Chloromethane - Global Market Outlook (2020-2028)
According to Stratistics MRC, the Global Chloromethane Market is accounted for $4.80 billion in 2020 and is expected to reach $8.19 billion by 2028 growing at a CAGR of 6.9% during the forecast period. Rising demand for silicone elastomers across various end-use industries and chloromethane’s ability to act as a chemical intermediate in drugs are the factors driving the market growth. However, its high toxicity level and neurological defects are hampering the growth of the market.
Chloromethane is colorless, water-soluble, highly flammable organic compound with a faint sweet smell that belongs to a class of organic compound named haloalkanes. Due to its substantial toxic effects, it is no longer used in consumer products. Chloromethane is prepared by the reaction of hydrogen chloride and methanol and also alternatively produced by the chlorination of methane. Some amount of chloromethane is produced naturally in the oceans by the action of sunlight on chlorine and biomass in sea foam. Chloromethane is mostly used as precursors for the production of silicone polymers and drug manufacturing.
Based on the application, the refrigerant segment is going to have lucrative growth during the forecast period as refrigerants are used widely in making carbon tetrachloride. The rising global temperature along with an increase in disposable income in the emerging economies is expected to boost the demand for refrigerants. Refrigerants manufactured from chloromethane are used mostly in air conditioners, chillers, and mobile air conditioning systems.
By geography, Asia Pacific is going to have high growth during the forecast period as the Asia Pacific accounts for the largest market for chloromethane on account of minimal regulations and rising industrial activities such as pharmaceuticals. Moreover, significant population demand and improving infrastructure are also expected to contribute to the growth of the market. Various emerging and developed economies such as China, India and Japan are anticipated to witness significant growth on account of high-growth potential for chemical intermediates, foam blowing agents and pharmaceuticals.
Some of the key players profiled in the Chloromethane Market include Dow Chemical Company, Asahi Glass Co. Ltd., Gujarat Alkalies and Chemicals Ltd, Solvay SA, Tokuyana Corporation, Occidental Chemical Corporation, Akzonobel N.V., AGC Chemicals Ltd., Shin-Etsu Chemical Co. Ltd., Alfa Aesar, INEOS Group, Krunal Acid Agency, Spectrum Chemical Manufacturing Corp., The Sanmar Group, SRF Limited and Gujarat Fluorochemicals Limited.
• Methylene Chloride
• Methyl Chloride
• Carbon Tetrachloride
• Chloroform (Trichloromethane)
• Fluorocarbon Grade
• Alcohol Stabilized Grade
• Technical Grade
• Silicone Polymers
• Chemical Intermediate
• Industrial Solvent
• Laboratory Chemicals
• Methylating & Chlorinating Agent
• Propellant & Blowing Agent
• Catalyst Carrier
• Local Anesthetic
• Adhesives and Sealants
• Foam Blowing
• Metal Cleaning
Manufacturing Processes Covered:
• Methanol Route
• Methane Route
End Users Covered:
• Pharmaceuticals & Medical
• Paints & Coatings
• Personal Care Products
• Plastics & Rubber
• Agricultural Products
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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