What are the market space and limitations by the Methylene Chloride key sellers Akzo Nobel N. V., Eastman Chemical Company, KEM ONE, Olin Corporation ?

The increasing use of methylene chloride in adhesives and paints, and construction and automobile domains as a solvent for cleaning applications are responsible for the growth of the methylene chloride market. In 2017, the market generated a revenue of $1,818.3 million, and it is predicted to attain a size of $2,485.5 million by 2023, progressing at a 5.4% CAGR during the forecast period (2018-2023). Methylene chloride is an organic compound with the CH2Cl2 formula, which is widely consumed as a solvent in manufacturing paint removers.

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Based on application, the methylene chloride market is categorized into pharmaceuticals, paints and varnishes, chemical and foam manufacturing, metal cleaning, and food and beverages. Out of these, in 2017, the chemical and foam manufacturing category held the largest revenue share of more than 30.0% in the market, and it is predicted to continue dominating it during the forecast period. This is ascribed to the rising use of the compound, owing to its extensive application in specialty chemicals, and its better blowing performance. In addition, it is widely preferred in the chemical and material sector as a solvent.

Across the globe, in 2017, the Asia-Pacific (APAC) region held the dominating revenue share of more than 70.0% in the methylene chloride market. This was due to the growing production of chemicals, surging population, and expanding infrastructure domain here. Apart from being the largest consumer, APAC is also the largest producer of methylene chloride. Governments of various countries, particularly Europe, have formulated strict environment regulations prohibiting the use of the compound in paint stripper application, due to which many producers have shifted their base to APAC.

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China and India are two of the largest users of methylene chloride. Owing to the small-scale national production, India mostly imports such materials to cater to its consumer need. China, on the other hand, does not import the material in huge quantities as it has sufficient local supply to meet the internal demand. China, Japan, and Taiwan are the major methylene chloride suppliers to Southeast Asia. Due to its great solvent performance, it is widely used in cleaning applications, such as for metal cleaning, paint removal, and degreasing.

The manufacturing of automobiles and machinery needs perfect cleaning of metals before they are adopted for serving the purpose. In addition, the products manufactured from these metals, including machine and automobile components, necessitate periodic degreasing for smooth operation. Thus, the growing production of metals to strengthen other products' development activities would likely increase the demand for CH2Cl2, thereby resulting in the methylene chloride market growth. Furthermore, this compound is used as a prime solvent in adhesives and paints due to its strong dissolving strength, and quick drying and low flammability properties.

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The automotive and construction domains are the prominent end users of paints and adhesives. Owing to the large-scale construction projects, such as buildings, bridges, and industrial facilities, going on around the globe, the consumption of paints and adhesives is significantly surging. In addition, the growing sales of automobiles in developing economies have escalate the demand for these materials. The growth in the production of paints and adhesives is, in turn, anticipated to the boost the methylene chloride market growth.

Hence, the increasing demand for the compound for cleaning applications in various end-use industries is predicted to accelerate the growth of the market during the forecast period.

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This release was published on openPR.