June 28, 2022 11:30 ET | Source: TBRC Business Research PVT LTD TBRC Business Research PVT LTD
LONDON, June 28, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the chlorinated paraffin market, the increasing demand for automobiles is expected to drive the chlorinated paraffin market. Chlorinated paraffin is used in industrial cutting fluids, particularly in the manufacture of automobiles and automobile parts. The chlorinated paraffin industry trends include the increasing use of chlorinated paraffin in metalworking fluids as these fluids are good flame retardants and coolants.
For instance, Forbes, a US-based business magazine, estimates that global auto sales will increase by 5% in 2022 to 86.9 million and 4% in 2023 to 89.7 million. According to McKinsey, a US-based management consulting firm, overall global car sales will continue to grow at an annual rate of around 2% by 2030. The automotive industry in India is expected to reach $251.4-$282.8 billion by 2026. This increasing demand for automobiles will promote the chlorinated paraffin market.
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The global chlorinated paraffin market size is expected to grow from $1.90 billion in 2021 to $1.98 billion in 2022 at a compound annual growth rate (CAGR) of 4.3%. The global chlorinated paraffin market demand is expected to result in the market reaching $2.35 billion in 2026 at a CAGR of 4.3%.
Inovyn Chlorvinyls Limited was the largest competitor in the chlorinated paraffin market in 2021, with a 5.43% share of the market. Inovyn Chlorvinyls Limited is a manufacturer of chemicals. The company offers products that are used as essential raw materials for industry sectors such as automotive, building and construction, paints and adhesives, healthcare and medical, personal care, pulp and paper, food, textiles, and water treatment. It employs over 4,300 people and carries out its manufacturing, sales, and marketing operations across 10 European countries. The company was founded in 2015 and is headquartered in Runcorn, UK. INOVYN’s growth strategy focuses on expanding its market presence through collaborations and partnerships. For instance, in September 2019, the company partnered with Univar Solutions Inc. to distribute its complete line of Cereclor chlorinated paraffins across the USA. Through this partnership, INOVYN aims to boost its supply chain network to key end-market segments in the USA.
Major players in the chlorinated paraffin market are INOVYN, Altair Chimica, Quimica del Cinca, LEUNA-Tenside GmbH, Dover Chemical Corporation, Aditya Birla Chemicals, Caffaro Industrie S.p.A., Ajinomoto Fine-Techno, Makwell Group, and KLJ Group.
The global chlorinated paraffin manufacturers market is segmented by product into short chain, medium chain, long chain; by end-user into paint and coatings, rubber, manufacturing, textile, leather; by application into lubricating additives, plastic additives, metal working fluids, flame retardants.
Asia-Pacific is the largest region in the chlorinated paraffin market in 2021. Asia-Pacific is expected to grow faster in the global chlorinated paraffin market during the forecast period. The regions covered in the global chlorinated paraffin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Chlorinated Paraffin Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide chlorinated paraffin market overviews, chlorinated paraffin market analyze and forecast market size and growth for the whole market, chlorinated paraffin market segments and geographies, chlorinated paraffin market trends, chlorinated paraffin market drivers, chlorinated paraffin market restraints, chlorinated paraffin market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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