Chloromethanes Market to Attain $3,286.9 Million in 2024

The healthcare industry is expanding rapidly around the different parts of the world. Countries including Indonesia, China, and India have registered a significant improvement in the healthcare sector, which is further resulting in the growth of the pharmaceutical industry in these countries. Since the pharmaceutical industry extensively utilizes chloromethanes for the production of medicines and anesthetics, their demand is rising as well. Chloromethane is an organic compound, generally one-carbon compound that is methane, in which one of the hydrogens is replaced by the chloro-group.

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As per a report by P&S Intelligence, in 2018, the global chloromethanes market generated a revenue of $2,675.9 million and is predicted to reach a value of $3,286.9 million in 2024, advancing at a 3.4% CAGR during the forecast period (2019–2024). The different types of chloromethane are methylene chloride, chloroform, methyl chloride, and carbon tetrachloride. Out of these, the largest demand during 2014–2018 was created for methylene chloride and the situation is projected to remain the same during the forecast period as well. The reason for this is the extensive usage of this chemical in different industrial applications. The fastest growth in demand is expected to be witnessed by the carbon tetrachloride type.

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The major applications of chloromethanes include agrochemicals, adhesives, refrigerants, silicone polymers, chemicals & intermediates, and pharmaceuticals. Apart from these, methylene chloride is utilized in the production of dimethyl ammonium chloride and as an extraction solvent in the food industry and methyl chloride is used for the production of water treatment chemicals such as flocculants. The highest demand for chloromethanes was created for the chemicals & intermediates application during 2014–2018 and the situation is predicted to be the same during the forecast period as well, as chloromethanes are used widely for the production of several chemicals. The fastest growth in demand for chloromethanes is projected to be registered by the pharmaceuticals industry in the coming years.

Among the different regions, namely Europe, Asia-Pacific (APAC), North America, Latin America (LATAM), and Middle East & Africa (MEA), the APAC region created the highest demand for chloromethanes during 2014–2018 and is further projected to dominate the domain during the forecast period. The reason for this is the high production and consumption of chloromethanes in China. The country is the leading producer of several chemicals, pharmaceuticals, and agrochemicals in the world. The MEA region is predicted to witness the fastest growth in demand in the coming years.

The global chloromethanes market is highly consolidated in nature with more than 70% of the market being captured by the top eight players in the market. Among all the players, AkzoNobel N.V. is the market leader in the global chloromethanes market accounting for a share of more than 17% in the market. The company has a strong global presence and has ambitious plans of expanding its production capacity. In July 2018, the company expanded its chloromethane production capacity in Frankfurt, Germany. With the expansion, the overall production capacity would increase by 50% during 2018–2023. This is likely to help the company in gaining a competitive edge, and hence increase their market share in the global chloromethane market.

The key global market players include AkzoNobel N.V., Dow Inc., Solvay SA, Shin-Etsu Chemical Co. Ltd., Occidental Petroleum Corporation, Ercros S.A., AGC Inc., Gujarat Alkalise and Chemicals Ltd., Tokuyama Corporation, and KEM ONE.

A major driving factors of the chloromethanes market is the large-scale production of solvents. The requirement for chloromethanes is rising due to the essentiality of these chemicals as raw materials for the production of industrial solvents. A huge quantity of chloromethanes is processed commercially for producing dimethyldichlorosilane and related organosilicon products. Different forms of silicones are utilized for the production of lubricants, cooking utensils, sealants, adhesives, and medicines, and for thermal and electrical insulation. Apart from this, derivatives of chloromethane including methyltrichlorosilane and trimethylsilyl chloride are utilized as solvent in the manufacturing process of butyl rubber and during petroleum refining.

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This release was published on openPR.