Phosgene Market - By Derivative (Isocyanates, Chloroformates, Carbamoyl Chlorides), By Application (Agrochemicals, Polycarbonates, Pharmaceuticals, Fine Chemicals, Dyes, Specialty Chemicals) & Forecast, 2023 - 2032

Phosgene Market - By Derivative (Isocyanates, Chloroformates, Carbamoyl Chlorides), By Application (Agrochemicals, Polycarbonates, Pharmaceuticals, Fine Chemicals, Dyes, Specialty Chemicals) & Forecast, 2023 - 2032

Phosgene market size is predicted to witness 5.5% CAGR from 2023 to 2032 attributed to the rising demand for the product’s derivatives in the manufacturing of various chemicals and materials. It is widely used in the production of pesticides, herbicides, and pharmaceutical intermediates. For instance, there is increasing usage and subsequent production of polyurethanes that requires isocyanates, a phosgene derivative, as a raw material.

Moreover, the burgeoning automotive and construction industries are further fueling the demand for phosgene-based products, leading to a positive market outlook. According to the data by the European Automobile Manufacturers’ Association, in 2022, 85.4 million motor vehicles were produced across the globe.

The overall phosgene market is divided based on derivatives, application, and region.

The chloroformates derivative segment expected to generate high revenues by 2032 owing to the rapid expansion of the pharmaceutical and chemical industries. Chloroformate derivatives have witnessed a significant upsurge in demand as they are extensively utilized in the synthesis of various chemicals, including dyes, agrochemicals, and pharmaceuticals. The growing focus on sustainable chemical synthesis processes will further stimulate the segment growth.

The polycarbonates application segment is anticipated to observe high CAGR from 2023 to 2032 due to the exceptional durability, high impact resistance, and optical clarity offered by phosgene to the products. Polycarbonates find widespread application across several sectors like automotive, electrical and electronics, and construction. The increasing demand for lightweight and durable materials in these sectors has significantly boosted the consumption of polycarbonates, thereby adding to the market revenues.

Asia Pacific phosgene market size will grow at a notable rate through 2032, owing to the rapid industrialization and burgeoning chemical sector in countries such as China, India, and Japan. The growing population, coupled with the rising disposable income and urbanization, has fueled the demand for consumer goods, that utilize phosgene-based products. Additionally, the expanding automotive and electronics industries in the region have further augmented the usage of phosgene for various applications, boosting the phosgene market development in the coming years.