The North America chlorinated paraffin market is expected to grow by 2025 due to huge growth in the North America PVC industry. Medium-chain sub-segment is expected to be the most profitable. Market in the US is likely to be the most dominant.
NEW YORK, Jan. 25, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "North America chlorinated paraffin Market by Product Type (Short-chain (less than 40%, 40%-70% and more than 70%), medium-chain (less than 40%, 40%-70% and more than 70%) and long-chain (less than 40%, 40%-70% and more than 70%)), by Application (Lubricating Additives, Plastics, Rubber, Paints, Metal Working Fluids, and Adhesives) - North Opportunity Analysis and Industry Forecast, 2018-2025".
As per the report, the North America chlorinated paraffin market is predicted to grow at a noteworthy CAGR of 2.7% in the 2018-2025 timeframe, thereby gathering $748 million by 2025.
Dynamics of the Market:
Drivers: The advantages offered by chlorinated paraffin such as flame retardancy, low-temperature strength, and high flexibility are expected to be the primary growth driver of the North America chlorinated paraffin market in the forecast period. Along with this, growth in the PVC industry of the North America region is predicted to help this market grow in the forecast period.
Opportunities: The increasing pace of technological advancements in the field of chlorinated paraffin product manufacturing is anticipated to offer huge growth opportunities to the market in the forecast period. Moreover, an increase in disposable incomes of the people in this region is anticipated to push the growth rate of the market even higher.
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Segments of the Market:
The report has fragmented the North America chlorinated paraffin market into different segments based on product type, application, and country.
- By product type, the medium-chain chlorinated paraffin sub-segment is predicted to be the most dominant sub-segment in the North America region. The wide use of medium-chain chlorinated paraffins as a substitute for short-chain chlorinated paraffins is expected to push the market in the forecast period.
- By application, the metal working fluids sub-segment of the North America chlorinated paraffin market is expected to be the most dominant during the forecast period. The increase in demand for extreme pressure additives in metalworking fluids is expected to be the important factor behind the growth of this sub-segment.
- By country, the US is expected to be the most lucrative market by 2025. The growing economy, expanding construction sector, and rising purchasing power of its population are anticipated to be the leading growth drivers of the market in this country.
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Significant Market Players:
The significant market players in the North America chlorinated paraffin market are
- Ajinomoto Fine-Techno
- JSC Kaustik
- Caffaro Industries
- Petroleum Additives
- Dover Chemical
- Pioneer Americas Inc.
- INOVYN ChlorVinyls
- Ferro Corporation
These key market players are developing different business strategies like product development, merger and acquisitions, collaborations and partnerships to gain a commanding position in the market.
For instance, in May 2021, Lockhart Chemical Company, a Michigan-based company manufacturing different metalworking fluid additives, announced that it was acquiring Qualice LLC, a leading chlorinated paraffin products manufacturer. This acquisition is expected to help the acquiring company i.e., Lockhart immensely as it will be able to fulfill the demands of the market in a much more comprehensive way.
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The Research Dive report also summarizes many crucial aspects of the North America chlorinated paraffin market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about North America chlorinated paraffin Market:
- North America Chlorinated Paraffin Market to Grow Substantially Due to Acquisitions Like That of Qualice LLC by Lockhart Chemical Co.
- A Short Guide for Chlorinated Paraffins: Definition, Properties, and Applications
- Benefits and Applications of The Chlorinated Paraffin in Various Industrial Usage
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