A number of factors such as the rising usage of chloromethanes as a raw material for the large-scale production of solvents and the growing pharmaceutical industry are projected to propel the growth of the chloromethanes market at a CAGR of 3.4% during the forecast period (2019–2024). According to P&S Intelligence, the market generated $2,675.9 million revenue in 2018, which is expected to reach $3,286.9 million by 2024. Moreover, the market is highly consolidated with the presence of key players such as AkzoNobel N.V., Solvay SA, Dow Inc., Shin-Etsu Chemical Co. Ltd., Ercros S.A., Occidental Petroleum Corporation, AGC Inc., Tokuyama Corporation, Gujarat Alkalise and Chemicals Ltd., and KEM ONE.
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One of the prime factors propelling the demand for chloromethanes is the large-scale production of industrial solvents. Chloromethanes are used as a raw material for the production of solvents such as dimethyldichlorosilane and related organosilicon compounds. Dimethyldichlorosilane is used as a precursor to silicones, which are widely utilized for the production of medicine, cooking utensils, adhesives, and lubricants, and in electrical and thermal insulation. Furthermore, other chloromethane derivates, including trimethylsilyl chloride and methyltrichlorosilane, are used as solvents in various chemical processes.
The type segment of the chloromethanes market is categorized into methyl chloride, carbon tetrachloride, methylene chloride, and chloroform. Among these, the methylene chloride category held the largest volume share in the market in 2018, and it is also expected to witness the fastest growth during the forecast period. This is attributed to its excessive usage in the manufacturing of industrial solvents and agrochemicals. Moreover, the need for this chemical is driven by its large-scale applications such as flexible polyurethane foam, formation of paint stripping and removal products, metal cleaning agents, adhesives, and pharmaceutical products.
Additionally, based on the application segment, the chloromethanes market is classified into silicone polymers, chemicals and intermediates, agrochemicals, adhesives, refrigerants, pharmaceuticals, and others. Among these, the chemicals and intermediates category accounted for the largest market share in 2018. This is ascribed to the rising need for these chemicals for the production of metal cleaning agents and blowing agents. Moreover, chloromethanes are widely used for the manufacturing of various chemicals and as precursors to chemical intermediates, including extractants for oils, butyl greases, rubber, resins, and propellants, in the chemical industry.
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Geographically, the Asia-Pacific (APAC) chloromethanes market accounted for the largest share in 2018, and it is also projected to record the highest CAGR during the forecast period. This can be attributed to the high-volume consumption and production of chloromethanes in China, which is the largest contributor to the regional market. Also, China holds a major share in the global market, as the country is one of the leading producers of various agrochemicals, pharmaceuticals, chemicals, and intermediates. Moreover, the positive prospects of end-use industries of chloromethanes across the region drive the demand for these chemicals.
Thus, the large-scale production of industrial solvents and the surge in the pharmaceutical industry are expected to propel the market growth in the forecast period.