Chloromethanes Market To Exhibit Explosive Growth in Asia-Pacific in Coming Years

From $2,675.9 million in 2018, the global chloromethanes market is expected to reach a value of $3,286.9 million by 2024. According to the forecast of the market research organization, P&S Intelligence, the market will exhibit a CAGR of 3.4% from 2019 to 2024 (forecast period). The market is being driven by the surging production of solvents. As chloromethanes are being increasingly used as raw materials in the production of industrial solvents, the soaring requirement for solvents is fueling their demand across the world.

Moreover, a large quantity of chloromethanes is processed for producing dimethyldichlorosilane and various associated organosilicon compounds. Dimethyldichlorosilane basically serves as a precursor to the silicones that are extensively used for producing medicines, sealants, adhesives, lubricants, and cooking utensils and also in electrical and thermal insulation. In addition, various other derivatives of chloromethane, such as trimethylsilyl chloride and methyltrichlorosilane are heavily used in numerous chemical processes. This is further boosting the requirement for chloromethanes. 

Besides, the increasing oil and gas exploration and production (E&P) activities and the expansion of the agriculture and pharmaceutical sectors in the Middle East & Africa (MEA) and Latin American (LATAM) regions are also creating lucrative growth opportunities for the players operating in the chloromethanes market. Many overseas industry players are augmenting their manufacturing capacities by improving their production efficiency, setting up new production facilities, and focusing on facility expansions in order to leverage the growth opportunities in these regions.

Geographically, the Asia-Pacific (APAC) region held the largest share in the market during the last few years and it is predicted to contribute the highest revenue to the chloromethanes market during the forecast period as well. This is attributed to the increasing production and use of chloromethanes in various regional countries, such as India and China. In the regional market, China is holding a major share, on account of the fact that the country is one of the world’s leading producers of intermediates and chemicals, pharmaceuticals, and agrochemicals. Additionally, the surge in various end-use industries is also propelling the advancement of the market in the region. 

Hence, the sales of chloromethanes are certain to shoot up in the forthcoming years, primarily because of the increasing usage of the organic compound in the production of industrial solvents and the expansion of various end-use industries, such as chemical, pharmaceutical, and agriculture across the world.

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