Chlorinated paraffin market will witness growth as an additive material to produce various metal working fluids and plastic products.

Selbyville, DE -- (SBWire) -- 10/18/2018 --The Chlorinated Paraffin Market is set to grow from its current market value of more than $1.6 billion to over $2 billion by 2024; as reported in the latest study by Global Market Insights, Inc.

Growth in plastic, manufacturing industries coupled with rise in aerospace and automotive sectors is a key factor stimulating chlorinated paraffin market demand across the developing regions. This is attributed owing to the upsurge in buying power and significant monetary growth and will boost the chlorinated paraffin market growth by 2024. Construction sector expansion is likely to augment the market growth in coming years owing to rising population coupled with increasing housing requirements of the people in the developing regions. This is due to extensive product usage in PVC in order to manufacture the sheets, films, cables, wires, pipes and other related products. Increasing demand for the PVC products in construction, insulation, transmission and other industries is fueling the chlorinated paraffin market growth due to outstanding technical features.

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Global chlorinated paraffin market will surpass USD 2 billion by 2024, according to this new research report. Fluctuating raw material costs coupled with availability of substitute product in the market may restrict the chlorinated paraffin industry growth during the forecast timeframe. Basically, the product is obtained from the distillation of petrol and variation in the oil prices significantly impacts on the overall raw materials prices. Rise in demand for bio-based products in North America and Europe will hinder the chlorinated paraffin market demand.

The chlorinated paraffin market has been classified on the basis of grades, application, end-user and regions. The different grades include short-chain, medium-chain and long-chain grade chlorinated paraffin. Among these, medium- and long-chain grades, collectively will cross USD 1.5 billion in 2024 owing to their excellent mechanical and technical features such as good stability, low volatility, compatibility, flame resistance, etc. which benefit myriad end-user domains.

In terms of revenue, metal working fluids application segment of chlorinated paraffin market will cross USD 650 million by the end of the forecast span. Increasing demand coupled with wide product acceptance in automotive, aerospace and other manufacturing sectors will boost the segment growth as it works as a good flame retardant, coolant and other technical features. Chlorinated paraffin is primarily used as a key ingredient in the formulation of working or metal cutting fluids, enhancing the product penetration over the forecast period.

Based on end-user, the chlorinated paraffin market is fragmented into paints & coatings, rubber, manufacturing, textile, leather and other industries. Among these, rubber and manufacturing industries will register a combined share of over 50% in chlorinated paraffin market in 2024. This is attributed due to the wide acceptance of the product as a softening agent, lubricative additive, fire retardants and water repellant fabric treatment agent.

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Based on geography, Asia Pacific will likely hold a significant share in the overall chlorinated paraffin market in 2016 and will expand in the forecast timeframe at the substantial rate. North America and Europe will have a collective market of over USD 600 million in 2024 accounting for over one third of the global chlorinated paraffin market.

The key manufacturers in the chlorinated paraffin market which include Ajinomoto Fine-Techno, Dover Chemical, JSC Kaustik, Caffaro Industrie, INOVYN, Flow Tech Group of Industries, Aditya Birla Chemicals, Handy Chemical , Altair Chimica, Quimica del Cinca, INEOS Chlor, Makwell Group, LEUNA-Tenside, United Group, and NCP Chlorchem.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.