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 market for chloromethanes 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.
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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.
According to P&S Intelligence, the Asia-Pacific region will use the highest volume of chloromethanes in the foreseeable future, due to the largescale production and consumption of the compound in China and India. China accounts for the maximum consumption in the region, as it is one of the largest producers of chemicals and intermediates, pharmaceutical products, and agrochemicals. Moreover, the advancement of the end-use industries of chloromethanes across the region will boost the adoption of the compound 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.
Read More: https://www.psmarketresearch.com/market-analysis/chloromethanes-market
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