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Preliminary research of Fairfield Market Research indicates a promising growth outlook for global chloromethane market during the course of next few years.
Bullish Growth of the Construction Industry Coupled with Rising Demand for Polystyrene Foam to Bode Well for the Chloromethane Market
Among other uses, chloromethane is a sought after organic compound used as a blowing agent in the manufacturing of polystyrene foam in polymer space. It is gaining significant traction across end use industries owing to its superior chemical properties and its potential of less ozone layer depletion. That said, its use in developing polystyrene foam in expected to aid the chloromethane market growth. This can be attributed towards increasing adoption of the product in the construction industry backed by strong support from regulatory authorities. For instance, Structural Insulated Panel Association (SIPA), Extruded Polystyrene Foam Association (XPFA) and European Extruded Polystyrene Insulation Board Association (EXIBA) have strongly supported the use of polystyrene foam in building and construction sector in North America, and Europe.
Extruded polystyrene foam provides good insulation properties which is a crucial aspect in the construction sector. It is used in insulation products to safeguard the structures against external environmental conditions. It also employed in floorings, facades, ceilings, and roofs. This factor coupled with momentous growth in the building and construction sector is poised to fuel demand for derivatives of chloromethane, thus auguring well for the chloromethane market.
Rising Use of Silicone in Various End Use Applications to Bolster the Growth of the Chloromethane Market
Use of chloromethane as feed stock in the production of different chemical intermediaries such as methyl chlorosilanes and siloxanes continues to influence the growth of the chloromethane market. Methyl chlorosilanes are used in the manufacturing of silicone fluids that are used in different applications. Few of them include antifoaming agents, light-duty lubricants, and release agents. In addition, silicone fluids are also used in specialty chemicals to manufacture consumer goods such as furniture polishes, cosmetics, paper coatings and auto polishes. Silicone resins are widely employed in water repellent resins, electrical insulation, coatings, laminating resins and molding resins among others. This is mainly owing to their functional properties such as high water repellence, high solubility in various organic solvents and flexibility.
Furthermore, silicone elastomers are used as sealants and adhesives in different industrial applications across industries such as construction, medical (surgical) and automotive. In the construction applications, they provide effective waterproofing and contribute towards improving energy efficiency of structures. In addition, they also facilitate improvement in in-shop productivity, extend building life and reduce lifecycle costs and material waste. In this backdrop, the demand for silicones in different industrial applications is poised to augment the growth of the chloromethane market on the global front.
Asia Pacific Likely to Become a Hotbed for the Chloromethane Market from a Revenue Standpoint
Asia Pacific region is poised to reflect high growth potential in the chloromethane market. The region is considered as the hotbed for different industrial sectors. Emerging economies such as China, India, South Korea, and Japan the demand for chloromethane is on an upswing owing to rising demand from various end user industries. The pharmaceutical sector in the region is expected to significantly contribute towards the growth of the chloromethane market. In addition, the beauty and cosmetics sector has gained considerable thrust owing to macro factors such as increasing geriatric population, stable growth in the GDP per capita and the customer inclination towards using novel cosmetic products to ensure effective skin health. That said, the market is expected to witness strong prospects owing to rising use of chloromethane in pharmaceutical and cosmetic applications. Furthermore, the burgeoning construction industry has provided an impetus to the sales of silicones that are produced using chloromethane. For instance, according to the National Development and Reform Commission, China has been raising significant investments to fund construction projects and in 2022, it is planning to further raise an investment of around US$42 Bn for major infrastructure projects. Similarly, India is also reflecting high prospects apropos to the construction industry. Given this background, the expansion of the end use industries such as the pharmaceutical sector, construction industry and cosmetics is expected to complement the revenue growth of the chloromethane market in the coming years.
Chloromethane Market: Competitive Scenario
New launches and capacity expansion have been observed in the chloromethane market. Key players are leveraging these strategies to strengthen their position while gaining competitive advantage. For instance, in 2020, the board of SRF Ltd gave approval to establish an additional production facility to manufacture 100,000 tons of chloromethane per annum. This facility was established in Gujrat, India. Similarly, in November 2021, the expansion of the chloromethane plant of TGV SRAAC was completed. The total production capacity of this plant is around 125 MTs to 250 MTs each day. In October 2022, new projects were undertaken by Gujrat Alkalies and Chemicals to expand the chloromethane plant.
A few of the major players in the chloromethane market include Nouryon, AGC Chemicals, Gujrat Alkalies and Chemicals Limited, Occidental Petroleum Corporation, KEM ONE, The Sanmar Group, SRF Limited, Spectrum Chemical Manufacturing Corp., The Dow Chemical Company, Gujrat Fluorochemicals Limited, Benzer Multi Tech India Private Limited, and Alfa Aesar.
The Global Chloromethane Market is Segmented as Below:
By Product
By Application
By End Use Industry
By Region
Key Elements Included In The Study: Global Chloromethane Market
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