The global perchloroethylene market is set to grow at a moderate CAGR of 2% throughout the projected period, 2020-2030. The growth can be primarily ascribed to growing demand in dry cleaning applications.
“Growing demand for perchloroethylene from Asian nations such as India and China are poised to encourage global demand over the conjecture period,” says the Fact.MR report.
Perchloroethylene Market – Key Takeaways
- In terms of application, the hydrofluorocarbon is identified as the biggest perchloroethylene consumer, holding around three-fourth of worldwide consumption by 2030 end.
- Based on the grade, the industrial-grade is set to outdo a market valuation of US$ 7.7 Mn towards 2030 end.
- Based on function, the intermediate category will hold for about 3/4th of worldwide consumption.
- East Asia, led by China will record at a CAGR of 3.6% over 2020-2030, followed by North America.
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Perchloroethylene Market – Driving Factors
- Surging consumer expenditure on dry cleaning & laundry services and busier lifestyles prompts the market expansion of perchloroethylene.
- The capability of high boiling point majorly preferred for heavy-duty applications surges the consumption.
- Growing preference for perchloroethylene in contrast to trichloroethylene is poised to strengthen demand over the conjecture period
- Rising demand for perchloroethylene from a scope of niche applications such as reforming and will drive the global market.
Perchloroethylene Market – Constraints
- The availability of substitutes might serve as a key restraining factor in the global market in the upcoming years.
- Recycling issues can further influence the growth of the perchloroethylene market.
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Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 pandemic slowed down all kinds of import-export all over the world. The United Kingdom, France, Germany, and the US are extensive consumers of perchloroethylene and are slated to reflect a drop in growth till the midterm conjecture. On the other hand, East Asia is the least hit region and the biggest consumer, which will assist global market growth amid the midterm assessment period.
Major companies operating in the global perchloroethylene market are Olin Corporation, Occidental Chemical Corporation, Spolchemie, Westlake Chemical Corporation, and SRF Limited. These players hold more than half of the global sales and are offering application-specific products.
More on the Report
The FACT.MR’s market research report provides in-depth insights into the Perchloroethylene Market. The market is scrutinized on the basis of function (intermediate, solvent, isomerization & reforming, and others), grade (hydrofluorocarbon grade, degreasing & general purpose, and industrial grade), and application (hydrofluorocarbon, dry cleaning, metal cleaning & degreasing, isomerization & reforming, and others), across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).