chlorotoluene market growth , Applications, Companies and Forecasts to 2030 Covered in a Latest Research

 

chlorotoluene market growth

Chlorotoluene Market is projected to be worth USD 3,654.70 Million by 2028, registering a CAGR of 6.2% during the forecast period (2021–2028).

Product Overview

Chlorotoluene refers to a group of three isomeric chemical compounds including para-chlorotoluene, ortho-chlorotoluene, and meta-chlorotoluene, comprising a disubstituted benzene ring that has one methyl group as well as one chlorine atom. Chlorotoluene can be described as a colorless liquid, which is insoluble in water but soluble in aromatic hydrocarbons.

Market Synopsis

The global chlorotoluene market Growth is predominantly influenced by the elevated demand for various derivatives of chlorotoluene from numerous sectors, which includes chemical and textile industry. Also, it is extensively used in various researches around the world. Augmented demand of the chemical from the chemical industries, low cost of the precuts and rapidly expanding textile industry, are elevating the market position of chlorotoluene.

Moreover, growing application of chlorotoluene for studying various chemical reactions also contributes to the growth of the market to a large extent. However, strict government regulation associated with chlorotoluene could pose to be a major challenge to the market in the coming years. But the increasing research and development activities are expected to bode extremely well with the chlorotoluene market Growth, setting in motion the ongoing growth rate of the market.

Market Segmentation

The market for chlorotoluene is segmented on the basis of type and end-use industry.

Depending on the type, the global chlorotoluene market Growth is categorized into o-chlorotoluene, p-chlorotoluene, and chlorotoluene mixture. The o-chlorotoluene segment, among these, is presumed to hold the largest market share during the given time period. The strong growth of the segment is due to the widespread use of the product in the manufacturing of numerous agrochemicals, like herbicides, pesticides, fungicides, growth regulators, and acaricides. Furthermore, o-chlorotoluene is also made use in the production of benzyl chloride, which is used largely in pharmaceuticals, cosmetics, paints industries and agrochemicals. Growing demand for benzyl chloride in such applications is presumed to subsequently foster the demand for chlorotoluene and also favor the market growth during the review period.

Depending on the end-use industry, the global chlorotoluene market Growth is divided into chemicals, agrochemicals, paints & coatings, pharmaceuticals, personal care, polymers, and others. Among these, the agrochemicals industry is presumed to garner the largest share of the total market during the review period. Due to the increasing global population, the demand for food is also growing at a tremendous rate. In order to meet with this increasing demand, the use of agrochemicals, in all likelihood, will surge so as to increase the productivity in the next few years.

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Regional Outlook

Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa are the five key regions studied for the global chlorotoluene market Growth.

In the year 2017, Asia Pacific was noted to be the ruling region in the global chlorotoluene market Growth among all the regions, as a result of the increasing demand for the product in pharmaceutical and agrochemicals industries. Further, the pharmaceuticals industry is expanding at a rapid growth rate in the region, which is touted to be the driving force behind the strong growth of the regional market in the coming years.

Going ahead, North America and Latin America are considered to be highly substantial regional markets in the global chlorotoluene market Growth, due to the robust growth of the chemicals industry in general as well as the rapid industrialization.

Europe has been making similar strides in the global market as well, accounting for a considerable market share in terms of volume in 2017. However, the region will note moderate growth during the assessment period, the reason being the maturity the market has reached in the region.

Key Vendors

Some of the strong contenders operating in the global chlorotoluene market Growth are Shandong Exceris Chemical Co. Ltd (China), Lanxess (Germany), Toray Industries Inc (Japan), Valtris Specialty Chemicals (US), Gujarat Alkalies and Chemicals Ltd (India), IHARANIKKEI Chemical Industry Co. Limited (Japan), Changzhou Yuanfeng Chemical Co. Ltd (China), and Shimmer Chemicals Pvt Ltd (India) among others.

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