The Monochlorobenzene Market is forecast to experience a growth of 3.5% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 1,915.1 million in 2023.
The monochlorobenzene is also in high demand in the textile industry, which produces pigments and dyes. Monochlorobenzene is deployed to make inks, paint removers, dyes, and pigments that later form the fiber of textile clothing. The accelerated growth of the textile industry worldwide is positively impacting the global market.
Trichlorobenzene, a type of monochlorobenzene, finds extensive application in the pharmaceutical industry to combine the intermediates of different medicines, such as vitamin supplements and antibiotics. Authority departments like the United Nations Industrial Development Organization (UNIDO) have taken it upon themselves to invigorate the domestic production of necessary generic drugs in underdeveloped and developing economies like Kenya, Nigeria, and Ethiopia.
Research and development procedures for novel drugs to cure prevailing diseases have escalated over the past few years. This is projected to create a noticeable impact on the market development.
The chemical further finds use in the production of high-performing polymers. In addition, the huge volume of monochlorobenzene is used as an agrochemical and a solvent for rubber production.
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As per India Brand Equity Foundation (IBEF), the Indian textile industry shared 7% of the overall industry outcome in 2019. The sector also attracted a capital investment of US$ 1.44 billion under the incentive scheme for technical textiles and manmade fiber in 2020. This development is projected to have a beneficial impact on the monochlorobenzene industry.
Top Highlights from the FMI’s Analysis of the Monochlorobenzene Market:
- The United States monochlorobenzene industry is projected to acquire a market share of 19.3% in 2023.
- The German monochlorobenzene industry constitutes a value share of 16.3% in the present market.
- Japan is estimated to contribute a 2.6% share of the global market.
- Australian monochlorobenzene industry is assessed to acquire a 0.8% market share in 2023.
- The China monochlorobenzene industry is projected to register a CAGR of 2.8% over the forecast period.
- The India monochlorobenzene industry is anticipated to expand at a CAGR of 3.3% over the estimated period.
- The United Kingdom’s monochlorobenzene industry is expected to witness a sluggish growth rate of 1.7% over the forecast period.
- Based on the type category, nitrochlorobenzene is projected to accumulate a market share of 44.3% in 2023.
About the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing — ‘The Way Forward’.
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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.
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