Chloromethane Market – Overview
Chloromethane are chemical compound that belong to a class of organic compound named haloalkanes. They are predominantly used as precursors for the production of silicone polymers and drug manufacturing. Chloromethane market is expected to witness strong growth due to its profound usage in automotive, construction, and medical. Methyl chloride accounted for the largest market share in 2016 and is expected to retain its dominance over the estimated period due to its wide utilization as a solvent in butyl rubber manufacturing & petrol refining, and for the manufacturing of lead-based gasoline additives. However, environmental concerns and shift in preference towards bio-based sources is set to challenge industry participants. On the basis of application, silicone polymers dominated the market in 2016 on account of its wide utilization in various application such as construction, medical, and automotive. Growth of global chloromethane market is predominantly driven by automotive industry. Furthermore, increasing construction activities in developed and developing countries across the globe is predicted to fuel the demand for chloromethane over the estimated period. In addition to this continuous growth of pharmaceutical sector is expected to propel the market growth.
Geographically, Asia Pacific emerged as the leading market for chloromethane followed by North America and Europe in 2016. The Asia Pacific region accounted for largest market share and is estimated to register highest CAGR due to continuous growth of automotive, agrochemical, and pharmaceutical industry specifically in China, India, Japan, Vietnam, Malaysia, and South Korea. Furthermore, In Asia Pacific escalating investments and supporting government regulations is predicted to drive market growth. Furthermore, increasing investment by major companies and shifting of chloromethane manufacturing facilities as well as end use industries expansion in this region is expected to propel the chloromethane regional market growth. North American market is predicted to witness steady growth on account of expansion of personal care and pharmaceutical sector. Europe is expected to witness sluggish growth owing to the stringent regulations associated with industrial toxic gas emission and higher adoption rate of eco-friendly products. Additionally, high adoption rate by the end use industries is estimated to drive the market growth over the forecast period.
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The Dow Chemical Company, Asahi Glass Co. Ltd, Gujarat Alkalies and Chemicals Ltd, Alfa Aesar, Akzonobel N.V., Solvay SA, INEOS Group, Tokuyana Corporation, Shin-Etsu Chemical Co., Ltd., Occidental Chemical Corporation among others are some of the prominent players at the forefront of competition in the Global Chloromethane Market and are profiled in MRFR Analysis.
Industry/ Innovation/ Related News:
May 2017- AkzoNobel and Gujarat based Atul chemical announced plans to set up a Monochloracetic acid (MCA) plant and the production is expected to commence by 2019. MCA plant is set to start with initial capacity of 32,000 tons per year. With this AkzoNobel strengthen its position in global chloromethane market.
March 2017- GFL is planning to restructure its chemical segment and separate its chemical business into a separate business group.
February 2017- Meghmani Finechem Ltd, a subsidiary of Meghmani Organics Ltd announced to setting up chloromethane plant of 40,000 metric tonne per annum at Dahej, Gujarat. With this expansion, the unit will manufacture chloroform, carbon tetra chloride, and methylene dichloride. The company will be able to meet the growing demand of agrochemical and pharmaceutical for methylene dichloride.
January 2016- AkzoNobel and Evonik Industries will start production for chlorine and potassium hydroxide solution in Germany. With this joint venture, the company expand its business and strengthen its position in chloromethane market.
November 2016- GACL will set up a chloromethane plant with annual capacity of 105,000 TPA or 315 MT per day at Dahej location. With this expansion the company expand its business and further increase its presence in chloromethane market across the Asia Pacific.
March 2016- The Olin Corporation took the decision to reduce the capacity of chlor alkali capcaity by 433,000 tons across three different locations namely, Henderson, Niagara falls, Freeport. The company will restructure its business segment and will shift their focus on other business areas
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The Chloromethane report analyses the degree of competition among the key manufacturers as well as industry growth and market scenario. The global Chloromethane market consist of various players operating in the market including large scale and medium size producers. The key market players operating in the global Chloromethane industry is concentrating towards growth association specifically by Asia Pacific as medium scale and key operating players are from this region specifically from China, South Korea, India, and Japan. Moreover, the company is focusing on enhancing their product portfolio by strategic acquisition and mergers, joint ventures, and exclusive agreements. Some of the companies are expanding their production capacity of chloromethane to meet the growing demand for chloromethane.