Chloroform Market Likely to Emerge over a Period of 2020 - 2027: Solvay, Arihant Chemicals, Akzonobel, Tokuyama Group, etc.

The Global Chloroform market is forecast to reach USD 10.14 Billion by 2027, according to a new report by Reports and Data. Chloroform (CASRN 67-66-3) can be described as a colorless, volatile liquid that has a distinct odor. This organic compound has various other names like trichloromethane. In regards to its nature, it is a non-flammable substance and has the chemical formula CHCl3. Trichloromethane is partly soluble in water, and it is readily miscible with most organic solvents. Among its various applications, it is widely used as an industrial solvent. The compound is also used as an intermediate in manufacturing polymeric materials.

One of its major use is in the production of the refrigerant R-22, which is widely used in the air conditioning business. As a reagent, it is used as a source of the dichlorocarbene CCl2 group wherein it reacts with aqueous sodium hydroxide to produce dichlorocarbene, CCl2. This reaction with aqueous sodium hydroxide usually occurs in the presence of a phase transfer catalyst. Under the Kharasch addition, the compound forms the CHCl2 free radical along with alkenes. Thus, wide arena of applications is one of the mentionable factors fostering the expansion of the sector. In this context, restraining factors like toxicity of this compound, its replacement with ether as an anesthetic in the US at the beginning of the 20th century and EPA declaring it as a toxic substance because of its adverse effects on human health and hazardous air pollutant is worth mentioning, as it may have retarding impact on the sector’s growth rate.

The research study includes the latest updates about the COVID-19 impact on the Chloroform Market sector. The outbreak has broadly influenced the global economic landscape. The report contains a complete breakdown of the current situation in the ever-evolving business sector and estimates the aftereffects of the outbreak on the overall economy.

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Key participants include Solvay, Arihant Chemicals, Akzonobel, Tokuyama Group, Ineos, Productos Aditivos, Dow Chemical Company, BASF, Kem One, Khimprom, and Sumitomo Chemical Co. Ltd.

For the purpose of this report, Reports and Data have segmented the global Chloroform market according to Manufacturing Process, Type, Application, and Region:

Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
North America
Europe
Asia Pacific
MEA
Latin America

Manufacturing Process Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
Chlorination of Methane
Haloform reaction between sodium hypochlorite and acetone

Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
Alcohol Stabilized Grade
Fluorocarbon Grade
Technical Grade

Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
Solvent
Anesthetic
Reagent
Criminal Use

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Further key findings from the report suggest

1. In context to Manufacturing Process, the Haloform reaction between sodium hypochlorite and acetone segment is projected to witness a considerable growth rate of 3.5% during the forecast period, which is expected to occupy more than 20.0% of the market in 2018. The growth rate witnessed by the Haloform reaction between sodium hypochlorite and acetone segment is attributed to the fact that various experiments and studies are being conducted in laboratory on the mechanism of this organic compound wherein this process finds application, contributes to the growth rate witnessed by this segment.

2. In context to Type, the Fluorocarbon Grade segment held the largest market share of more than 50.0% in 2018, with a CAGR of 3.1% during the forecast period. One of the major use of the organic compound is in the production of the refrigerant R-22, which is widely used in the air conditioning business that results in extensive use of the compound in fluorocarbon grade contributing to the market share held by this segment.

3. The Chloroform market held a market share of USD 7.76 Billion in the year 2018 that is forecasted to grow at a rate of 3.0% during the forecast period.

4. In regards to the region, Asia Pacific is projected to witness a considerable growth rate of 3.3% during the forecast period, which is expected to hold more than 30.0% of the market by 2027. The growth rate witnessed by the APAC region is attributed to the continuous growth of the pharmaceutical sector and the high demand for pesticides, which contributes to the expansion of the market in this region.

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Key selling points of this research study

1. The study gives an in-depth evaluation of the evolving competitive scenario that gives the reader/client a competitive edge.

2. It offers a holistic view of all critical aspects boosting or limiting the growth of the sector

3. The market intelligence report derives an eight-year forecast, including historical, contemporary, and potential market prospects, projecting the estimated progress of the market.

4. It aids informed decision-making by offering an exhaustive database of the pivotal market segments and sub-segments.

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