Carbon Tetrachloride Market Analysis
Carbon Tetrachloride Market - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027
The global carbon tetrachloride market size is likely to witness potential gains in the near future, and is expected to grow at a CAGR of 4.9% over the forecast period (2019 - 2027).
Carbon tetrachloride is an organic compound that is recognized by different names in other industries. For instance, it is called tetrachloromethane in the chemicals industry, carbon tet in the cleaning industry, Refrigerant-10 in the development of HVACR units, and Halon-104 for use in fire extinguishers. Carbon tetrachloride is a clear, stable, and volatile chlorinated hydrocarbon that has a faint, sweet odor, and is thicker than water (13.2 lb/gal) as well as insoluble in water. It is non-combustible and has primary application in fire extinguishers, as well as a cleaning agent, and precursor for refrigerants.
On the basis of grade type, the global carbon tetrachloride market has been segmented into:
On the basis of application, the global carbon tetrachloride market has been segmented into:
Earlier, carbon tetrachloride was extensively used in lava lamps, as a dry cleaning solvent, and refrigerant. Carbon tetrachloride is a primary ingredient in lava lamps since it adds weight to the otherwise resilient wax. However, over the years, its application as a solvent has declined significantly owing to its harmful effects on health, and has been replaced by other solvents such as tetrachloroethylene, and other deuterated solvents. Currently, it is mostly used in laboratory settings as a reagent, as a solvent, and chlorine source in the chemical industry. Furthermore, it is highly toxic to the liver (hepatotoxic), and is used in research and development activities for evaluating hepatoprotective agents. Inhaling high concentrations of carbon tetrachloride (or ingesting and skin absorption) can depress activity in the central nervous system, and lead to death or coma. Owing to its ozone depletion properties, its use has declined over the past few decades. Such factors are expected to restrain demand for carbon tetrachloride in the future.
Asia Pacific is estimated to witness the fastest growth in the global carbon tetrachloride market, with countries such as China and India to lead in terms of production and consumption. Moreover, emerging economies in the region, such as Indonesia, Taiwan, and Malaysia are expected to account for a major share over the forecast period. The growing number of end use industries in these countries can also contribute to the increasing demand for carbon tetrachloride in the regional market. Market growth in North America and Europe is projected to be comparatively moderate as a result of stringent guidelines implemented by regional regulatory bodies and environmental agencies such as the U.S. environment protection agency, regarding the production and volumetric consumption of carbon tetrachloride. Other regions such as South America, Middle East, and Africa are also projected to exhibit slightly above average growth.
Some of the prominent carbon tetrachloride manufacturers are Tokuyama Corporation, Gujarat Alkalies & Chemicals Ltd., AkzoNobel N.V., Ineos, Solvay S.A., Occidental Chemical Corporation, and Shin-Etsu.