Phosgene Market Size

Phosgene Market size was valued at around USD 41.9 billion in 2022 and is anticipated to grow at a CAGR of 5.5% between 2023 and 2032. Phosgene is a key raw material in the production of isocyanates, which are used in polyurethane foams, coatings, adhesives, and elastomers. Phosgene is used in the synthesis of polycarbonate, a versatile engineering plastic used in automotive parts, electronics, and construction materials.

Phosgene is used in the synthesis of carbamates, which are precursors to various agrochemicals and pesticides. Phosgene is used in the synthesis of pharmaceutical intermediates and active ingredients, as well as in the production of herbicides, insecticides, and fungicides.

Phosgene is highly toxic and poses severe health hazards if mishandled, requiring strict safety measures and proper training for handling and storage. Accidental releases of phosgene can lead to chemical incidents that endanger workers, the public, and the environment, necessitating robust safety protocols. The highly hazardous nature of phosgene is subject to strict regulations, compliance with which is crucial to ensure safe production, transportation, and use. Thus, the risks associated with Phosgene may drive down the acceptance rate, further hampering the business growth.