Chlorinated Methane Market size is set to experience steady growth from 2023 to 2032, due to the growing adoption in the agricultural, automotive, and pharmaceutical sectors. Chloromethanes are highly flammable, water-soluble, and colorless organic compounds with a distant sweet fragrance. The increasing popularity of refrigerants driven by the surging need for air conditioning units along with the escalating global temperatures and living standards will influence the industry growth.
Chlorinated methane and its derivatives, owing to their ozone depletion and global warming implications are being phased out of the environment, restraining the chlorinated methane market growth. Furthermore, dizziness, sleepiness, or disorientation, as well as trouble walking, breathing, or speaking may result from product exposure. The increasing risks of seizures, paralysis and even coma may also have a negative impact on product uptake.
The COVID-19 pandemic had a moderate impact on the global chlorinated methane industry. The discovery of new and emerging diseases across the globe resulted in a large number of pharmaceutical companies investing in R&D activities for the development of new drugs. Such activities are expected to propel the demand for laboratory chemicals and drug additives, like chloromethane in the forthcoming years.
Based on product, the chlorinated methane market share from the carbon tetra chloride segment is expected to garner considerable momentum through 2032 on account of the rising penetration in the refrigerant sector. The growth can also be attributed to the increasing utilization of the product in a variety of applications, including cleaning chemicals, refrigerant precursors, and fire extinguishers. The escalating global temperatures along with rising disposable incomes in emerging nations are also predicted to drive greater demand for refrigerants. The rising adoption of chloromethane-based refrigerants in air conditioners, chillers, and mobile air conditioning systems will also add to enhanced market growth.
Based on end-use, the global chlorinated methane market share from pharmaceutical applications is likely to generate substantial gains through 2032. Methyl chloride finds extensive usage as a chemical intermediate in drug manufacturing. The rising incidence of infectious and chronic illnesses globally has also propelled the demand for new drug development, further positively anchoring the industry trends. The pharmaceutical market in Asia Pacific is expanding steadily as a result of India and China's ageing and middle-class societies, increasing urbanization, and rising incomes. Rising usage as a chemical intermediary and the thriving pharmaceutical sector will add positive impetus to market development.
Regionally, Germany chlorinated methane market will witness expansion through 2032 due to the robust presence of key manufacturers, such as Nouryon and AkzoNobel. Thus, the country is a leading producer and exporter of chloromethane. The rising product use in pharmaceutical applications and the growing popularity of local anesthetic in pharmaceuticals will boost the regional industry prospects.
The recent Ukraine-Russia war severely impacted the global economy with supply chain interruptions, raw material shortages, and various inconsistencies in product demand and supply. However, with government aid and support, the situation is now improving and adding positive influence on the market growth.
The competitive landscape of the chlorinated methane market is inclusive of prominent players, such as Shin-Etsu Chemical Co., Ltd, KEM One, AGC Chemicals, Occidental Petroleum Corporation, Tokuyama Corp., Solvay S.A., SRF Limited, AkzoNobel N.V., and Gujarat Alkalies & Chemicals Ltd. These companies are consistently involved in different business strategies, including mergers and acquisitions, partnerships, and new product launches to attract a larger customer-base.
The increasing number of initiatives directed towards augmenting the demand for chloromethanes in medicinal and pharmaceutical applications will play an ideal role in the chlorinated methane market expansion in the forthcoming years. Quoting a recent example, the Chinese government launched 'Healthy China 2030', a blueprint outlining its continuous intentions to prioritize health as a prerequisite for long-term social and economic growth. The rapid strides in the pharmaceutical market and the consistent investments in R&D for new drug development are other factors driving the industry prospects.