Chloromethane Global Market Report 2024 - By Trends, Size, Share, Industry Scope, Forecast To 2033

The chloromethane market size has grown strongly in recent years. It will grow from $3.77 billion in 2023 to $4.04 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to chemical industry growth, industrial applications, plastics and polymers production, silicone production, pharmaceutical sector demand.

The chloromethane market size is expected to see strong growth in the next few years. It will grow to $5.22 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to expanding silicone demand, agricultural chemicals demand, evolving solvent applications, electronics and semiconductor sector expansion, global manufacturing expansion. Major trends in the forecast period include innovations and r&d investment, regulatory shifts and compliance, adaptation in energy sectors, emerging market growth, utilization as a solvent and intermediate.

Market Overview -
Chloromethane refers to a clear, colorless gas and toxic gas that is extremely flammable and heavier than air. They are used as a refrigerant and in many industrial applications.

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Booming Drug And Medical Industry Propel Growth Of The Chloromethane Market
The growing drug and medical industry are expected to propel the chloromethane market going forward. The medical industry consists of businesses that provide medical services, manufacture medical equipment or drugs, provide medical insurance, or otherwise facilitate the provision of healthcare to patients. Chloromethane is used as a chemical intermediate in the production of drugs and medicines, so the growing medical industry helps in market growth. For instance, in March 2023, according to the American Medical Association, a US-based non-profit organization, health spending in the U.S. increased by 2.7% in 2021 to $4.3 trillion or $12,914 per capita.. Therefore, the growing drug and medical industry are driving the chloromethane market.

Competitive Landscape -
Major companies operating in the chloromethane market report are Dow Inc., Asahi Glass Co. Ltd., Gujarat Alkalies & Chemicals Ltd., AkzoNobel N.V., Solvay SA, Occidental Chemical Corporation, Ineos Group Holdings SA, Kem One SAS, Shin-Etsu Chemical Co. Ltd., Tokuyama Corporation, AGC Chemicals Ltd., Nouryon BV, Sanmar Group, SRF Limited, Fisher Scientific Inc., Gujarat Fluorochemicals Limited, Tokyo Chemical Industry Co. Ltd., BASF SE, The Chemours Company, Ercros S.A., China Petroleum & Chemical Corporation, Jiangsu Yangnong Chemical Group Co. Ltd., Celanese Corporation, Alkyl Amines Chemicals Limited, Merck KGaA, Praxair Inc., Puyang Shenghuade Chemical Co. Ltd., Shandong Dongyue Chemical Co.Ltd., Shandong Taihe Technologies Co. Ltd., Shandong Xinlong Group Co.Ltd.

Increasing Passenger Vehicle Sales Drive Chloromethane Market Growth
Increasing sales of passenger vehicles are expected to propel the chloromethane market going forward. Passenger vehicles refer to automobiles that are meant for the transportation of passengers. The use of chloromethane in passenger vehicles helps to be less in weight as they become more fuel-efficient and thus reduce carbon emissions. For instance, In 2021, according to the International Organization of Motor Vehicle Manufacturers, a France-based international organization of vehicle manufacturers, assemblers, and importers, the global sale of passenger cars increased by 4.39% to 56.3 million in 2021. Therefore, the increasing sales of passenger vehicles are driving the chloromethane market.

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Key Segments -
The chloromethane market covered in this report is segmented -
1) By Type: Methylene Chloride, Methyl Chloride, Carbon Tetrachloride, Chloroform
2) By Application: Refrigeration, Industrial Solvents, Chemical Intermediate, Silicones Polymers, Laboratory Chemicals, Temperature Control, Local Anesthetic, Other Applications
3) By End-Use: Pharmaceuticals, Agrochemicals, Automotive, Paints And Coatings, Personal Care And Cosmetics

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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