Perchloroethylene Market to Surpass USD 2,247 Million by 2032: Key Trends and Insights

Perchloroethylene Market
Perchloroethylene Market

 

The global perchloroethylene market experienced a market valuation of USD 1,672 Million in 2022 and is poised for steady expansion with a projected Compound Annual Growth Rate (CAGR) of 3% throughout the 2022–2032 period. Forecasts suggest that the market is expected to reach a peak valuation of USD 2,247 Million by the conclusion of the forecast period, indicating sustained growth and promising opportunities within the industry.

Perchloroethylene, commonly known as PCE or PERC, is a colorless, volatile organic compound primarily used as a solvent in various industrial applications. Its versatility makes it a vital component in dry cleaning, metal degreasing, and chemical synthesis processes. With its widespread usage across diverse sectors, the perchloroethylene market is a significant segment of the global chemical industry.

Market Dynamics:

  1. Increasing Demand in Dry Cleaning: Perchloroethylene plays a pivotal role in the dry cleaning industry due to its excellent solvent properties and low cost. As urbanization and disposable income rise globally, the demand for dry cleaning services escalates, propelling the perchloroethylene market forward.
  2. Industrial Applications: The compound finds extensive use in metal degreasing processes, particularly in the automotive and aerospace industries, where precision cleaning of metal components is essential. As manufacturing activities expand, the demand for perchloroethylene as a degreasing agent is expected to witness steady growth.
  3. Regulatory Landscape: Environmental regulations regarding volatile organic compounds (VOCs) have significantly impacted the perchloroethylene market. Several regions have implemented stringent regulations to curb emissions and minimize environmental pollution associated with its usage. This has led to the development and adoption of alternative solvents and processes, posing a challenge to market growth.
  4. Health Concerns: Perchloroethylene exposure has been linked to adverse health effects, including respiratory issues and neurological disorders. Heightened awareness regarding health risks associated with its usage has prompted industries to explore safer alternatives, impacting the demand for perchloroethylene.

Top Key Players

  • Occidental Chemical
  • Olin Corporation
  • Westlake Chemical Corporation
  • The DOW Chemical Company
  • Banner Chemicals Group
  • ACE Geosynthetics Enterprise Co, Ltd
  • Aicello Chemical Co, Ltd
  • AGC Kanto
  • Denka Chemicals GmbH
  • Paari Chem Resources LLP
  • Befar Group

Market Segmentation

By Type:

  • Ethylene Oxychlorination
  • Acetylene Method
  • Ethylene Direct Chlorination

By Application:

  • Refrigerants
  • Dry Cleaning
  • Vapor Degreaser
  • Extractant
  • Cooling Agents
  • Fluoropolymers
  • Cleaning & Degreasing
  • Isomerization & Reforming
  • Others

By End Use:

  • Automotive
  • Aerospace
  • Working industries
  • Industrial
  • Commercial
  • Construction
  • Textile
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia Pacific
  • East Asia
  • Middle East & Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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