Global Chloromethane Market to Rise at 4.4% CAGR during 2022-2031: TMR Study
WILMINGTON, DE / ACCESSWIRE / November 29, 2022 / Transparency Market Research Inc. - In 2021, the value of the global Chloromethane Market stood at US$ 3.5 Bn. The global market is predicted to expand at 4.4% CAGR during the forecast period, from 2022 to 2031. By 2031, the market is anticipated to attain a value of US$ 5.4 Bn. Rising demand for silicone elastomers from end-use sectors such as automotive, electronics, and construction as well as an uptick in demand for new tires from developing nations are likely to fuel the growth of the global Chloromethane Market.
The chloromethane Market overview predicts urban development and rising silicone use in both medical and personal applications to support market expansion in the years to come. Silicones are mostly used in weatherproofing and coating in the construction industry. Its precursor, which also comprises methylated silicon and dimethyldichlorosilane, is produced using chloromethane. Its chemical characteristics are useful in the making of several medicinal compounds and drugs, which is anticipated to boost chloromethane sales prospects.
Additionally, chloromethane is utilized as a primary ingredient in water treatment, specialty chemicals, agrochemicals, and many other consumer products all over the world. As a solvent, chemical intermediary, and propellant, chloromethane is used in a variety of applications. Most use of chloromethane is linked to the making of silicone products.
Many of the silicone products used in the chemical industry are made utilizing chloromethane, which is consumed in large quantities. It is a key component of sealants, silicone fluids, silicone resins, silicone elastomers, adhesives, and other silicone items. Due to a rise in the usage of silicone in a variety of applications, the global market for chloromethane is anticipated to grow during the forecast period.
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Key Findings of Market Report
Chloromethane is widely used as a key ingredient in the making of silicone items including siloxanes and silanes. Silicone is used in a wide range of end-use sectors, including dry cleaning, de-foaming, automotive, aerospace, coatings, electronics, and construction and automobile industries. Every year, a diverse range of silicone items are purchased by the healthcare industry. This covers pharmaceuticals, specialist medical gadgets, and medical equipment. The global market is anticipated to benefit from an increase in silicone use.
Chloromethane is frequently employed in the polymer industry as a blowing agent or propellant in the production of polystyrene foam. The rise in chloromethane demand is likely to have a favorable effect on the polymer end-use industries all over the world.
Global Chloromethane Market: Growth Drivers
Based on product type, methyl chloride constituted 53.6% share of the global market in 2021. The methyl chloride segment is anticipated to expand at a CAGR of 4.5% during the forecast timeline. Methyl chloride is the most widely used type of chloromethane and is largely used to produce silicone, which is needed as a chemical intermediary in the building & construction, and the rubber industry.
In 2021, the global demand for chloromethane was mostly driven by the production of silicon, which accounted for 52.6% of the overall market demand. The segment is anticipated to expand at 4.8% CAGR during the forecast period. Coatings, laminating resins, molding resins, electrical insulation, and water-repellent resins all are made with silicone resins.
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Global Chloromethane Market: Regional Landscape
Chloromethane has considerable sales potential in Asia Pacific with the region accounting for nearly 58.5% share of the global market in 2021. The demand for chloromethane is anticipated to increase due to fast industrialization in countries such as India and China. Considering how extensively polystyrene foam is used in the building and construction industry, it is projected that demand for chloromethane and its derivatives will increase throughout the projection period.
Global Chloromethane Market: Key Competitors
Gujarat Alkalies and Chemical Limited
Benzer Multi-Tech India Private Limited
Spectrum Chemical Manufacturing Corp.
The Dow Chemical Company
Mitsubishi Australia Ltd.
Occidental Petroleum Corporation
Global Chloromethane Market: Segmentation
Medical & Pharmaceutical
Chemical Intermediaries & Catalyst
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