The global acid chloride market is anticipated to grow from USD 2,430.9 million in 2022 to USD 3,903 million by 2032, with overall demand expected to accelerate at a 4.9% CAGR throughout the forecast period (2022-2032), according to Future Market Insights.
Rising application of acid chlorides in pharmaceuticals, chemical reagents, plastic & pigments, organic peroxides, and agrochemicals is a key factor driving the global market and the trend is expected to continue during the forecast period.
Since cardiovascular diseases like atherosclerosis are becoming more common, demand for pharmaceuticals like aspirin continues to climb. According to data from the National Center for Biotechnology Information (NCBI) published in 2021, more than 30% of Americans used aspirin in 2019. Furthermore, it is projected that sustained pharmaceutical demand will drive market revenue growth over the next few years.
Apart from pharmaceutical applications, demand for acid chlorides is also witnessing substantial growth opportunities in the agrochemical sector. Consistent population growth is propelling sales of agrochemicals to increase crop yields to meet the growing food demand. Being key active ingredients, various acid chlorides are experiencing elevated demand levels from agrochemical sector.
On the other hand, various health hazards associated with exposure to a wide spectrum of acid chlorides and the regulations associated with them are limiting market expansion
The global market for acid chlorides is influenced by several key trends, reflecting the compound’s wide applications in various industries. Here are some of the primary trends driving this market:
- Growing Demand from Pharmaceuticals: Acid chlorides are essential intermediates in the synthesis of various pharmaceuticals and agrochemicals. As the pharmaceutical industry continues to expand, particularly in emerging markets, the demand for acid chlorides is expected to rise.
- Increase in Agrochemical Production: The agricultural sector’s growth, driven by the need for food security and sustainable farming practices, has led to increased production of agrochemicals, where acid chlorides are utilized in the synthesis of herbicides, insecticides, and fungicides.
- Expansion of Chemical Manufacturing: The rise of the chemical manufacturing industry, particularly in Asia-Pacific regions, has increased the production and consumption of acid chlorides. This growth is driven by industrialization and the development of chemical parks.
- Advancements in Synthesis Technology: Innovations in chemical synthesis and production processes are enhancing the efficiency and yield of acid chloride production. Technologies that minimize waste and improve safety are becoming more prevalent.
- Rising Demand for Specialty Chemicals: Acid chlorides are used to produce specialty chemicals, which are in high demand across various industries, including plastics, textiles, and personal care products. This trend is driving the expansion of the acid chlorides market.
“Growing prevalence of heart diseases and increasing demand for pharmaceuticals like aspirin are anticipated to propel the sales of acid chlorides over the forecast period,” says an FMI analyst.
Key Takeaways:
- The global acid chlorides market is expected to attain a value of over USD 3,903.5 Million by the end of the forecast period, growing at a CAGR of 4.9% over the forecast period.
- By product type, benzoyl chloride segment holds the largest share of the global acid chlorides market.
- Based on end use, the pharmaceuticals segment will grow at a higher CAGR over the next ten years.
- The U.S. will continue to remain the most prominent acid chlorides market during the forecast period.
- Demand for acid chlorides across China is poised to increase at a steady pace during the forecast period.
Who is Winning?
According to FMI analysis, Altivia, BASF, Novaphene, CABB Chemicals, Orion Chem Pvt. Ltd., Wilmar International, Transpek Industry Ltd., VanDeMark Chemical, Inc., Kuhlmann Europe, R. Drugs and Intermediates Pvt. Ltd., Twin Lake Chemical Inc., Shiva Pharmachem Ltd., Rheinmetall AG, and others are identified as the key manufacturers in the Acid Chlorides market.
These key players are constantly focusing on increasing their production capacities to meet end user demands. They are establishing new production facilities if upgrading older ones, besides forming partnerships and alliances with other companies.
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Acid Chlorides Industry Segmentation
By Product Type:
- Ethanoyl Chloride
- Propanoyl Chloride
- Butanoyl Chloride
- Benzoyl Chloride
- Chloroacetyl Chloride
- Thionyl Chloride
- Palmitoyl Chloride
- Others
By Application:
- Chemical Reagents
- Plastic and Pigments
- Organic peroxides
- Agrochemicals
- Pharmaceuticals
- Others
By End Use:
- Pharmaceuticals
- Agriculture
- Plastics
- Dyes & Inks
- Cosmetic
- Others
About Future Market Insights (FMI)
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