Chloromethane is used as a raw material for manufacturing industrial solvents that are processed for the production of dimethyldichlorosilane, which serves as a precursor to silicones. These silicones are used in the production of lubricants, medicine, sealants, cooking utensils, and adhesives. Other derivates of chloromethane like methyltrichlorosilane and trimethylsilyl chloride are also utilized as solvents in butyl rubber manufacturing and petroleum refining. The surging production of such compounds will fuel the chloromethanes market at 3.4% CAGR during 2019–2024. The market is expected to rise from $2,675.9 million in 2018 to $3,286.9 million by 2024.
Currently, the market is highly consolidated with the presence of few major players, wherein AkzoNobel N.V. is the leader. This company has a rooted presence across the world and has plans to drive its production capacity. In July 2018, AkzoNobel N.V laid down its plan to increase its production capacity by 50%, by 2023, by expanding its capacity in Frankfurt, Germany. Additionally, companies like Dow Inc., Shin-Etsu Chemical Co. Ltd., Ercros S.A., Solvay SA, Occidental Petroleum Corporation, Tokuyama Corporation, AGC Inc., and KEM ONE also account for a substantial market share.
These players are involved in the production of methyl chloride, chloroform, methylene chloride, and carbon tetrachloride. Among these, manufacturing of carbon tetrachloride has escalated quickly because of its growing use as cleaner. In production units, the compound is used as a degreaser; whereas, in residential facilities, it is used to remove spot from cloths, carpets, and furniture. Apart from this, the compound also finds application in insecticides and fire extinguishers. Additionally, the players are producing high-volume of methylene, due to its extensive application in the formation of metal cleaning agents, pharmaceutical products, and adhesives.
Whereas, the Middle Eastern and African (MEA) chloromethanes market is expected to witness the fastest growth during the forecast period. This can be ascribed to the expansion of the chemical end-use industries, on account of diversification plan in the U.A.E., Saudi Arabia, and several other Gulf countries. Moreover, the presence of the well-established agriculture sector and the untapped pharmaceutical industry will attract key market players to this region. Additionally, the surging number of oil and gas exploration and production (E&P) activities will facilitate the market growth in the coming years.
Thus, the growth of the end-use sectors like pharmaceutical, chemical, and agriculture will propel the demand for chloromethanes in the foreseeable future.
Source: www.psmarketresearch.com
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