Chlorotoluene Market Overview
Chlorotoluene is also known as chlorinated toluene and refers to a group of three isomeric chemical compounds. Intermediates of chlorotoluene are extensively used in the production of coloring agents, agrochemicals, and pharmaceuticals. The global Chlorotoluene market is growing pervasively, witnessing increasing consumption of the product. Application areas of chlorotoluene are multiplying exponentially.
Growing usages of the product in the manufacturing of cresols and other chemical intermediates is predominantly driving the growth of the market. According to Market Research Future (MRFR), the global COVID-19 analysis on chlorotoluene market is expected to witness enormous growth by 2023. In its recently published research report, MRFR also asserts that the market would register a phenomenal CAGR throughout the review period (2018-2023).
Additionally, significant growth in the industries such as plastics, agrochemicals, and pharmaceuticals is further expected to fuel the market demand. Also, the increasing demand for pesticides and other agrochemicals is expected to favor the growth of this market during the assessment period. As the demand for the product surpasses the supply, more manufacturers are expected to venture into the market.
Conversely, factors such as the environmental and health hazards of chlorotoluene are projected to impede the market growth over the assessment period. Nevertheless, the growing demand from the paint and coating industry led by the burgeoning automotive industry is estimated to support the market growth over the review period.
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Chlorotoluene Market Major Players
Players leading the global chlorotoluene market application include WeylChem International GmbH (Germany), Lanxess (Germany), Toray Industries Inc (Japan), IHARANIKKEI Chemical Industry Co. Ltd (Japan), Valtris Specialty Chemicals (US), Gujarat Alkalies and Chemicals Limited (India), Shandong Exceris Chemical Co. Ltd (China), Merck KGaA (Germany), Changzhou Yuanfeng Chemical Co. Ltd (China), and Shimmer Chemicals Pvt. Ltd (India), among others.
Global Chlorotoluene Market – Regional Analysis
The Asia Pacific region leads the global Chlorotoluene industry followed by North America and Europe. In 2017, the region held the largest share of the market, in terms of volume, and would continue its dominance throughout the assessment period. The Chlorotoluene market in the APAC is growing steadily due to the presence of several manufacturers of the product and the industrialization in the region.
Besides, factors such as the rapidly developing economy in the region and continuous growth of the automotive & transportation industry foster the growth of the market. Moreover, factors such as robust growth of the chemicals industry, favorable governmental regulations, and rapid industrialization are expected to act as major tailwind driving the growth of the regional market.
The Chlorotoluene market in the European region stands the second position in terms of size. Large-scale consumption of chlorotoluene products in the agrochemicals and pharmaceuticals industries is a key factor driving the growth of the market. Majority of the chlorotoluene consumed in the region is imported from China. The region produces a modest level of chlorotoluene due to stringent environmental restrictions of the European Union. The region is likely to create a substantial revenue pocket over the forecast period.
Global Chlorotoluene Market – Competitive Analysis
Highly competitive, the chlorotoluene market appears to be fragmented characterized by the presence of many large and small-scale players. To sustain their market positions, these players incorporate strategic initiatives such as acquisition, collaboration, expansion, and technology launch. Manufacturers focus on new product development initiatives and geographical expansion.
Such strategies improve the quality of the product and increase production capacity to suffice the rapidly growing demand, particularly from the emerging regions. With the rising industrialization, worldwide, the demand for chlorotoluene is increasing too. Also, there is a vast improvement in manufacturing technology. Manufacturers are setting up an increasing number of facilities to produce chlorotoluene most efficiently.
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