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Chloroform Market Size Worth USD 9.45 Billion in 2032 | Emergen Research
Chloroform Market
Key Market Drivers
Chloroform serves as a pivotal intermediate in the production of plastics, pharmaceuticals, dyes, and pesticides, driving its demand across diverse industries. Widely utilized in the pharmaceutical sector, chloroform acts as an effective solvent for alkaloids and facilitates plant material extraction for pharmaceutical processing.
Additionally, it plays a crucial role as a reagent in DNA and RNA research, further boosting its significance in the pharmaceutical market.
Furthermore, the agrochemical industry is experiencing a surge in demand for chloroform due to its usage in the production of pesticides and insecticides. Chloroform's properties make it an ideal solvent for extracting antibiotics, vitamins, and flavors, thereby contributing to its increasing demand in the food and farm product sectors.
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Market Developments
Top exporters of chloroform in 2022 include Germany, the US, France, Korea, and China, while leading importers were the Netherlands, Italy, and France. The price per ton of chloroform witnessed fluctuations, reaching its highest point in February 2022. However, there was a discernible decline in export prices from March to June 2022, impacting the market dynamics.
Market Restraints
Despite its widespread usage, concerns regarding health and environmental implications, along with the availability of alternatives, pose significant challenges to the chloroform market. Adverse health effects associated with chloroform inhalation and regulatory constraints are hindering market growth. Additionally, limited technology penetration in developing countries and unfavorable reimbursement
scenarios are further restraining the market expansion.
Segment Insights
• Chloroform Grade: The fluorocarbon segment dominates the market due to its usage in air conditioners and diverse industries.
• Chloroform Form: The solvent segment holds the largest market share, driven by its widespread application in various industries.
• Chloroform End-Use: The agrochemical segment leads the market, followed by the pharmaceutical and chemical industries, owing to the diverse applications of chloroform in these sectors.
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Chloroform Top Companies and Competitive Landscape
The global chloroform market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective chloroform.
Some of the major companies included in the global chloroform market report are:
• Hanwha Solutions Chemical Division Corporation
• Air Liquide
• Occidental Petroleum Corporation
• Mitsubishi Chemical Corporation
• Sumitomo Chemical Co., Ltd.
• PPG Industries, Inc
• Tosoh India Pvt. Ltd.
• LyondellBasell Industries Holdings B.V.
• Eastman Chemical Company
• LG Chem.
• Arkema
• Formosa Plastics Corporation,
• Shin-Etsu Chemical Co., Ltd.
• Meghmani Finechem
• Mitsui Chemicals, Inc.
• Akzo Nobel N.V.
• Solvay
• INEOS
• BASF SE
• Dow
Chloroform Latest Industry News
• In February 2023, LyondellBasell and KIRKBI A/S have entered into an agreement to invest in APK, a company renowned for its solvent-based recycling technology tailored for low-density chloroform. This strategic move has led to LyondellBasell and KIRKBI A/S acquiring minority stakes in APK.
• In August 2021, Braskem introduced HD1954M, a high-density chloroform product known for its remarkable impact strength, rigidity, and resistance to Environmental Stress Cracking (ESCR). This innovation is set to enhance packaging efficiency and productivity, catering to the specific needs of the agrochemical and chemical sectors.
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Chloroform Market Segment Analysis
For the purpose of this report, Emergen Research has segmented global chloroform market on the basis of grade, application, end use, and region:
• Grade Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)
o Technical Grade
o Alcohol Stabilized Grade
o Fluorocarbon Grade
• Application Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)
o Solvent
o Intermediates
o Anesthetic
o Reagent
o Others
• End Use Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)
o Pharmaceutical Industry
o Agrochemical Industry
o Chemical Industry
o Others
• Regional Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of MEA
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HS Code - 29094900
Chemical Formula - C6H14O3
Synonyms - Diethylene glycol monoethyl ether, 2-(2-Ethoxyethoxy) ethanol, Transcutol, 3,6-Dioxa-1-Octanol, Dioxitol, Polysolv DE, Dowanal DE
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Supplier Database Availability - Yes
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