What benefits can Untapped Markets Provide to Companies in Chloromethanes Domain?

Posted September 16, 2020 by ManishBaghel

The chloromethanes market is predicted to reach a value of $3,286.9 million by 2024, increasing from $2,675.9 million in 2018, progressing at a 3.4% CAGR during the forecast period (2019–2024).
Solvents such as organosilicon and dimethylchlorosilane are utilized for producing silicones, which have a wide range of applications. Silicones are used for producing lubricants, sealants, cooking utensils, adhesives, thermal and electrical insulation, and medicine. Since the demand for different kinds of solvents is increasing in order to produce silicones, the requirement for chloromethanes is growing as well. Moreover, the derivatives of chloromethanes, including methylchlorosilane and trimethylsilyl chloride, are also utilized as solvents in a number of chemical processes.

Owing to this, the global chloromethanes market is expected to grow at a considerable pace in the years to come. Also known as methyl chloride, chloromethane is a colorless and clear gas. It is extremely flammable and has a sweet faint odor, which can be notices only at levels that may be toxic. While chloromethane is produced in industries, it also occurs naturally and is present in the air in extremely low levels. Conventionally, the demand for chloromethanes has been higher in Asia-Pacific (APAC), however, now companies in the domain are also targeting Latin American and Middle-East and African (MEA) countries.

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These regions are predicted to become hot spots for chloromethane exporters and manufacturers in the years to come. Since oil and gas exploration, untapped pharmaceutical, and agricultural industries are well-established in MEA, the potential for chloromethane sales is high in the region. In order to leverage this potential, companies in the domain are increasing their production capacities by expanding current production facilities, upgrading current production efficiencies, and constructing new production facilities.

The chloromethanes market is predicted to reach a value of $3,286.9 million by 2024, increasing from $2,675.9 million in 2018, progressing at a 3.4% CAGR during the forecast period (2019–2024). On the basis of type, the market is categorized into chloroform, methyl chloride, carbon tetrachloride, and methylene chloride, among which, the methylene chloride category accounted for the largest share of the marker in 2018, in terms of volume.

Carbon tetrachloride is projected to register the fastest growth (4.2% CAGR) during the forecast period, owing to the wide usage of these chemicals for producing industrial solvents and agrochemical products. In terms of application, the market is divided into refrigerants, silicone polymers, pharmaceuticals, agrochemicals, adhesives, and chemicals and intermediates, among which, the chemicals and intermediated division held the major share of the market in 2018 due to the increase usage of chloromethanes in production of metal and cleaning agents, chemical processing, and blowing agents.

Geographically, the APAC region led the chloromethanes market in the past and is further expected to witness the highest CAGR of 3.8% during the forecast period. The regional market is being driven by the surging production and usage of these compounds in China. It is further because of this that China has emerged are the largest market for chloromethanes within the region. The growing demand for these chemicals in the country is projected to drive the growth of the regional market.

In conclusion, the market is growing due to the rising demand for solvents in industries and focus of companies towards untapped markets of MEA and Latin America.
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Issued By Manish Kumar
Business Address Noida
Country India
Categories Business , Industry , Research
Tags chloromethanes market , chloromethanes market demand , chloromethanes market future , chloromethanes market growwth , chloromethanes market scope , chloromethanes market share , chloromethanes market size , chloromethanes market trends
Last Updated September 16, 2020