Global Chlorinated Paraffins Market: Key Highlights
- The global demand for chlorinated paraffins stood nearly US$ 1.70 Bn in 2018 and is projected to reach over US$ 2.31 Bn by 2027. The global chlorinated paraffins market is primarily driven by modest demand for chlorinated paraffins in lubricants and PVC compounds. Increasing demand for flame retardants and PVC compounds in Asia Pacific and Latin America is expected to act as key driver for the chlorinated paraffins market in the next few years.
- Chlorinated paraffins are synthetic chemicals manufactured by chlorination of paraffins of various carbon chain lengths. Based on the carbon chain length, chlorinated paraffins are generally classified into L-grade, M-grade, and H-grade. Additionally, each of these chlorinated paraffins is further classified based on the level of chlorination such as less than 40%, 40% to 70%, and above 70% chlorine by weight. The most commercial grade used in all the three product segments is 40% to 70% by weight, as further addition of chlorine content in paraffin wax affects viscosity and limits the application range.
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- Chlorinated paraffins are cost-effective; hence, these are primarily employed in applications such as lubricating additives, plastic additives, rubber, paints, and metalworking fluids. Increasing demand for these paraffins in the metalworking industry in developing regions is expected to boost the demand for chlorinated paraffins during the forecast period.
- Growth in the flame retardant industry is expected to play a vital role in boosting demand for chlorinated paraffins during the forecast period. Factors such as new environmental regulations, safety standards from end-user industries, and stricter fire-safety standards in developed regions such as North America and Europe are likely to boost demand for flame retardants. This, in turn, would propel the chlorinated paraffins market in the near future.
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Global Chlorinated Paraffins Market: Segmental Insights
- In terms of volume, m-grade dominated the market, followed by h-grade and l-grade, in 2018. The domination by m-grade is expected to shift toward h-grade, considering stringent environmental regulations in developed regions. However, m-grade is likely to continue be used extensively in various applications such as lubricating additives, metalworking fluids, and PVC additives in developing regions.
- In terms of application, metalworking fluids was the largest segment of the chlorinated paraffins market, accounting for over 35% share of the market in terms of demand in 2018. Chlorinated paraffins are used as extreme pressure lubricants in metal cutting applications. In addition to lubrication, these paraffins are employed in metalworking applications due to their flame retardant properties.
- Plastic additives was the second-largest application segment of the chlorinated paraffins market in 2018. The segment is anticipated to be the fastest-growing application segment of the chlorinated paraffins market between 2019 and 2027. Rising demand for PVC compounds in various end-user industries is estimated to propel the demand for chlorinated paraffins during the forecast period.
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Global Chlorinated Paraffins: Regional Insights
- In terms of volume, Asia Pacific held the largest share of the global chlorinated paraffins market in 2018. The region constituted more than 55% share of the global chlorinated paraffins in 2018. Easy availability of raw materials, moderate growth in the metalworking industry, and economical cost of chlorinated paraffins have boosted the chlorinated paraffins market in the region. Asia Pacific is also likely to be the fastest-growing regional market for chlorinated paraffins during the forecast period.
- Increasing demand for PVC compounds and metalworking fluids, primarily due to rapid surge in the plastic and metalworking industries, respectively, in China, India and ASEAN countries, is expected to drive the demand for chlorinated paraffins in the region in the next few years. However, the chlorinated paraffins market is anticipated to witness low growth in developed regions owing to rising environmental and health concerns associated with chlorinated paraffins.
- Middle East & Africa is estimated to witness moderate growth during the forecast period. Factors such as presence of better substitutes and modest growth in downstream industries are affecting growth of the chlorinated paraffins market in the region. The chlorinated paraffins market in Latin America is projected to expand modestly, owing to supply constraints from North America and moderate-to high-growth in the plastic and metalworking industries in the coming years.
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