The global perchloroethylene market is projected to expand at a moderate CAGR of 2% during the forecast period of 2020 to 2030, driven primarily by its increasing demand in dry cleaning applications.

According to a report by Fact.MR, "The rising demand for perchloroethylene from Asian countries like India and China is expected to significantly boost global market growth throughout the forecast period."

This growth is underpinned by the compound’s efficiency and widespread use in various industrial and commercial cleaning processes, particularly in rapidly urbanizing regions.

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Perchloroethylene Market - Key Takeaways

• In terms of application, the hydrofluorocarbon is identified as the biggest perchloroethylene consumer, holding around three-fourth of worldwide consumption by 2030 end.
• Based on the grade, the industrial-grade is set to outdo a market valuation of US$ 7.7 Mn towards 2030 end.
• Based on function, the intermediate category will hold for about 3/4th of worldwide consumption.
• East Asia, led by China will record at a CAGR of 3.6% over 2020-2030, followed by North America.

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Perchloroethylene Market - Driving Factors

• The increasing consumer spending on dry cleaning and laundry services, coupled with busier lifestyles, is driving the growth of the perchloroethylene market.
• Its high boiling point, which is preferred for heavy-duty applications, significantly boosts its consumption.
• The growing preference for perchloroethylene over trichloroethylene is expected to further enhance demand during the forecast period.
• Additionally, the rising demand for perchloroethylene in specialized applications, such as reforming, will continue to propel the global market.

Perchloroethylene Market - Constraints

• The availability of substitutes could act as a significant restraining factor for the global perchloroethylene market in the coming years.
• Additionally, challenges related to recycling may further impact the market's growth trajectory.

Anticipated Market Impact by COVID-19 Outbreak

The COVID-19 pandemic significantly disrupted global import-export activities. Major consumers of perchloroethylene, such as the United Kingdom, France, Germany, and the US, are expected to experience a slowdown in growth through the midterm forecast period. In contrast, East Asia, the least affected region and the largest consumer, is expected to drive global market growth during this period.

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Competition Landscape

Major companies operating in the global perchloroethylene market are Olin Corporation, Occidental Chemical Corporation, Spolchemie, Westlake Chemical Corporation, and SRF Limited. These players hold more than half of the global sales and are offering application-specific products.

More on the Report

The FACT.MR's market research report provides in-depth insights into the Perchloroethylene Market. The market is scrutinized on the basis of function (intermediate, solvent, isomerization & reforming, and others), grade (hydrofluorocarbon grade, degreasing & general purpose, and industrial grade), and application (hydrofluorocarbon, dry cleaning, metal cleaning & degreasing, isomerization & reforming, and others), across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).

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