Global Chloromethane Market to Grow with a CAGR of 3.33% through 2028
Initiatives taken by government to support the
production of chloromethane are the major drivers for the Global Chloromethane
Market.
According to TechSci Research report, “Chloromethane
Market –Global Industry Size, Share, Trends, Competition, Opportunity and
Forecast, 2018-2028”, the Global Chloromethane
Market stood at USD 4.20 billion in 2022 and is anticipated to project
robust growth in the forecast period with a CAGR of 3.33% through 2028. This
can be ascribed to collaborations and partnerships among leading companies with
a diverse approach to merge the expertise of individual companies and to
strengthen their position in the market.
Chloromethane, also referred to as methyl chloride,
is a crucial chemical compound with numerous industrial applications. One of
its significant uses lies in the realm of metal cleaning, where its unique
properties serve as a driving force behind the expansion of the global
chloromethane market. Metal cleaning is an integral part of various industries,
spanning from manufacturing and automotive to aerospace and electronics.
Chloromethane exhibits exceptional solvency for a wide range of contaminants,
effectively dissolving greases, oils, and various residues on metal surfaces.
Its relatively low boiling point enables rapid evaporation after use, leaving
minimal residues on cleaned surfaces. Moreover, chloromethane being non-aqueous
allows for cleaning metals that are sensitive to water or in environments where
water-based cleaning is impractical. Additionally, this chemical is compatible
with many commonly used materials in industries, reducing the risk of damage to
the components being cleaned.
The effectiveness of chloromethane often
translates into lower solvent requirements and shorter cleaning times, thereby
enhancing efficiency in metal cleaning processes. While environmental concerns
exist, chloromethane's relatively low ozone depletion potential (ODP) compared
to certain other chlorinated solvents makes it a preferred choice for
industries aiming to minimize their environmental impact. Governments worldwide
have implemented a range of initiatives to support and foster the growth of the
chloromethane industry. These initiatives encompass funding research and
development projects aimed at enhancing production processes, improving
efficiency, and exploring new applications for this compound. By promoting
innovation within the industry, these efforts enhance its global
competitiveness. In addition, governments establish regulations and standards
governing the production, storage, and transportation of chloromethane to
ensure safety and environmental sustainability. These clear guidelines provide
companies with a reliable framework within which they can operate confidently
and responsibly. Adequate infrastructure, including transportation networks and
energy supply, plays a pivotal role in supporting the chloromethane industry.
Governments strategically invest in the development and upgrading of
infrastructure to facilitate the efficient movement of raw materials and
finished products. These initiatives also contribute to the diversification of
the chloromethane industry, enhancing its resilience against market
fluctuations and economic uncertainties.
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Moreover, collaborations between
governments and industry stakeholders foster strong international trade
relationships, promoting the seamless flow of chloromethane and its derivatives
across borders. The global chloromethane market entails intricate supply chains
spanning production, distribution, and end-use applications. Collaborative
partnerships enable streamlined supply chain operations through shared
resources, joint infrastructure investments, and optimized logistics.
Partnerships serve as a powerful means of entering new markets or expanding
presence in existing markets. Companies often collaborate to leverage their
geographical reach, market insights, and distribution networks. In the context
of the chloromethane market, such collaborations unlock opportunities for
accessing new customer bases and markets, ensuring a broader demand for
chloromethane products. One recent collaboration in the chloromethane sector
involves Celanese and Mitsubishi Chemical Advanced Materials, who jointly
announced the development of a recycled polyoxymethylene (POM) product
offering. This collaboration aims to promote the use of recycled materials and
contribute to sustainable solutions in the industry. However, fluctuations in prices of raw materials
and growing environmental concerns are expected to slow down the growth of the
market in the coming years. The Global Chloromethane Market segmentation is
based on Manufacturing Process, Product Type, Application, By Company, and
Region.
Some of the major companies operating in the Global
Chloromethane Market include:
- Akzonobel N.V.
- Shin-Etsu Chemical Co.
- Gujarat Alkalies and Chemical Limited
- Ineos Group Ltd.
- Kem One SASU
- Solvay SA
- Occidental Petroleum Corporation
- Gujarat Fluorochemicals Ltd.
- SRF Limited
- Tokuyama Corporation
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“Certain regions, particularly the Asia Pacific,
are projected to exert significant demand for chloromethane worldwide. The
growth in the competitive landscape and the presence of well-established
companies in the market, committed to enhancing their chloromethane productivity
each year, are expected to contribute to a remarkable growth of the Global
Chloromethane Market in the forecast period," said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based Global management
consulting firm.
Global Chloromethane Market- Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028
Segmented By Manufacturing Process (Methanol Route,
Methane Route), By Product Type (Methylene Chloride, Chloroform, Carbon Tetrachloride,
Methyl Chloride), By Application (Pharmaceutical, Medical, metal Cleaning,
Refrigerants, Foam Blowing and Chemical Intermediaries), By Region,
Competition, Forecast and Opportunities, 2018-2028F has evaluated the
future growth potential of Global Chloromethane Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide innovative market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Chloromethane Market.
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