Sharp Surge Predicted in Asia-Pacific Chloromethanes Market in Coming Years

Published on March 8 2021

In 2018, the global chloromethanes market generated a revenue of $2,675.9 million. According to the forecast of P&S Intelligence, a market research firm based in India, the market would attain a value of $3,286.9 million by 2024. Furthermore, the market is predicted to advance at a CAGR of 3.4% between 2019 and 2024. The rapid expansion of the pharmaceutical industry and the extensive solvent production in various countries are the main factors driving the progress of the market.

This is causing a sharp surge in their production capacities. For example, Nouryon, former AkzoNobel N.V. specialty chemicals segment, announced in April 2019 that it intends to increase its chloromethane production capacity at its production plant in Frankfurt, Germany for grabbing the global industry opportunity. Depending on type, the chloromethanes market is classified into methylene chloride, methyl chloride, chloroform, and carbon tetrachloride. Out of these, the methylene chloride category registered the highest growth in the market in the past.

Globally, the chloromethanes market recorded the highest growth in the Asia-Pacific region in the years gone by and this trend is likely to continue in the forthcoming years as well. This is credited to the mushrooming production and usage of chloromethanes in various regional countries such as India and China. The industry is exhibiting rapid advancement in China, on account of the country being one of the biggest producers of several chemicals and intermediates, pharmaceuticals, and agrochemicals.

Hence, it can be said with full surety that the market would register huge expansion all over the world in the upcoming years, mainly because of the rapid expansion of the agriculture and pharmaceutical industries and the heavy usage of chloromethanes for producing industrial solvents.