Increasing usage of chloromethanes in plastic manufacturing is estimated to surge its demand in the upcoming years globally. In 2018, the global trade of plastics and its related products was valued at around $655.79 billion. The growing trade of plastics, which in turn, incite the chloromethanes market growth. Chloromethane is an organohalogen, which is a crucial reagent in industrial chemistry. Owing to its use as an extracting agent in oils, resins, and gases, chloromethane which is also known as methyl chloride is preferred over other haloalkanes.
The global chloromethanes market size was valued at $1.9 billion as of 2018 and is expected to grow with a CAGR of 4.9% throughout the forecast period 2019-2025.
Proliferated Demand of Chloromethanes in the Automotive Industry
Chloromethane is used in silicone polymer production which has diverse end-use applications in the automotive industry. The number of motor vehicles produced worldwide is around 95 billion in 2018. Thus, increasing motor vehicle production in the automobile industry is directly proportional to the growth of the chloromethanes market across the globe.
Asia-Pacific Held Major Share of the Chloromethanes Market
Asia-Pacific generated 36% of the global chloromethanes market revenue in 2018. Chloromethanes intermediates such as silicone and fluoropolymers are important raw materials in the construction industry. Rapid urbanization in developing countries such as China and India is the primary factor influencing the growth of the construction sector, which in turn, spur the growth of the chloromethanes market in this region. India has a requirement of investment worth $773.73 billion in infrastructure by 2022. The increasing impetus to develop infrastructure in the country, which in turn, incites the usage of chloromethanes thereby its market value in this region. In India, government initiatives such as ‘Housing For All’ and ‘Smart City Mission’ are directing the progression of the construction sector which is further boosting the growth of the APAC chloromethanes market.
Lucrative Demand for Chloromethanes in the Pharmaceutical Sector
The application segment that will be creating the most lucrative opportunities for the chloromethanes market is the pharmaceutical sector. This application segment is projected to grow at a CAGR of 4.12% through to 2025. The extensive usage of chloromethane as a local anesthetic and as an intermediate material in drug manufacturing is anticipated to impel the demand for this market. Local anesthetics numb a particular part of the body, thus allowing the patient to be awake during surgery without feeling the pain. Also, methyl chloride is widely used as a raw material for cellulose ether which is significantly used as thickeners and binders in pharmaceuticals. Thus, the extensive use of chloromethane intermediates in the pharmaceutical sector is directly fueling the growth of the chloromethanes market.
The Major Players in the Chloromethanes Market:
Prominent players in the chloromethanes market include AkzoNobel N.V., Dow Chemical Company, Gujarat Alkalies & Chemicals Ltd., Ineos, Kem One, Occidental Chemical Corporation, Solvay S.A., Shin-Etsu Chemical Co., Ltd., and Tokuyama Corporation.