Asia-Pacific to Dominate Chloromethane Market During Forecast Period


Posted March 11, 2020 by Techsci-research

Growing demand for chloromethane from end-user industries to drive the growth of global chloromethane market during the forecast period

 
According to TechSci Research report, “Global Chloromethane Market By Manufacturing Process, By Product Type, By Application, By Region, Competition, Forecast & Opportunities, 2025”, global chloromethane market is expected to grow steadily over the forecast period on account of rapidly expanding electronics and automotive market, which is driving silicone production market and in turn is likely to increase the demand for chloromethane during the forecast years. Moreover, growing utility of chloromethane in petroleum refining is further expected to augment its global demand. In addition to this, chloromethane is also used as an intermediate during the manufacturing of drugs and as a local anesthetic in medication which is positively influencing the product demand. However, some factors that can act as major impediments to the growth of global chloromethane market through 2025 include high toxicity levels of this chemical and presence of stringent regulations regarding its storage, handling, usage and wastage.

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Global chloromethane market can be segmented based on manufacturing process, product type, application and region. Considering the applications, the market is fragmented into pharmaceutical, medical, metal cleaning, refrigerants, foam blowing and chemical intermediaries. The pharmaceutical application segment is estimated to contribute major revenue share to global chloromethane market and record high growth during the next 5 years which can be attributed to its extensive usage in production of chloroform, which is an important chemical compound.

Asahi Glass Co. Ltd, AkzoNobel N.V., Occidental Chemical Corporation, Solvay SA, Shin-Etsu Chemical Co. Ltd., Dow Chemical Company, INEOS Group, Olin Corporation, Tokuyana Corporation, Gujarat Fluorochemicals Ltd among others are the leading players operating in global chloromethane market.

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“Asia-Pacific is forecast to dominate global chloromethane market over the next 5 years on the account of rising demand from developing countries like China and India. Moreover, rapid infrastructure development coupled with rising disposable income are further boosting the regional growth for this market. North America chloromethane market is also anticipated to witness significant growth in the years to come on account of growing silicone industry particularly in the U.S.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Chloromethane Market By Manufacturing Process, By Product Type, By Application, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global chloromethane market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global chloromethane market.

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Last Updated March 11, 2020