The global perchloroethylene market experienced a market valuation of US$ 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 US$ 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.
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Market Dynamics:
- 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.
- 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.
- 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.
- 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
