Dublin, Sept. 06, 2021 (GLOBE NEWSWIRE) -- The "Chloromethane Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Chloromethane Market is projected to register a CAGR of over 4% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. Owing to pandemic scenario, several countries around the world went into lockdown to curb the spreading of virus. The supply and demand chain was completely disrupted which impacted the demand for chloromethane from various applications such as agriculture, personal care, chemicals and others. However, the condition is expected to recover in 2021, which is expected to benefit the market during the forecast period.
Over the short term, increasing usage of silicone in various end-user industries and growing demand from the pharmaceutical and personal care industries are driving the market growth. On the flipside, stringent regulations on chloromethane and negative impact of COVID-19 pandemic are the major restraints, which are expected to hinder the growth of market.
Ongoing research and development in the production of chloromethane is expected to offer various lucrative opportunities for the growth of market. By application, silicones segment is expected to dominate the market owing to the increase in the usage of silicone elastomers in the construction and automotive industries.
Asia-Pacific region dominated the chloromethane market across the globe with the largest consumption from countries such as China, India, and Japan.
Key Market Trends
Increasing Usage of Silicone in Various End-user Industries
- A major part of the chloromethane produced is used as feedstock in the manufacturing of the chemical intermediate like methyl chlorosilanes. These methyl chlorosilanes are employed in the production of silicone fluids.
- Silicone fluids made using chloromethane are used in a broad range of products, such as processing aids (antifoaming agents, release agents, and light-duty lubricants), and specialty chemicals for consumer products (cosmetics, furniture polishes, auto polishes, and paper coatings).
- Silicone resins are used in water-repellent resins, coatings, molding resins, electrical insulation, laminating resins, etc.
- Properties, such as solubility in organic solvents, water-repellence, and flexibility, make silicones a better material of choice as intermediates.
- Silicone elastomers are used in the construction industry as adhesives and sealants, in automotive applications, like wire and cable insulation, and surgical and other medical applications.
- Moreover, in the construction industry, silicones are used in structural glazing and weatherproofing, while contributing to the energy efficiency of buildings. They also help improve in-shop productivity, reduce material waste, extend building life, and reduce lifecycle costs.
- According to Statista Market Forecast, the global construction industry spending was estimated at USD 12 trillion in 2019. It is expected to grow three percent per annum and reach USD 19.2 trillion by 2035. This is expected to augment the market demand over the forecast period.
- The aforementioned factors are expected to continue to drive the consumption of silicones in the coming years, thus driving the market for chloromethane.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for chloromethane during the forecast period. In countries like China, India, Japan and South Korea, owing to increasing demand from various end-user industries, the demand for chloromethane has been increasing in the region.
- China is the second-largest market for pharmaceuticals, globally. The market for pharmaceuticals is emerging rapidly, owing to the growing middle-class and aging society present in the country, rising incomes, and increasing urbanization. The pharmaceutical sales of the country is expected to reach up to USD 175 billion by 2022. This is expected to boost the growth of chloromethanes used in the pharmaceutical applications.
- In addition, the Chinese government promulgated Healthy China 2030, which is a blueprint that outlines its ongoing intents to prioritize health as a precondition for sustained social and economic development.
- Furthermore, with growing investments and the construction activities in the country, the demand for silicones is projected to grow during the forecast period. According to the National Bureau of Statistics of China, the revenue generated by the Chinese construction industry has increased from CNY 17.67 trillion in 2014 to CNY 24.84 trillion in 2019.
- China is investing USD 1.43 trillion in the next five year till 2025, in major construction projects. According to National Development and Reform Commission (NDRC), Shanghai plan includes the investment of USD 38.7 billion in next three years, whereas Guangzhou has signed 16 new infrastructure projects with and investment of USD 8.09 billion.
- The Indian pharmaceutical sector is expected to grow to USD 100 billion, while the medical device market is expected to grow USD 25 billion by 2025. Pharmaceutical exports from India were valued at USD 20.70 billion in 2020. Pharmaceutical exports include bulk drugs, intermediates, drug formulations, and biologicals, among other products.
- In India, growing consumerism is stimulating the demand for personal care products, which in turn, is driving the market's demand in the country. According to the India Brand Equity Foundation, the beauty, cosmetic, and grooming market is expected to reach USD 20 billion by 2025.
- Moreover, the Indian government has been actively boosting housing construction, as it aims to provide homes to about 1.3 billion people. The country is likely to witness around USD 1.3 trillion of investment in housing over the next seven years. Additionally, it is likely to witness the construction of 60 million new homes in the country.
- The availability of affordable housing in the country is expected to rise around 70% by 2024. By 2022, India is expected to contribute about USD 640 billion in the construction industry, due to government initiatives in infrastructure development and affordable housing, such as housing to all, smart city plans, etc. The growing construction activities in the country are driving the demand for silicones in the country, which in turn will drive the chloromethane market over the forecast period.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for chloromethanes during the forecast period.
Competitive Landscape
The Chloromethane market is consolidated with top players accounting for a major share of the market. Some of the key companies in the market include Gujarat Alkalies and Chemical Limited, Occidental Petroleum Corporation, AGC Chemicals, Nouryon, and KEM ONE.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Usage of Silicone in Various End-user Industries
4.1.2 Growing Growing Demand from the Pharmaceutical and Personal Care Industries
4.2 Restraints
4.2.1 Stringent Regulations on Chloromethane
4.2.2 Negative Impact of COVID-19 Pandemic
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
5.1 Product Type
5.1.1 Methyl Chloride
5.1.2 Methylene Chloride
5.1.3 Carbon Tetrachloride
5.1.4 Chloroform
5.2 Application
5.2.1 Silicones
5.2.2 Agriculture Chemicals
5.2.3 Pharmaceutical
5.2.4 Chemical Intermediate
5.2.5 Personal Care
5.2.6 Other Applications
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AGC Chemicals
6.4.2 Gujarat Alkalies and Chemical Limited
6.4.3 Gujarat Fluorochemicals Limited
6.4.4 KEM ONE
6.4.5 Merck KGaA
6.4.6 Nouryon
6.4.7 Occidental Petroleum Corporation
6.4.8 Shin-Etsu Chemical Co., Ltd.
6.4.9 The Sanmar Group
6.4.10 Tokuyama Corporation
6.4.11 Tokyo Chemical Industry Co., Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Ongoing Research and Development in the Production of Chloromethane
7.2 Other Opportunities
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