The Global Chloromethane Market size is expected to reach $7.7 billion by 2030, rising at a market growth of 4.9% CAGR during the forecast period. In the year 2022, the market attained a volume of 8,524.3 kilo tonnes experiencing a growth of 3.7% (2019-2022).
Methyl chloride is a fundamental raw material in the production of silicones. Silicones are high-performance polymers with many applications, including sealants, adhesives, lubricants, and specialty coatings. Consequently, the Methyl Chloride segment would generate approximately 19.96 % share of the market by 2030. Methyl chloride is used as a solvent in various industrial processes, including paint stripping, adhesive manufacturing, and metal cleaning. Its solvent properties make it effective in dissolving many substances, contributing to its applications in different manufacturing and processing operations. The versatility of methyl chloride as a solvent uplift its demand in the market segment. Some of the factors affecting the market are expansion of technological advancements, growth of chemical synthesis and intermediates, and environmental concerns of certain chloromethane derivatives.
Technological advancements in chemical synthesis enhance chloromethane production's efficiency and cost-effectiveness. Innovations in catalysts, reaction conditions, and process optimization contribute to increased production capabilities. Advances in catalyst technology influence chloromethane production efficiency and selectivity. Optimized catalysts can enhance reaction rates, increase yields, and enable more controlled production processes. The market is expanding significantly due to the expansion of technological advancements. Moreover, Chloromethane serves as a crucial intermediate in synthesizing various chemicals and chemical compounds. It is used as a starting material in the production of pharmaceuticals, agrochemicals, and specialty chemicals, contributing to the growth of these industries. Chloromethane is a key component in the synthesis of various specialty chemicals. Growth of chemical synthesis and intermediates have been a pivotal factor in driving the growth of the market.
However, one of the significant challenges facing the market is the environmental impact of certain chloromethane derivatives. Some chloromethane-based compounds have been identified as ozone-depleting substances or contributors to global warming. As environmental regulations become more stringent, manufacturers face challenges adapting to sustainable practices. The prospect of bans poses a substantial risk to the market, as it can result in the rapid decline of demand for specific products and processes.
On the basis of end-use, the market is divided into pharmaceuticals, agrochemicals, textile, automotive, construction, paints & coatings, personal care products, plastics & rubber, and others. The automotive segment recorded a remarkable revenue share in the market in 2022. Chloromethane derivatives produce synthetic leather, also known as faux leather or pleather. Synthetic leather is used in various textile applications, including manufacturing garments, footwear, and upholstery. Chloromethane and its derivatives produce multiple polymers essential for manufacturing automotive components. These polymers produce bumpers, exterior trims, and under-the-hood components.
By product, the market is categorized into methylene chloride, methyl chloride, chloroform, carbon tetrachloride, and others. In 2022, the methylene chloride segment held the highest revenue share in the market. Methylene chloride is widely used as a solvent in paint stripping and coating removal products. Its ability to effectively dissolve and remove various types of coatings makes it a popular choice in the automotive, aerospace, and construction industries. This application contributes to the demand for chlorinated solvents, including chloromethane, in the formulation of paint strippers. Methylene chloride finds applications in the pharmaceutical industry, primarily as a solvent for various pharmaceutical processes. It is often used to extract certain compounds from natural products and prepare pharmaceutical formulations.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 5.3 Billion |
| Market size forecast in 2030 | USD 7.7 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 4.9% from 2023 to 2030 |
| Number of Pages | 369 |
| Number of Tables | 670 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, , Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product, End-Use, Region |
| Country scope |
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| Companies Included | Asahi Kasei Corporation, Tokuyama Corporation, AGC Chemicals Pvt. Ltd, Gujarat Alkalies and Chemicals Ltd, Occidental Petroleum Cororation, AkzoNobel N.V., Shin-Etsu Chemical Co. Ltd, Solvay SA, INEOS Group Holdings S.A., The Dow Chemical Company |
| Growth Drivers |
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| Restraints |
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Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region acquired a significant revenue share in the market. The growth of the chemical manufacturing sector in North America can drive an increased demand for chloromethane. Chloromethane produces materials used in the textile industry, such as polyurethane foams and PVC, in North America. The demand for textiles and related products can influence the usage of chloromethane in the region.
Free Valuable Insights: Global Chloromethane Market size to reach USD 7.7 Billion by 2030
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Asahi Kasei Corporation, Tokuyama Corporation, AGC Chemicals Pvt. Ltd, Gujarat Alkalies and Chemicals Ltd, Occidental Petroleum Cororation, AkzoNobel N.V., Shin-Etsu Chemical Co. Ltd, Solvay SA, INEOS Group Holdings S.A., The Dow Chemical Company.
By End-use (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Product (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $7.7 billion by 2030.
Expansion of technological advancements are driving the Market in coming years, however, Environmental concerns of certain chloromethane derivatives restraints the growth of the Market.
Asahi Kasei Corporation, Tokuyama Corporation, AGC Chemicals Pvt. Ltd, Gujarat Alkalies and Chemicals Ltd, Occidental Petroleum Cororation, AkzoNobel N.V., Shin-Etsu Chemical Co. Ltd, Solvay SA, INEOS Group Holdings S.A., The Dow Chemical Company.
In the year 2022, the market attained a volume of 8,524.3 kilo tonnes experiencing a growth of 3.7% (2019-2022).
The Pharmaceutical segment is leading the Market by End-use in 2022 thereby, achieving a market value of $1.3 Billion by 2030.
The Asia Pacific market dominated the Market by Region in 2022, thereby achieving a market value of $3.2 Billion by 2030, growing at a CAGR of 5.1 % during the forecast period.
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