Increased Silicone Elastomer Demand Sparks Chloromethane Market Growth, Anticipated US$ 8.8 Billion Valuation by 2032

The global chloromethane market size is expected to reach a valuation of US$ 8.8 Billion by 2032, with the demand growing at a standard CAGR of 5.2% from 2022 to 2032. Valued at US$ 5 Billion in 2021, the target market scaled up to US$ 5.3 Billion in 2022. Heightened demand for silicone elastomers across different industrial verticals, particularly from the automotive and construction industries, is expected to facilitate the growth of the chloromethane market during the forecast period.

Chloromethane is used as a chemical intermediate to produce derivatives like chloroform, methylene chloride, and carbon tetrachloride. The chemical is also used in the production of silicone. With rapid industrialization taking place across the globe, the demand for these derivates of chloromethane- chloroform, methylene chloride, and carbon tetrachloride -is expected to rise which, in turn, will augur well for the target market. Furthermore, as chloromethane is also used to produce silicone, the demand for chloromethane will likely continue to rise in the automobile and electronics sectors as these industries make considerable use of silicone.

Click to Request Sample Report and Drive Impactful Decisions! https://www.futuremarketinsights.com/reports/sample/rep-gb-312

Again, silicones also find application in the construction industry which facilitates growth for the chloromethane market. In the construction industry, silicones are utilized for structural glazing and weatherproofing. Silicone also contributes towards the maintenance of energy efficiency of buildings, reduction of material waste, an extension of building life, and maintenance of in-shop productivity. Thus, with the expansion of the construction sector, the use of chloromethane to produce construction-grade silicone is anticipated to grow over the upcoming decade and push the overall market growth.

Additionally, the pharmaceutical industry is projected to drive the expansion of the global chloromethane market size. A prime use of chloromethane in the pharmaceutical sector is the manufacturing of chloroform, a very popular anesthetic. Chloromethane is also utilized as an intermediate in the manufacturing of medicinal drugs. All of these factors, along with others, will induce growth for the chloromethane market during the forecast period.

“Surging use of chloromethane as a local anesthetic and as an intermediate in drug manufacturing will fuel the global growth of the chloromethane market over the forecast period,” says an FMI analyst.

Key Takeaways in Chloromethane Market:

• High volatility and adverse effects of chloromethane on the environment are aspects that will deter the growth of the target market during 2022-2032.
• High demand for electronics and automobiles will drive Asia Pacific’s chloromethane market to grow at a CAGR of 5% during the assessment period.
• The chloromethane market in Europe will experience notable growth with Germany accounting for a major portion of the growth.
• Increasing adoption of hydrofluoro olefins, a better sustainable refrigeration substitute for CFCs, will generate greater market prospects for the chloromethane market.

Competitive Landscape in Chloromethane Market

Some of the major players in the chloromethane market are profiled in the full version of the report

• AkzoNobel N.V.
• Asahi Glass Co. Ltd.
• Dow Chemical Company
• Gujarat Alkalies & Chemicals Ltd.
• Ineos
• Solvay S.A.
• Shin-Etsu Chemical Co. Ltd.
• Tokuyama Corporation

In a highly competitive market, prominent market players are concentrating on adopting various organic and inorganic business strategies to strengthen their market presence. A few of these participants account for a sizeable portion of the market.

Elevate Your Business Today! Gain Critical Market Insights – Obtain the Report Now! https://www.futuremarketinsights.com/checkout/312

More Insights into Chloromethane Market 

In its latest report, FMI offers an unbiased analysis of the global chloromethane market, providing historical data from 2015 to 2020 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type, application, and region.

According to the report, based on regional segmentation, the chloromethane market in the Asia Pacific region will exhibit substantial growth during 2022-2032. The target market in this region will record a CAGR of 5% during this period. Factors such as the ample availability of livestock and the significant availability of shale gas reserves in China immensely influence the growth of the chloromethane market. Further, many countries like India offer raw materials and skilled labor at inexpensive rates which fuel the target market growth in Asia Pacific. Besides, Europe’s chloromethane market will also demonstrate notable growth during the assessment period primarily due to the extensive application of chloromethane in pharmaceutical industries, especially in Germany. Thus, demand for chloromethane in the chemicals, pharmaceuticals, and other industries will propel the chloromethane market growth during the forecast period.

Key Segments Profiled in the Chloromethane Industry Survey

Product Type:

• Methyl Chloride
• Methylene Chloride
• Carbon Tetrachloride
• Chloroform

Application:

• Silicones
• Agriculture Chemicals
• Pharmaceuticals
• Chemical Intermediate
• Personal Care
• Other Applications

Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East & Africa

About Future Market Insights (FMI)