Chloromethane is a colorless and extremely flammable gas. Despite being ousted from various consumer products, it is still commonly used across different industrial applications. Once popularly used as a refrigerant, chloromethane is also used across the industries like chemical processing, pharmaceuticals, metal cleaning and so on. Industrial growth across emerging markets and rising demand are some of the driving factors for the global chloromethanes market. Researchers are expecting steady rise in this market during the next few years, with growth in the industrial applications. Increased applications also signify the overall industrialization on global level.
Scope of Research – Segmentation
The global chloromethanes market is segmented on the basis of the types of products, applications across different industrial verticals and demand for the different types of products from various geographic regions. The types of products include Methylene Chloride, Methyl Chloride, Carbon Tetrachloride, Chloroform, etc. Basic applications of these products depend on their types. Methyl Cellulose is commonly used in building products, Butyl Rubbers, quarternary ammonium compounds, building products, etc. Methyl Chloride is commonly used in silicones. Methylene Chloride is commonly used in foam blowing agents, chemical processing, pharmaceuticals, metal cleaning, paint removal, and such other. Chloroform is commonly used in manufacturing pharmaceuticals, HCFCs, chemical intermediates, agriculture products and so on.
Researchers expect the chloromethanes market to maintain steady growth in terms of adoption, demand, applications and revenue. Growing demand from different industrial verticals is considered to be a vital driving factor for this market. The rising demand in the market signifies growing applications of different types of chloromethane products. Rapid rise in globalization and industrial revolution in emerging regions also prove to be strong driving factor for the global market. Emerging markets like Asia Pacific, Latin America and Middle East and Africa are also expected to drive the chloromethane industry at steady progress rate. Strong demand from emerging regions like India, China, Japan and countries from South East Asia is expected to help this industry in terms of demand and revenue channels.
According to the latest market research reports, chloromethanes market is expected to maintain a steady CAGR of over 3.4% from 2013 to 2018. At the estimated growth rate, the industry is anticipated to become worth more than 3,323 kilotons of market volume by the end of the forecasting period, in the year 2018. As far as the growth in the revenue is concerned, the industry is anticipated to become worth more than $1,819 million by the end of 2018. Strong research and development activities on global scale, rising industrial demand from Asia Pacific region, and innovative applications of chloromethanes are expected to be the crucial factor creating business opportunities for the existing as well as potential players in the market.