Global Chloromethane Market to Garner CAGR of 4% to Reach US$ 3 Billion Valuation During 2019 - 2027: Transparency Market Research
Manufacturers of chloromethane are leaning on consolidating their production volumes and supply chains to meet demands in diverse industries. Advances in purification processes and equipment are expanding application avenues for all market players
ALBANY, New York, Feb. 12, 2020 /PRNewswire/ -- Wide array of industrial applications of chloromethane underlies the growing sales of this versatile chemical. The buoyancy stems from the rapid pace of demands in the production of construction materials and agriculture products, notes a new study by Transparency Market Research (TMR). The chloromethane market is projected to clocking a CAGR of 4% CAGR from 2019 to 2027 and reach US$ 3 bn—vis-à-vis value--by the end of this period. A major share of revenues is contributed by methyl chloride—which is expected to reach around US$2.4 bn by 2027.
"Manufacturers are harnessing advanced chemistries, notably in hydrolysis and polymerization, for purification of silane intermediaries from the mixture of different reaction products, and unveil high-performing chemicals to meet various industrial applications. Specialty chemicals companies are unlocking a steady business proposition on increasing the availability of the chemical for its application in industrial decaffeination of coffee," opine the analysts in TMR.
Methyl chloride leads the product segments in the chloromethane market. By 2027, it is anticipated to contribute US$2.4 bn
Of all end-use applications, sizable revenues during the assessment period are expected to come increasingly from the demands in construction, pharmaceutical, and agriculture industries.
Demands are likely to prosper in various water treatment applications where methyl chloride is an intermediate chemical. The scope is noticeable in Asia Pacific market.
Silicone manufacturing currently accounts for the major share of production volumes in the chloromethane market. The projected output by 2027-end is approximately 3,151,000 tons.
Explore 180 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Chloromethane Market by Product: Methyl Chloride, Methylene Chloride, Chloroform [Trichloromethane], and Carbon Tetrachloride; and Application: Silicone Manufacturing, Medical & Pharmaceuticals, Foam Blowing, Chemical Intermediates & Catalysts, Agrochemicals, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027 at https://www.transparencymarketresearch.com/chloromethane-market.html
Chloromethane Market: Key Driving Factors
According to the study, the growing use of chloromethanes in wide spectrum of commercial and industrial applications is driving sales in the market. Large investments in water treatment plants by several industries of the world has reinforced the uptake of methyl chloride in a bevy of applications. Growing role of chloromethanes in decaffeination process has stirred production of these chemicals. Extensive demand for the production of silicones and pharmaceuticals is boosting revenue potential of the market. Silicones are being used increasingly in biomedical applications.
New entrants will be focusing on tapping into the rising revenue streams in applications of silicones. Growing utilization of chloromethanes in healthcare applications will help cement the growth potential of the market in the next few years.
Key Challenges for Market Players
Ensuring a steady supply chain for key application areas is a veritable challenge expected to mar the revenue potential in the chloromethane market. A case in point is meeting the rise in demands among pharmaceutical companies. Obtaining the supply of high-purity raw material is a challenge. Most notably, obtaining good quality elemental silicon has been a restraining factor. The rapid pace of demands for different types of the chemical has nudged top players to upgrade their equipment, strengthen their engineering capabilities, and seek new production machineries. The lack of capital can be a notable constraint for them.
Of all the regions, Asia Pacific is expected to hold vast revenue potential for stakeholders in the chloromethane market in coming years. In 2018, it held the leading share and is expected to clock CAGR of 4.5% from 2019 to 2027. A major part of the revenue has indisputably come from China. The country is also the one the major markets and also a prominent consumer, globally. Players in the China market have lend substantial impetus to its expansion by expanding their geographical footprints, in addition to other consolidation strategies.
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Players looking for sizable stakes in the chloromethane market are setting their sights on meeting the industrial demands for specialty chemicals. Several of them have recently started focusing on the agrochemical markets. Numerous manufacturers are actively focused on adopting new production technologies to come out with products with advances chemistries. Several players of specialty chemicals are consolidating their chloromethanes capacity, particular to meet the demands for intermediate chemicals in agrochemicals, pharmaceuticals, silicone polymers, and refrigerants.
The presence of several regional and local players is rendering a high degree of fragmentation in the chloromethane market. Some of the well-entrenched names are Shin-Etsu, KEM ONE, Occidental Petroleum Corporation, Nouryon, The Sanmar Group, AGC Chemicals, and Dow Chemical Company.
The global chloromethane market is segmented on the basis of:
Medical & Pharmaceuticals
Chemical Intermediates & Catalysts
Rest of Europe
Australia & New Zealand
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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