Carbon Tetrachloride Market – Global Forecast and Opportunity Assessment by Technavio

LONDON–(BUSINESS WIRE)–#Chemicals–According to the latest market study released by Technavio,
the global
carbon tetrachloride market is expected to grow at a CAGR of
more than 3% through 2021.

This research report titled ‘Global
Carbon Tetrachloride Market 2017-2021’ provides an in-depth
analysis of the market in terms of revenue and emerging market trends.
This market research report also includes up to date analysis and
forecasts for various market segments and all geographical regions.

The global carbon tetrachloride market is expected to see slow growth
during the forecast period owing to the ban of carbon tetrachloride in
various applications such as refrigerants and fire extinguishers in
North America and Europe. Due to the high toxicity, it is no longer used
in consumer products. The major application of carbon tetrachloride is
in solvents for oils, fats, varnishes, waxes, lacquers, rubbers, and
resins.

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Technavio’s analysts categorize the global carbon tetrachloride market
into four major segments by the application. They are:

• Solvents
• Agrochemicals
• Blowing agents
• Others

The top three segments based on the application for the global carbon
tetrachloride market are discussed below:

Global carbon tetrachloride market for solvents

The solvents segment is expected to grow in APAC mainly because of
increasing industrialization. The demand for solvents is coming from the
paints and coatings, printing inks, metal cleaning, adhesives, personal
care, and rubber and polymer industries. These factors are pushing the
global carbon tetrachloride market for solvents.

The solvents market has several restraints; the main one is strict
government regulations in developed regions on their consumption. Due to
hazardous effects of solvents on the environment, the need of
technological evolution is growing.

Global carbon tetrachloride market for agrochemicals

The agrochemicals market is one of the most important segments of the
global carbon tetrachloride market due to its fumigating property. To
meet the rising diversified food demand, commercial cultivation of
high-value crops is expanding. The agriculture segment faces multiple
challenges like increasing population, decreasing arable land,
insufficient energy source, and eradication of pests with the help of
agrochemicals.

“Agrochemicals play an important role in meeting the demand from
farmers as well as consumers. Certain programs have been initiated for
the efficient use of agrochemicals like integrated nutrient management
and integrated pest management. Agrochemicals are inevitable in crop
cultivation,” according to Ajay Adhikari, a lead specialty
chemicals research analyst from Technavio.

Global carbon tetrachloride market for blowing agents

The market for carbon tetrachloride in the blowing agents segment is
expected to grow smoothly during the forecast period owing to its
consumption in plastics and rubber. Carbon tetrachloride is widely used
as blowing agents. Blowing agents are chemical substances that are
capable of producing pores or cells in polymeric compositions.

“Blowing agents are widely used in creating gas expand plastics,
rubber, and ceramics to create foam. Worldwide the market of plastics
and rubbers are increasing. Therefore, the demand for blowing agents is
also increasing. APAC is the largest as well as the fastest growing
market for chemical blowing agents. The region consumes more than a half
of the global demand,” says Ajay.

The top vendors highlighted by Technavio’s research analysts in this
report are:

• AkzoNobel
• Gujarat Alkalies and Chemicals
• KEM ONE
• Occidental Petroleum
• Sigma-Aldrich

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About Technavio

Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.

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