018-2023). Market Research Future (MRFR) in their astutely detailed report has highlighted drivers and opportunities affecting the market. Allyl chloride is a chemical with a pungent odor obtained via chlorination of propylene. The use of the chemical as a base for producing epichlorohydrin, glycerin, and other derivatives is likely to boost the allyl chloride market growth till 2023.
The increasing use of allyl chloride derivatives across numerous end-use industries is expected to fuel the market growth. This is exemplified by the demand for epoxy resins, derived with the help of allyl chloride, in building & construction and aerospace & defense industries. In addition, the need for quaternary ammonium salts for wastewater management is another driver of the allyl chloride market. For instance, food & beverage manufacturers are investing in water management projects owing to demand for freshwater.
Rising demand for epoxy resins in end-use industries is likely to boost the market growth. The automotive sector, for instance, requires these prepolymers for producing coatings which can resist corrosion and extreme temperatures. But strict environment policies regarding the production of the chemical coupled with production of bio-based epichlorohydrin as an alternative can pose a challenge to the allyl chloride market.
The allyl chloride market is segmented by application.
Major applications include epichlorohydrin, allyl sulfonates, allyl amines, water treatment chemicals, glycidyl ether, and others. Among them, epichlorohydrin accounted for the largest market share in 2017 with a value of USD 1,974.1 million. The increasing demand for epoxy resins across aerospace and defense, electrical and electronics, automotive, and building & construction is expected to augur well for the segment. The segment can accrue close to USD 2,503.7 million by 2023 for the allyl chloride market, at a CAGR during the forecast period.
Water treatment chemicals accounted for the second-largest share in the allyl chloride market in 2017. It can exhibit a 4.33% CAGR over the forecast period to accrue nearly USD 104.8 million by 2023. The paucity of freshwater reserves has created the demand for allyl chloride which can be used in the production of quaternary ammonium salts, a vital component in water management. On the other hand, ‘others’ can exhibit a 4.01% CAGR over the forecast period to generate close to USD 65.3 million by 2023.
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Region-wise, the allyl chloride market includes North America, Europe, Latin America, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The APAC region accounted for 51% share in the allyl chloride market in 2017 thanks to the robust pace of industrialization in Singapore, Indonesia, and Thailand. The booming population in these developing economies coupled with increased budget in water treatment and desalination is predicted to boost the regional allyl chloride market valuation to USD 1,526 million by 2023. Meanwhile, the APAC region can accrue a market volume of 1,317.5 kilotons (KT) by the end of the forecast period.
The Europe allyl chloride market valuation stood at USD 464.5 million in 2017. It is predicted to reach USD 555.1 million by 2023, at a CAGR of 3.11% during the forecast period. The region can accumulate a demand of 449.1 KT by 2023.
North America can reach a valuation of USD 493.9 million by 2023, at a predicted CAGR of 3.35% during the forecast period. The regional market volume can touch 407 KT by 2023.
Major names operational in the allyl chloride market report are Osaka Soda (Japan), Kashima Chemical Co., Ltd. (Japan), Alfa Aesar (U.S.), DowDuPont (U.S.), Rizho Lanxing Chemical Industry Co., Ltd. (China), Solvay (Belgium), Sumitomo Chemical Co., Ltd. (Japan), Gelest, Inc. (U.S.), Olin Corporation (U.S.), and others. Players are focusing their efforts on producing different grades of the chemical at economical prices. But volatile prices of propylene owing to swings in crude oil prices can negatively affect the market.