United States, Rockville MD, June 01, 2022 (GLOBE NEWSWIRE) -- The global chloromethane market is predicted to witness a moderate growth rate of 4.8% during the forecast years of 2022 to 2032. The net worth of the chloromethane market share is expected to reach US$ 2.5 Billion by the year 2032, increasing from US$ 1.53 Billion in the year 2021.
Since its inception, chloromethane, commonly known as methyl chloride or Refrigerant-40, has been widely used in refrigeration technology. Chloromethane is a chemical intermediary used in the manufacturing of pharmaceutical industries. The exceptional growth of the
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Methylene chloride is primarily employed in the extraction of several medicinal chemicals and the manufacture of antibacterial and vitamins as a re-crystallization and reaction solvent, which is turning out to be the best performing segment for the global chloromethane market.
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The chloromethane market is expected to grow in the coming years due to increased demand in the silicone, medical & pharmaceutical, and agrochemical industries. Due to the presence of important manufacturers in China with its substantial production capacity, and extensive supply chains in other countries, China chloromethane market is one of the world's leading manufacturers and exporters of chloromethane.
The pharmaceutical, transportation, and food and beverage sectors, on the other hand, could drive the growth of this segment. All these advantages contribute to the growing demand for high-quality silicon-based goods, secondarily boosting the chloromethane market trends.
On the other hand, because it is an extremely dangerous compound, the US EPA has banned its use in all consumer paint removers, certainly limiting the chloromethane market key trends and opportunities for the future days.
Key Takeaways
- The global chloromethane market growth estimated in absolute Dollars is calculated to be around US$ 2.8 Million over the 10 years of projection period.
- On the basis of product type Methyl Chlorate is the best performing segment for the chloromethane market players growing at a rate of 4.2% during the forecast years.
- Among the several end user verticals of chloromethane market share, pharmaceutical industry is the highest grossing segment with an estimated CAGR of 4.1% for the forecasted time frame.
- United States is the top performing in terms of contribution to the chloromethane market size which stands at nearly US$ 1.9 Billion in the year 2022.
- Asia Pacific region is the significantly growing market at a rate of 3.7% for the chloromethane products supplemented by the industrial boom in other sectors.
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Competitive Landscape
Name of some of the chloromethane market key players includes Akzonobel N. V., KEM ONE, Shin-Etsu Chemical Co., Gujarat Alkalies and Chemical Limited, INEOS Group, Solvay, Occidental Petroleum Corporation, Gujarat Fluorochemicals Limited, The Sanmar Group, SRF Limited, Alfa Aesar, Tokuyama Corporation, AGC Chemicals, and Tokyo Chemical Industry among others.
Multinational corporations are involved in the manufacture of methanol, chloromethane, and derivatives such as methyl chloride and methylene chloride across the value chain have rendered thechloromethane market highly competitive for emerging players. Regulatory clearance through, product portfolio, price, geographical presence, and manufacturing techniques are all competitive elements that have a significant influence on market growth.
Recent Developments in Gym Apparel Market
- As per the announcement of Nouryon Company in the month of April in the year 2019 it has plans to begin work on an expansion project over its chloromethane production facility in Frankfurt of Germany. This development is in line with to meet rising worldwide client demand for chloromethane. The project was complete by one year and has been a supporting factor for the company’s growth in the international market.
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Region-wise Outlook
The United States is figured out to be the most lucrative market for chloromethane manufacturing companies contributing nearly 36% of the global sales.The US chloromethane marketis poised to be the dominating regional segment with an estimated market value of US$ 2.9 Billion by the end of this forecast period in 2032.
Europe is also turning out to be a remarkably improving market forsales of Chloromethane,and the United Kingdom is leading the region with a CAGR of 3.1%. By virtue of the presence of significant Chloromethane manufacturing companieslike AkzoNobel and Nouryon, Germany is one of the main manufacturers and exporters of Chloromethane.
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