The chloromethane market is expected to witness a moderate CAGR during the forecast period. Moreover, the market is estimated to reach a value of nearly more than US $ 8 Bn by 2032. As chloromethane is abundant in nature, it is also consumed in various industries for various commercial purposes. Chloromethane consumption has dropped due to the COVID-19 epidemic and its market-related disruptions. Supply chain challenges and manpower shortages have led to a halt in the operations. Moreover, these run at reduced capacity complying with government limitations.
The silicon industry’s increased need is driving the chloromethane market share. Furthermore, having one of the fastest expanding application segments in the silicone sector, sales of chloromethane are foreseen to increase throughout the projected period.
As per the United States Alliance for Automotive Innovation, around 90% of vehicle production in the United States was halted in April 2020. As a result, demand for silicone polymer-based goods dwindled in the aftermath and consequently impacting the chloromethane market growth.
Pharmaceutical industries are expected to lead the market
Pharmaceutical industries end-user category led the market, accounting for nearly 34% of total sales of chloromethane. Its increasing use in pharmaceutical formulations as a chemical intermediary in drug manufacturing and as a local anesthetic in medical institutions is driving the demand for chloromethane in the healthcare sector. Moreover, as claimed by Pharma World Magazine, the pharmaceutical sector is expected to be valued at over US $ 1.5 Tn by 2023. Moreover, this expansion is expected to assist all related sectors. In line with this development, the year-on-year growth rate of the pharmaceutical segment, as recorded by the new market research report on chloromethane, is predicted to be around 4.2%.
Due to the increased demand for silicone polymers in several concrete building items, the construction category is expected to account for the second biggest segment in the chloromethane market share. Rapid urbanization and expanding redevelopment and refurbishment activities in emerging economies have elevated the construction sector’s contribution to the global chloromethane market growth in recent years.
Key market players are expanding their product portfolio
Name of some of the chloromethane market key players includes Akzonobel N. V., KEM ONE, Shin-Etsu Chemical Co., Gujarat Alkalies and Chemical Limited, INEOS Group, Solvay, Occidental Petroleum Corporation, Gujarat Fluorochemicals Limited, The Sanmar Group, SRF Limited, Alfa Aesar, Tokuyama Corporation, AGC Chemicals, and Tokyo Chemical Industry among others.
Recent Key Developments in the Global Chloromethane Market:
- In April 2019, Nouryon Company began work on a project for expanding its chloromethane production facility in Frankfurt of Germany facility, in order to meet rising worldwide client demand for chloromethane.
- The project was scheduled to be finished in 2020 that is expected to raise the market share of the company in global chemical market.