Wilmington, Delaware, United States, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The chloromethane market was valued at US$ 3.5 billion in 2021. A CAGR of 4.4% is predicted from 2022 to 2031, reaching US$ 5.4 billion. Pharmaceuticals such as local anesthetics and drugs are manufactured using chloromethane. Research and development activities in the pharmaceutical industry influence the market for chloromethane.
Sustainability and environmental regulations have gained increasing attention. The emission and environmental impact of chloromethane has been regulated as a volatile organic compound (VOC). Adapting to stricter environmental standards may be challenging for companies in the industry.
Environmental concerns are driving the development of various bio-based and environmentally friendly chloromethane alternatives. In addition to regulatory pressures, consumers are increasingly demanding eco-friendly products. Advances in technology and processes have influenced chloromethane markets. Production methods that are eco-friendlier and efficient could influence chloromethane availability and cost.
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The ozone layer and climate change are being threatened by certain chlorinated compounds, which are being phased out or restricted globally. As an example, the Montreal Protocol, which prevents the production and consumption of ozone-depleting substances, aims to phase out their production and consumption.
In light of growing concern about sustainability, the chemical industry might focus on producing chloromethane in an environmentally friendly manner. Among the applications of chloromethane are silicones for the electronics industry, such as adhesives, sealants, and coatings. Electronics industry development may influence chloromethane demand with continued growth.
Researchers and developers may discover or improve alternative technologies that could help reduce dependence on chloromethane. Chloromethane could be produced biologically using various methods. Developing eco-friendly and economically viable chloromethane production methods could revolutionize the industry.
Key Findings of the Market Report
- The increasing use of silicone in medical and personal applications and rapid urbanization drive the silicone market.
- Asia Pacific region is expected to increase at 4.7% CAGR by 2031.
- The silicon manufacturing segment is expected to increase at 4.8% CAGR during the forecast period.
- Methyl chloride is predicted to expand at a 4.5% CAGR during the forecast period.
Global Chloromethane Market: Growth Drivers
- Chloromethane is used as a raw material to make chemical products such as silicone polymers and methylcellulose. Growing chemical manufacturing industries drive the chloromethane market. Chloromethane is widely used for silicones in the automotive, construction, and electronics industries. A growing demand for silicones could drive chloromethane market growth.
- Several pharmaceuticals and agrochemicals are synthesized using chloromethane. Increasing demand for chloromethane can be attributed to the pharmaceutical and agrochemical industries. Changes in environmental regulations and standards can affect chloromethane production and use. Because of new regulations, companies may be forced to adapt, which will significantly impact the overall market dynamics.
- Innovations related to chloromethane technologies or production processes can impact the market. Manufacturing processes can be optimized to improve the competitiveness and growth of the chloromethane industry.
- The price of chloromethane has been volatile, influenced by several factors, including energy costs, raw material costs, and global economic conditions. These fluctuations for businesses in the industry may affect profitability. Many industries have a strong demand for chloromethane. These industries include agrochemicals, pharmaceuticals, and silicone production, among others. A change in consumer preferences or the economy can affect the chloromethane market.
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Global Chloromethane Market: Regional Landscape
- Asia Pacific is expected to drive demand for chloromethane in the market. In recent years, China and India have largely driven the chloromethane market. Chloromethane demand for various uses has increased as industrialization and manufacturing have increased in this region.
- The demand for automobiles and electronics is speculated to boost the chloromethane market. Shale gas reserves and abundant feedstock supply in China will drive the production of the product. Due to the discovery of new viruses, a large number of pharmaceutical companies have invested in research and development to develop new drugs. Because of such activities, the demand for lab chemicals and drug additives should increase, which should result in a higher demand for chloromethane.
Global Chloromethane Market: Key Players
Manufacturers of chloromethane concentrate on expanding capacities and sales & distribution networks to consolidate their market position in the chloromethane industry.
- The Dow Chemical Company
- AGC Chemicals
- Gujarat Fluorochemicals Limited
- The Sanmar Group
- Nouryon
- Occidental Petroleum Corporation
- KEM ONE
- Shin-Etsu Chemical Co., Ltd.
- Gujarat Alkalies and Chemical Limited
- Spectrum Chemical Manufacturing Corp.
- Krunal Acid Agency
- Mitsubishi Australia Ltd.
- Alfa Aesar
- Tokuyama Corporation
- SRF Limited
- Benzer Multi Tech India Private Limited
Key Developments
- In October 2022, Gujarat Alkalies & Chemicals completed several new projects to increase chloromethane production. As part of the project, the company produced 105,000 TPA of chloromethane at Dahej in Gujarat, India.
Global Chloromethane Market: Segmentation
By Product
- Methyl Chloride
- Methylene Chloride
- Chloroform
- Carbon Tetrachloride
By Application
- Silicone Manufacturing
- Medical & Pharmaceutical
- Foam Blowing
- Chemical Intermediaries & Catalyst
- Agrochemicals
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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