What Has Been the Growth of the Chloromethane Market So Far?
The chloromethane market has seen considerable growth due to a variety of factors.
• Rapid expansion has been observed in the chloromethane market size in the last few years. The market, which stands at $4.01 billion in 2024, is projected to reach $4.28 billion in 2025, escalating at a compound annual growth rate (CAGR) of 6.6%. Factors such as the expansion of the chemical industry, its industrial usages, the production of plastics and polymers, silicon production, and the demand in the pharmaceutical sector are contributing to the growth experienced in the historic period.
What Is the Forecasted Market Size and Growth Rate for The Chloromethane Market?
The Chloromethane market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of chloromethane is anticipated to experience robust growth in the forthcoming years. The market is predicted to reach a value of $5.65 billion in 2029, growing at a compound annual growth rate (CAGR) of 7.2%.
This projected growth during the forecast period can be linked to the increasing demand for silicone, agricultural chemicals, and the advancements in solvent applications. Other contributing factors include the growth in the electronics and semiconductor industry, and global manufacturing expansion. Key trends expected during this period are innovation and research & development investments, regulatory changes and compliance, changes in the energy sectors, growth in emerging markets, and its use as a solvent and an intermediate.
What Factors Are Driving Growth In The Chloromethane Market?
Advancements in the pharmaceutical and healthcare sectors are anticipated to bolster the chloromethane market in future. The healthcare industry encompasses entities offering medical services, producing medical devices or pharmaceuticals, providing medical insurance, or facilitating healthcare delivery to patients in different ways. The role of chloromethane as a chemical agent in drug fabrication contributes to the expansion of the market in line with the growth of the healthcare sector. For instance, by January 2023, the need for innovative treatments will push oncology expenditure to an estimated $370 billion by 2027, nearly double the demand in 2023. Furthermore, 35% of the global spending is expected to be on biotech drugs. The demand for medicines is projected to surge to around $1.9 trillion by 2027 in the next five years. Hence, the thriving pharmaceutical and healthcare sectors are propelling the chloromethane market's growth.
What Are The Main Segments Of The Global Chloromethane Market?
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
Subsegments:
1) By Methylene Chloride: Industrial Solvents, Paint Strippers, Cleaning Agents
2) By Methyl Chloride: Chemical Intermediates, Refrigerants, Fumigants
3) By Carbon Tetrachloride: Solvent Applications, Chemical Manufacturing, Fire Extinguishers
4) By Chloroform: Laboratory Reagent, Solvent In Organic Synthesis, Anesthetic Agent
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What Emerging Trends Are Influencing The Growth Of The Chloromethane Market?
The growth of the chloromethane market is anticipated to be driven by the rising sales of passenger vehicles. Passenger vehicles encompass all types of automobiles used for passenger transportation. Chloromethane is used in these vehicles to reduce their weight, thereby making them more fuel-efficient and lowering carbon emissions. For example, data from the China Passenger Car Association, an organization that offers automotive stats, had reported in February 2023 that passenger car sales increased by 2.2% to 1.94 million units in August compared to the same month the previous year. Thus, the upsurge in passenger vehicle sales is fuelling expansion within the chloromethane market.
Who Are the Key Players In The Chloromethane Market?
Major companies operating in the chloromethane market include:
• 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.
What Is The Most Dominant Region In The Chloromethane Market?
Asia-Pacific was the largest region in the chloromethane market in 2024, 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.
