Chloromethane Market Expected to See Strong Growth, Reaching $35.22 Billion by 2028 with 19.1% CAGR

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Chloromethane Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $35.22 billion In 2028 At A CAGR Of 19.1%:

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.

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Chloromethane Market Major 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 Driver - 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.

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Prominent Trend - 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.

Chloromethane Market Players
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.

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the chloromethane market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the chloromethane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Chloromethane Market Report Structure
3. Chloromethane Market Trends And Strategies
4. Chloromethane Market - Macro Economic Scenario
5. Chloromethane Market Size And Growth
…..
27. Chloromethane Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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