Large Scale Production of Solvents Call for More Requirements for Chloromethanes
The chloromethanes market is expected to grow at a significant rate in the coming years. The main factors responsible for the propelling of the market are the large-scale, and also increasing usage of chloromethanes, and the evolution of the medical sector production of the solvents. Geographically, the MEA market for chloromethanes will experience the fastest growth in the near future, with regard to volume.
The snowballing use of chloromethanes as a raw material for making industrial solvents will facilitate the chloromethanes market in the years to come. A large quantity of this compound is processed for the production of dimethyldichlorosilane and related organosilicon compounds. Dimethyldichlorosilane acts as a precursor to silicones that are extensively used in the making of medicine, adhesives, cooking utensils, sealants, lubricants, and electrical and, thermal insulation. Moreover, other derivates of chloromethane like methyl trichlorosilane and trimethylsilyl chloride, are utilized as solvents in numerous chemical processes.
The MEA and LATAM regions are the new destinations for the makers and exporters of chloromethanes. The chloromethanes market has huge growth potential in the MEA because of the established agriculture industry, unexploited pharma industry, and widespread oil and gas E&P activities here. To gain from the increasing count of prospects, overseas companies are intensifying their capacities of production by enhancing their present production competence, establishing new production units, and developing the existing plants.
Methylene chloride had the largest share in the industry in the past. The carbon tetrachloride category will register the fastest growth in the years to come because of the unnecessary use of this chemical in producing agrochemicals and solvents utilized in the industry.
The chemicals and intermediates generated the highest revenue, and it is will retain their supremacy in the future as well. This will be because of the rising requirement for chloromethanes for chemical processing and producing metal cleaning agents, and blowing agents.
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APAC chloromethanes market will have the largest share and will experience the highest growth rate of about 4% in the near future. This will be owing to the production of high volume, and chloromethanes consumption in China, which is the reason, it is the main contributor to the market. China produces the highest volume of pharmaceuticals, agrochemicals, and chemicals, driving the requirement for chloromethanes. The requirement for chloromethanes will grow rapidly in the near future because of the development of all these end-use industries in the country.
The chloromethanes market is extremely consolidated with over 70% captured by the top eight players. AkzoNobel N.V. led the market with over 17% share in the market. The business has a strong presence globally and has plans to expand its capacity of production. The company expanded its production capacity in Frankfurt, Germany. With the development, the overall capacity would surge by 50% throughout 2018–2023. This will help the company to gain a competitive edge, and increase its stake in the market.
It is because of the large-scale production of solvents, that the demand of chloromethanes will be substantially on the rise.