(MENAFN- GlobeNewsWire - Nasdaq) Rising demand for certain refrigerants and solvents in the chemical industry will increase chloromethane demand in the market.
Wilmington, Delaware, United States, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The chloromethane market was valued at US$ 3.5 billion in 2021. A CAGR of 4.4% is predicted from 2022 to 2031, reaching US$ 5.4 billion . Pharmaceuticals such as local anesthetics and drugs are manufactured using chloromethane. Research and development activities in the pharmaceutical industry influence the market for chloromethane.
Sustainability and environmental regulations have gained increasing attention. The emission and environmental impact of chloromethane has been regulated as a volatile organic compound (VOC). Adapting to stricter environmental standards may be challenging for companies in the industry.
Environmental concerns are driving the development of various bio-based and environmentally friendly chloromethane alternatives. In addition to regulatory pressures, consumers are increasingly demanding eco-friendly products. Advances in technology and processes have influenced chloromethane markets. Production methods that are eco-friendlier and efficient could influence chloromethane availability and cost.
Get Sample PDF of this Research Report@
The ozone layer and climate change are being threatened by certain chlorinated compounds, which are being phased out or restricted globally. As an example, the Montreal Protocol, which prevents the production and consumption of ozone-depleting substances, aims to phase out their production and consumption.
In light of growing concern about sustainability, the chemical industry might focus on producing chloromethane in an environmentally friendly manner. Among the applications of chloromethane are silicones for the electronics industry, such as adhesives, sealants, and coatings. Electronics industry development may influence chloromethane demand with continued growth.
Researchers and developers may discover or improve alternative technologies that could help reduce dependence on chloromethane. Chloromethane could be produced biologically using various methods. Developing eco-friendly and economically viable chloromethane production methods could revolutionize the industry.
Key Findings of the Market Report
The increasing use of silicone in medical and personal applications and rapid urbanization drive the silicone market. Asia Pacific region is expected to increase at 4.7% CAGR by 2031. The silicon manufacturing segment is expected to increase at 4.8% CAGR during the forecast period. Methyl chloride is predicted to expand at a 4.5% CAGR during the forecast period.
Global Chloromethane Market: Growth Drivers
Chloromethane is used as a raw material to make chemical products such as silicone polymers and methylcellulose. Growing chemical manufacturing industries drive the chloromethane market. Chloromethane is widely used for silicones in the automotive, construction, and electronics industries. A growing demand for silicones could drive chloromethane market growth. Several pharmaceuticals and agrochemicals are synthesized using chloromethane. Increasing demand for chloromethane can be attributed to the pharmaceutical and agrochemical industries. Changes in environmental regulations and standards can affect chloromethane production and use. Because of new regulations, companies may be forced to adapt, which will significantly impact the overall market dynamics. Innovations related to chloromethane technologies or production processes can impact the market. Manufacturing processes can be optimized to improve the competitiveness and growth of the chloromethane industry. The price of chloromethane has been volatile, influenced by several factors, including energy costs, raw material costs, and global economic conditions. These fluctuations for businesses in the industry may affect profitability. Many industries have a strong demand for chloromethane. These industries include agrochemicals, pharmaceuticals, and silicone production, among others. A change in consumer preferences or the economy can affect the chloromethane market.
Have Any Query? Ask our Experts@
Global Chloromethane Market: Regional Landscape
Asia Pacific is expected to drive demand for chloromethane in the market. In recent years, China and India have largely driven the chloromethane market. Chloromethane demand for various uses has increased as industrialization and manufacturing have increased in this region. The demand for automobiles and electronics is speculated to boost the chloromethane market. Shale gas reserves and abundant feedstock supply in China will drive the production of the product. Due to the discovery of new viruses, a large number of pharmaceutical companies have invested in research and development to develop new drugs. Because of such activities, the demand for lab chemicals and drug additives should increase, which should result in a higher demand for chloromethane.
Global Chloromethane Market: Key Players
Manufacturers of chloromethane concentrate on expanding capacities and sales & distribution networks to consolidate their market position in the chloromethane industry.
The Dow Chemical Company AGC Chemicals Gujarat Fluorochemicals Limited The Sanmar Group Nouryon Occidental Petroleum Corporation KEM ONE Shin-Etsu Chemical Co., Ltd. Gujarat Alkalies and Chemical Limited Spectrum Chemical Manufacturing Corp. Krunal Acid Agency Mitsubishi Australia Ltd. Alfa Aesar Tokuyama Corporation SRF Limited Benzer Multi Tech India Private Limited
Key Developments
In October 2022, Gujarat Alkalies & Chemicals completed several new projects to increase chloromethane production. As part of the project, the company produced 105,000 TPA of chloromethane at Dahej in Gujarat, India.
Global Chloromethane Market: Segmentation
By Product
Methyl Chloride Methylene Chloride Chloroform Carbon Tetrachloride
By Application
Silicone Manufacturing Medical & Pharmaceutical Foam Blowing Chemical Intermediaries & Catalyst Agrochemicals Others
By Region
North America Europe Asia Pacific Middle East & Africa Latin America
Place an Order Copy of the Report@
Browse More Reports by TMR:
Transparent Concrete Market - The global market for transparent concrete was estimated to have garnered a global market valuation around US$ 1.6 million in 2022. The market is anticipated to grow at a staggering 41.6% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 26.5 million.
Meitnerium Market - The global meitnerium market was valued at US$ 46.8 thousand in 2022 and is projected to reach US$ 92.9 thousand by 2031, expanding at a CAGR of 7.9% from 2023 to 2031.
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website:
Blog:
Email: ...
MENAFN19122023004107003653ID1107623556
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.