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:
1. 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.
2. 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.
3. 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.
4. 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