Global chloromethane demand is anticipated to be valued at US$ 5.3 Billion in 2022, forecast to grow at a CAGR of 5.2% to be valued at US$ 8.8 Billion from 2022 to 2032. Growth is attributed to increased demand for silicone elastomers, especially across the automotive and construction industries.
Traditionally, chloromethane was widely used as a refrigerant. However, owing to its high toxicity levels, the use of this chemical has been banned in consumer products. Presently, it is used as a chemical intermediate to manufacture derivative products such as chloroform, methylene chloride and carbon tetrachloride.
Germany is considered to be a highly lucrative market for chloromethane and its derived products, driven primarily by its utilization across the pharmaceutical industry. Chloromethane is being specifically used as a local anesthetic, and as an intermediate in drug manufacturing.
As global warming and sustainability concerns rise, several domains, including the cold chain industry, are transitioning towards using hydrofluoro olefins, a more sustainable refrigeration alternative to CFCs, thereby widening chloromethane sales prospects.
Simultaneously, high toxicity claims concerning use of chloromethane are acting as significant growth barriers. Individuals exposed to elevated chloromethane levels have reported effects such as staggering, blurred or double vision, fatigue, dizziness and nausea among others. Hence, manufacturers are striving to develop more user-friendly alternatives. This is expected to restrain market growth to a significant extent.
Request Sample Copy of Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-312
Which are Some Prominent Drivers Spearheading Chloromethane Market Growth?
Presently, chloromethane is used as a chemical intermediate to manufacture derivative products such as chloroform, methylene chloride and carbon tetrachloride. In addition, it is used in the manufacture of silicone.
Growth of the electronics and automotives market is expected to be one of the primary factors driving the silicones market which in turn is expected to augment the demand for chloromethane over the next few years. In addition, rapid industrialization is expected to fuel the demand for derivatives of chloromethane such as chloroform, methylene chloride and carbon tetrachloride.
Across the construction industry, silicones are deployed for structural glazing and weatherproofing. Moreover, they help contribute to maintaining energy efficiency of buildings, reducing material waste, extension of building life and maintaining in-shop productivity. Hence, use of chloromethane to manufacture construction grade silicone is forecast to increase in the upcoming decade.
The pharmaceutical industry is expected to accrue significant benefits to the global chloromethane market. A major application of chloromethane in this regard is the manufacturing of chloroform, a very popular anesthetic. In addition, chloromethane is deployed as an intermediate in the production of medicinal drugs. Moreover, methylene chloride, a prominent chloromethane product, is also used to extract numerous pharmaceutical compounds and the synthesis of vitamins and antibiotics.
What are the Challenges Faced by the Chloromethane Industry?
Although chloromethane has numerous end uses, there are numerous obstacles likely pose a challenge to market growth. According to a study published in the National Center for Biotechnology Information (NCBI), among all halogenated hydrocarbons, chloromethanes are highly volatile, meaning they can be transported to the stratosphere, leading to increased concentrations of chlorinated atoms, which depletes the ozone layer.
Given the increased emphasis on reducing carbon emissions and global warming, industries are gradually abandoning use of chloromethanes and other chlorinated compounds in favor of more sustainable elements. Hence, this is anticipated to act as a significant growth barrier to the chloromethane market in forthcoming years.
Request Brochure of Report: https://www.futuremarketinsights.com/reports/brochure/rep-gb-312
Why is Asia-Pacific Emerging as an Opportunistic Chloromethane Market?
Asia Pacific was the largest market for chloromethane and the trend is expected to continue into the forecast period owing to rapid industrialization in this region. Growing demand for electronics and automotives are indirectly expected to augment the chloromethane market. The region is forecast to surge at over 5% CAGR from 2022 to 2032.
Abundant availability of feedstock and significant availability of shale gas reserves in China are amongst some of the most prominent growth drivers for the Asia Pacific region. Because of this, numerous chemical manufacturers are establishing base across the region. Additionally, countries such as India are offering the required raw materials and skilled labor at comparatively inexpensive rates, motivating players to establish production units in these nations.
How is Europe Contributing to Growth of the Chloromethane Market?
According to Future Market Insights, Europe is expected to provide immense growth opportunities for chloromethane, with Germany expected to steer the bulk of all regional growth. Extensive applications in the pharmaceutical industry is keeping sales of chloromethane afloat across Germany.
Countries such as Poland, Belgium, U.K and Czech Republic are all also generating high demand for chloromethane, as these regions are witnessing an uptick in construction activity. Moreover, the chemical industry in these countries is also experiencing a major upsurge, which will generate favorable conditions for market growth.
Feel free to ask your queries at https://www.futuremarketinsights.com/ask-question/rep-gb-312
Market Competition
Some of the key participants present in the global chloromethane market include AkzoNobel N.V., Asahi Glass Co. Ltd., Dow Chemical Company, Gujarat Alkalies & Chemicals Ltd., Ineos, Solvay S.A., Shin-Etsu Chemical Co. Ltd., and Tokuyama Corporation among others.
Attributed to the presence of such high number of participants, the market is highly competitive. While global players such as AkzoNobel and Dow Chemical Company account for a considerable market size, several regional level players are also operating across key growth regions, particularly in the Asia Pacific.