Chloromethane Market Analysis and Forecast 2024

"The Business Research Company recently released a comprehensive report on the Global Chloromethane Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

Growing chemical production is expected to propel the growth of the chloromethane market going forward. Chemical production refers to the process of manufacturing chemicals for various applications, including agricultural, pharmaceutical, construction, and manufacturing. Chloromethane is used in various applications within the chemical sector, including the production of adhesives, sealants, silicones, agricultural chemicals, plastic, and rubber products, as well as its role as a chemical intermediate in the manufacturing of derivative products such as chloroform, methylene chloride, and carbon tetrachloride. For instance, in February 2023, according to a report published by BASF SE, a Germany-based chemicals company, global chemical production (excluding pharmaceuticals) is expected to grow by 2.0% in 2023. Therefore, the growing chemical production is driving the growth of the chloromethane market.

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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Major Key Players of the Market:

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.

Chloromethane Market 2024 Key Insights:

• 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%.
• Booming Drug And Medical Industry Propel Growth Of The Chloromethane Market
• Increasing Passenger Vehicle Sales Drive Chloromethane Market Growth
• 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

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