LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global phosgene market to grow at a CAGR of over 5% during the period 2018-2022, according to their latest report.
This market research report segments the global phosgene market into the following applications, including MDI/PMPPI and TDI and key regions, including APAC, Europe, North America, and ROW.
In this report, Technavio highlights the increasing production capacities of TDI and MDI as one of the key emerging trends driving the global phosgene market. The excellent properties of polyurethane products are fueling its high demand in various end-user industries such as automotive, furniture, bedding, and construction. To manufacture polyurethane products, TDI and MDI are the key raw materials used. These end-user industries are susceptible to macroeconomic factors and market volatility. As a result, manufacturers of TDI and MDI expand or restructure their production facilities to stay competitive in the market.
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In this report, Technavio analysts highlight the ever-rising population driving the demand for bedding and furniture as a key factor contributing to the growth of the global phosgene market:
The ever-rising population driving the demand for bedding and furniture
The global population was estimated at 7.5 billion in 2015. This number is expected to reach 9.7 billion by 2050. Countries such as China, India, the US, Indonesia, Pakistan, Brazil, Nigeria, Russia, Bangladesh, Mexico, the Philippines, Japan, Ethiopia, Egypt, Vietnam, Germany, Turkey, Iran, Congo, and Thailand are the 20 key contributors, in terms of population.
Factors such as reduced mortality rate, improved medical facilities, increased lifespan, and reduced infant mortality are augmenting the rise in global population. While there are many factors that increase birth rates over a long period, there are several other factors that increase death rates in a short period. Technological advancements have improved medical facilities, which resulted in a reduction in the number of deaths each year. Vaccines can cure various fatal diseases. Factors such as fertility treatments and rising incomes have led to the emergence of large families.
According to a senior analyst at Technavio for specialty chemicals, “The increasing population is driving the demand for basic household necessities such as bedding, cushions, pillow, and upholstered furniture, which are made of flexible PU foams. The wide application of phosgene for manufacturing PU foams is expected to drive the global phosgene market during the forecast period.”
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Global phosgene market segmentation
Of the two major applications, the MDI/PMPPI segment held the largest market share in 2017, accounting for nearly 57% of the market. The market share for this application is expected to increase by 2022. The fastest growing application is TDI, which will account for nearly 27% of the total market share by 2022.
APAC was the leading region for the global phosgene market in 2017, accounting for a market share of nearly 40%. By 2022, APAC is expected to continue dominating the market and register the highest growth rate.
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