Chloroform Market Size, Share, Trends and Outlook 2023-2030

The global chloroform market is expected to reach at a CAGR of 5.0% during the forecast period (2023-2030).

Chloroform, represented by the chemical formula CHCl3, is an organic molecule classified as a trihalomethane. It is a transparent, colorless liquid that possesses a familiar odor. In laboratories, chloroform is frequently used as a solvent because it is conveniently volatile, comparatively inert and miscible with most organic liquids. Despite being generally non-combustible, it is capable of igniting under extreme conditions. As an additive to dyes, insecticides, and other products, the pharmaceutical industry employs it as a solvent.

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Market Drivers: Growing agrochemical sector

Agricultural development is one of the best ways to reduce extreme poverty, promote shared prosperity, and feed 9.7 billion people by 2050. Agriculture expansion raises impoverished people's earnings two to four times more than other industries. Agriculture, which accounts for 4% of global GDP and 25% in certain least developed countries, is also crucial for economic development.
The need for sustainably produced food and crop protection chemicals to minimize crop losses and raise yields rises with the world's population expansion. By minimizing the need to convert forests to agriculture and cutting greenhouse gas (GHG) emissions, agrochemicals help prevent climate change. The future of agrochemicals seems bright.
The fast-growing agricultural industry is driving agrochemical demand. The increasing agrochemical industry might be a worldwide market driver since chloroform is a significant solvent in most pesticides and insecticides.

Market Segmentation: Alcohol stabilized grade chloroform grew because to its many medicinal and chemical uses as reagents and solvents.
Grade divides the worldwide chloroform market into technical, alcohol stabilized, and fluorocarbon grades. Alcohol-stabilized grade leads the type sector due to its many uses. The pharmaceutical industry uses alcohol stabilized grade as a solvent to extract and purify non-food components. It also purifies medicines, alkaloids, and vitamins. The reaction medium for organic nitrogen compounds, acids, aromatic hydrocarbons, ethers, and other fine chemicals is a small percentage of the laboratory solvent.

Market Companies:

Dow, BASF SE, Solvay, INEOS, Olin Corporation, JIGCHEM UNIVERSAL, Akzo Nobel N.V., Nouryon, Sumitomo Chemical Co., Ltd., INEOS and Occidental Petroleum Corporation

By Grade
• Technical Grade
• Alcohol Stabilized Grade
• Fluorocarbon Grade
By Application
• Solvent
• Intermediates
• Reagent
• Others
By End-User
• Pharmaceutical
• Agrochemical
• Chemical Industry
• Others
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa

Geographical Share:

Asia-Pacific is quickly industrializing and growing economically. Chloroform demand is rising as industries expand. Pharmaceutical and biotechnology research, rapid agrochemical sector expansion, and increased consumer demand for agricultural goods drive the Asia-Pacific chloroform market. The agrochemical sector is growing, increasing global need for pesticides and insecticides, creating attractive market potential.

Industry Developments:

On January 31, 2022, BASF SE declared that it would upgrade the facilities used to produce chloroformates and acid chlorides at its Ludwigshafen Verbund plant for a low three-digit million-euro sum. By the time the work is finished in 2025, the company's capacity for chloroformates, acid chlorides and alkyl chlorides products at the location will have increased by almost 30%.

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