iCrowd Newswire – Jun 29, 2020
One of the major factors fuelling the surge in the sales of chloromethanes is their wide-scale usage as raw materials in the production of industrial solvents all over the world. Chloromethanes are highly sought after for use as solvents in the production of silicones, silicone caulk, silicone rubber, and silicone oil, which are later used in the production of lubricants, adhesives, sealants, medicine, thermal and electrical insulation, and cooking utensils. In addition to this, methyltrichlorosilane and trimethylsilyl chloride produced from chloromethanes are used as solvents in the manufacturing of butyl rubber and petroleum refining.
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Key Questions Addressed/Answered in the Report
- What is the current scenario of the global chloromethanes market?
- What is the present size of the market segments and their future potential?
- What are the major product types in the market and their impact during the short, medium, and long terms?
- What are the evolving opportunities for the players in the market?
- Which are the key regions from the investment perspective?
- What are the key strategies being adopted by the major players to expand their market share?
The burgeoning usage of chloromethanes and the flourishing pharmaceuticals industry in many countries are the other major factors boosting the demand for these chemicals throughout the world. Due to these factors, the revenue generated from the worldwide sales of chloromethanes is predicted to rise from $2,675.9 million to $3,286.9 million from 2018 to 2024. The global chloromethanes market is expected to advance at a CAGR of 3.4% during the forecast period (2019—2024).
Chlormethanes are extensively used in a wide array of applications such as chemicals and intermediates, agrochemicals, adhesives, refrigerants, pharmaceuticals, and silicone polymers. Out of these, the chemicals and intermediates registered the highest usage of chloromethanes in 2018. This is mainly attributed to the fact that chloromethanes are widely used in the production of various chemicals and precursors to the chemical intermediates such as butyl rubber, resins, greases, oils, blowing agents, and propellants. Furthermore, the expansion of the chemicals industry is expected to significantly boost the demand for chloromethanes in the coming years.
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The most widely used types of chloromethanes are methylene chloride, methyl chloride, chloroform, and carbon tetrachloride. Out of these chemicals, the usage of methylene chloride was found to be the highest in various chemical production processes in 2018. This is primarily credited to the large-scale requirement of methylene chloride in various industries and chemical processes such as production of adhesives, pharmaceutical products, flexible polyurethane foam, paint stripping and removal products, and metal cleaning agents.
Geographically, the chloromethanes market is predicted to register the fastest growth, in terms of value, in the Asia-Pacific (APAC) region during the forecast period. This is mainly ascribed to the high utilization and production of chloromethanes in China. In APAC, China is currently observing the highest demand for chloromethanes, on account of the large-scale production of different types of chemicals, pharmaceuticals, and agrochemicals in the country. Moreover, the country is one of the largest producers of various chemicals and pharmaceuticals across the world.
Therefore, it can be safely said that the sales of chloromethanes will boom all around the world in the forthcoming years, on account of the increasing requirement of these chemicals in the production of various solvents, chemicals, and pharmaceuticals throughout the world.
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Keywords: Chloromethanes Market, Global Chloromethanes Market Size, Chloromethanes Market Global Demand, Chloromethanes Market Forecast Report