The global chloromethane market is expected to grow at a moderate CAGR during the forecast period (2020-2027). Chloromethane or methyl chloride is a chemical compound that is primarily used in the manufacturing of silicones. Silicon is majorly used by the industries associated with the production of medical and personal care products. Chloromethane was formally used as a refrigerant however its was discontinued on account of its flammability and toxicity. 

The rising demand for chloromethane as a solvent in various industries including chemical and automotive is the key factor driving the growth of this market. Besides, rapid industrialization and the rise in silicon production facilities across the globe further promote global market growth. Moreover, the factors such as rising demands from the end-user industry, an increasing number of industries are using chloromethane in several products, and rising industrial output across the globe tend to drive the chloromethane market during the forecast period. Apart from this, the environmental and health issues due to the high use of concentrated chloromethane, and stringent government rules regarding their use are restraining the market growth. 

Segmental Outlook

The global chloromethane market is segmented on the basis of application into construction, plastic & rubber, Paint & coatings, pharmaceuticals, personal -care products, and others. Pharmaceutical application is projected to contribute a prominent share to the global chloromethane demand. The segmental growth is attributed to the fact that the product is used in the production of medicinal drugs. Methylene chloride is mainly used as a re-crystallization solvent in the extraction of numerous pharmaceutical compounds.

Regional Outlooks

The global chloromethane market is analyzed on the basis of the geographical regions that are contributing significantly to the growth of the market. On the basis of geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America is contributing significantly to the growth of the global chloromethane market followed by Europe. Stringent regulations in the US are a concern for the growth of the chloromethane market in the US, however, it is expected to retain its position due to the growing usage and adoption of chloromethane in the region. The chloromethane in North America is rapidly finding usage in various fields such as silicon intermediates, agricultural chemicals, methylcellulose, and chloromethane. Asia-Pacific is the fastest-growing region in the chloromethane market during the forecast period. 

Global Chloromethane Market Growth by Region 2020-2027

Asia-Pacific is anticipated to be the Fastest-Growing Region 

The Asia-Pacific is expected to witness significant growth during the forecast period. The rapid expansion of automotive and chemical industries are the major factors that drive the market in the region. Besides, the minimal regulations and growing demand for chloromethane in the pharmaceutical, and automotive industries are also boosting the market growth. Moreover, the increasing demands for silicones from various end-user industries in countries such as China, India, Japan, and South Korea are anticipated to increase the demand for chloromethane in this region. 

China is the largest producer of chloromethane due to the presence of large industrial units, and key market players Asahi Glass Co. Ltd., Tokuyama Corp., and many more. These companies are investing high in production, and R&D activities for the development of new technologies to expand chloromethane production.

Market Players Outlook

Some of the key players of the chloromethane market include AkzoNobel N.V., Solvay S.A., Dow Chemical Co., INEOS Group AG, SRF Ltd., and others. To survive in the market, these players adopt different marketing strategies such as merge&acquisitions, R&D, product launches, and geographical expansion. For instance, in November 2019, AGC Inc. had expanded its business facilities at US and Europe sites for the production of chloromethane through its subsidiary AGC Biologics.

The Report Covers

• Market value data analysis of 2019 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global chloromethane market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where in the market.