Phosgene Market Size Worth $7.84 Billion by 2032 | CAGR: 5.93%

Phosgene Market Size Worth $7.84 Billion by 2032 | CAGR: 5.93%

The global phosgene market size is expected to reach USD 7.84 billion by 2032, according to a new study by Polaris Market Research. The report “Phosgene Market Share, Size, Trends, Industry Analysis Report, By Derivative Type (Isocyanates, Chloroformates, Carbamoyl Chlorides, and Others); By Application; By End-Use; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Rising prevalence regarding the product utilization for the production of agrochemicals in order to meet the food safety requirements and surging use of phosgene in the synthesis of diethyl carbamoyl chloride along with the significant expansion of pharmaceutical industry and a continuous uptick in R&D activities, are among the prominent factors boosting the market. Additionally, industries such as construction, automotive, and furniture are driving the demand for polyurethane foams, coatings, adhesives, and sealants, which results in higher demand and adoption of phosgene over the coming years.

For instance, in September 2022, VanDeMark, a leading manufacturer of life science chemistries, announced the recent investment from the SK Capital in a joint partnership with the Comvest Partners, that will expand the company’s presence in fine chemistries and help them to get deeper into the market.

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With the increasing environmental concerns and regulations, there is a growing demand for sustainable solutions in the chemical industry and various phosgene manufacturers have the opportunity to explore greener alternatives and processes that minimize the environmental impact of phosgene production. Thereby, investing in research and development for eco-friendly technologies that help companies capture this emerging demand for sustainable solutions is gaining huge traction in the last few years.

In addition, the significant advancements in monitoring and safety systems which have enhanced the handling and storage of phosgene that also includes the development of real-time monitoring technologies to detect leaks, advanced sensors, and improved safety protocols, while ensuring the safe handling of phosgene and minimize the risk of exposure to workers and the environment, is also among the one of the most emerging trends globally shaping the market.

Phosgene Market Report Highlights

  • Isocyanates segment accounted for global market share in 2022, mainly due to its growing use in automotive industry and applications in rigid & flexible foams and paints & varnishes
  • Methyl diphenyl diisocyanate segment held the majority market share in 2022, owing to significant growth in the number of applications across wide range of sectors including thermoplastic polyurethanes
  • Specialty chemicals segment is expected to exhibit fastest growth in the study period, which is highly attributable to surging demand for specialty polycarbonates in construction and medical industries
  • Asia Pacific region dominated the market with substantial share in 2022, on account of presence of prominent market players and well-established and developed automotive and chemical sectors
  • The global key market players include Vertellus Holdings, Dow Chemical Company, Huntsman Corporation, Shandong Tianan Chemicals, PPG Industries, Tosoh Corporation, and Bayer AG

Polaris Market Research has segmented the phosgene market report based on derivative, application, end-use, and region:

Phosgene, Derivative Outlook (Revenue - USD Billion, 2023 - 2032)

  • Isocyanates
  • Chloroformates
  • Carbamoyl Chlorides
  • Others

Phosgene, Application Outlook (Revenue - USD Billion, 2023 - 2032)

  • Methyl Diphenyl Diisocyanate
  • Toluene Diisocyanate
  • Polycarbonate Resins
  • Others

Phosgene, End-Use Outlook (Revenue - USD Billion, 2023 - 2032)

  • Pharmaceuticals
  • Agrochemicals
  • Dyes
  • Fine Chemicals
  • Polycarbonates
  • Specialty Chemicals
  • Others

Phosgene, Regional Outlook (Revenue - USD Billion, 2023 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Phosgene Market Report Scope

Report Attributes


Market size value in 2023

USD 4.67 billion

Revenue forecast in 2032

USD 7.84 billion


5.93% from 2023 – 2032

Base year


Historical data

2019 – 2021

Forecast period

2023 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2023 to 2032

Segments covered

By Derivative Type, By Application, By End-Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key companies

Dow Chemical Company, Covestro AG, Mitsui Chemical, Yantai Wanhua, Vertellus Holdings LLC, VanDeMark Chemical Inc., BASF SE, PPG Industries Inc., Paushak Ltd., PMC ISOCHEM, Bayer AG, Tosoh Corporation, DuPont, H & H Products Ltd., Farlex Inc., Huntsman Corporation, Synthesia A.S., Hodogaya Chemical Co. Ld., Gujrat Narmada Valley Fertilizers & Chemicals Ltd., and Shandong Tianan Chemicals Co. Ltd.

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