Published: November 2019 | Report Code: CM11778 | Available Format: PDF | Pages: 131
The chloromethanes market revenue stood at $2,675.9 million in 2018, and it is expected to reach $3,286.9 million by 2024, witnessing a CAGR of 3.4% during 2019–2024.
Geographically, the Middle East and African (MEA) market for chloromethanes will display the fastest growth in the coming years, in terms of volume. The surging demand for chloromethanes will be driven by the expansion of chemical-based industries in the U.A.E., Saudi Arabia, and other Gulf nations, owing to the diversification plans of such countries. This chemical is widely used in the chemical and intermediates production plants in the region.
The increasing usage of chloromethanes as a raw material for manufacturing industrial solvents will facilitate the market growth in the coming years. A large quantity of this compound is processed for the production of dimethyldichlorosilane and associated organosilicon compounds. Dimethyldichlorosilane serves as a precursor to silicones that are widely used in the manufacturing of medicine, adhesives, sealants, cooking utensils, and lubricants and in thermal and electrical insulation. Additionally, other derivates of chloromethane, such as methyltrichlorosilane and trimethylsilyl chloride, are used as solvents in several chemical processes.
The MEA and Latin American (LATAM) regions have become the new destinations for the manufacturers and exporters of chloromethanes. The chloromethanes market has immense growth potential in the MEA due to the well-established agriculture sector, untapped pharmaceutical industry, and extensive oil and gas exploration and production (E&P) activities here. To gain from the rising number of opportunities, overseas market players are amplifying their production capacities by enhancing their current production efficiency, establishing new manufacturing units, and expanding the existing plants.
For instance, in April 2019, Nouryon, a former specialty chemicals segment of AkzoNobel N.V., announced its plan to expand the production capacity of its manufacturing plant in Frankfurt, Germany, to take advantage of the increasing opportunities.
The methylene chloride category, within the type segment, accounted for the largest chloromethanes industry share in 2018, in terms of volume. The carbon tetrachloride category is expected to register the fastest growth, at a CAGR of 4.2%, in the coming years owing to the excessive usage of this chemical in the production of agrochemicals and industrial solvents.
The chemicals and intermediates category, under the application, generated the highest revenue in 2018, and it is expected to retain its dominance in the future. This will be due to the soaring demand for chloromethanes for chemical processing and the production of blowing agents and metal cleaning agents.
The Asia-Pacific (APAC) chloromethanes market will record the largest value share and display the highest CAGR, of 3.8%, during 2019–2024. This will be due to the high-volume production and consumption of chloromethanes in China, which is why it is the largest contributor to this market. China accounts for the highest production of pharmaceuticals, agrochemicals, and chemicals, which drives the demand for chloromethanes. The demand for chloromethanes will observe a rapid surge in the near future owing to the expansion of all these end-use industries in the nation.
The global chloromethanes market is highly consolidated in nature with more than 70% of the market being captured by the top eight players in the market. Among all the players, AkzoNobel N.V. is the market leader in the global chloromethanes market accounting for a share of more than 17% in the market. The company has a strong global presence and has ambitious plans of expanding its production capacity. In July 2018, the company expanded its chloromethane production capacity in Frankfurt, Germany. With the expansion, the overall production capacity would increase by 50% during 2018–2023. This is likely to help the company in gaining a competitive edge, and hence increase their market share in the global chloromethane market.
The key global market players include AkzoNobel N.V., Dow Inc., Solvay SA, Shin-Etsu Chemical Co. Ltd., Occidental Petroleum Corporation, Ercros S.A., AGC Inc., Gujarat Alkalise and Chemicals Ltd., Tokuyama Corporation, and KEM ONE.
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