Chloromethane Market Size, Share and Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3608
Global Chloromethane Market size will undergo significant expansion during the projected timeframe 2021-2027. The growth will be driven by the increasing consumption in the production of silicone polymers which find wide utilization across numerous sectors. Medical, pharmaceutical, and personal care applications are also fueling the product demand worldwide. With an uptick in the global industrial output, chloromethane will experience rising consumption in different end-use products.
Ongoing research and development in chloromethane synthesis will augment the global chloromethane industry forecast. Chloromethane or methyl chloride belongs to the organic group of chemical compounds and finds application as a solvent and an intermediate in pharmaceutical, medical, personal care, and agrochemical formulations. Its demand is influenced by various norms supporting methyl chloride production and utilization across different regions as well as emerging applications across various end-use verticals.
Based on type, the global chloromethane market is segmented into methylene chloride, carbon tetrachloride, and chloroform. Among these, carbon tetrachloride is slated to experience a notable demand surge from 2021 to 2027. The substance is used as a degreasing agent, dry cleaning solvent, fumigant, and a refrigerant. It also finds use in fire extinguishers, varnishes, and lacquers. Growth in industrial production will boost the product consumption in the forthcoming years.
In terms of the applications, the pharmaceutical segment is expected to capture a significant share of the chloromethane industry. The product finds use as a chemical intermediate in the formulation of numerous pharmaceutical products. The rise in various chronic and lifestyle-associated health problems and the increasing pharmaceutical demand will drive the product demand. During the COVID-19 pandemic situation, the majority of pharma companies were seen ramping up vaccine production, which has augmented the demand for chemical solvents and intermediates. In the U.S., for instance, Pfizer, Moderna, Johnson & Johnson, AstraZeneca, Novavax and others had significantly ramped up COVID-19 vaccine production at the start of 2021.
Considering the geographical outlook, North America chloromethane market share is projected to expand substantially through 2027. The regional demand is driven by the increasing consumption of silicone polymers across automotive and other key sectors. These materials are used in vehicle airbags, hoses, exhaust hangers, headlamps, and various interior and exterior automotive applications. The rise in automotive production will certainly enhance the product demand in the future. This demand will be further amplified by the increasing investments in pharmaceutical and medical sectors where methyl chloride is widely used.
The Dow Chemical Company, Solvay S.A., AkzoNobel N.V., Alfa Aesar, INEOS Group, and Ercros S.A. are some of the notable suppliers of chloromethane worldwide. These companies are focusing on expanding their market presence using strategies such as capacity expansion, mergers, acquisitions, and partnerships. The growing product consumption across different end-use sectors will create favorable opportunities for these players.
COVID-19 impact on chloromethane industry forecast
Due to the COVID-19 pandemic and associated disruptions, chloromethane manufacturers had witnessed declining demand. Various sectors were forced to shut down operations temporarily or operate at reduced capacity due to supply chain issues and workforce shortages amid strict government restrictions. For instance, 93% of auto production across the U.S. was suspended during April 2020, according to the U.S. Alliance for Automotive Innovation. This, in turn, had led to a weakened demand for silicone polymer-based products. However, increasing investments in healthcare and pharmaceutical sectors to ramp up products and services for COVID 19 patients may have had a positive impact on chloromethane demand.
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