DUBLIN, September 03, 2021–(BUSINESS WIRE)–The “Chloromethane Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The Chloromethane Market is projected to register a CAGR of over 4% during the forecast period (2021-2026).
Gujarat Alkalies and Chemical Limited
Gujarat Fluorochemicals Limited
Occidental Petroleum Corporation
Shin-Etsu Chemical Co., Ltd.
The Sanmar Group
Tokyo Chemical Industry Co., Ltd.
Key Market Trends
Increasing Usage of Silicone in Various End-user Industries
A major part of the chloromethane produced is used as feedstock in the manufacturing of the chemical intermediate like methyl chlorosilanes. These methyl chlorosilanes are employed in the production of silicone fluids.
Silicone fluids made using chloromethane are used in a broad range of products, such as processing aids (antifoaming agents, release agents, and light-duty lubricants), and specialty chemicals for consumer products (cosmetics, furniture polishes, auto polishes, and paper coatings).
Silicone resins are used in water-repellent resins, coatings, molding resins, electrical insulation, laminating resins, etc.
Properties, such as solubility in organic solvents, water-repellence, and flexibility, make silicones a better material of choice as intermediates.
Silicone elastomers are used in the construction industry as adhesives and sealants, in automotive applications, like wire and cable insulation, and surgical and other medical applications.
Moreover, in the construction industry, silicones are used in structural glazing and weatherproofing, while contributing to the energy efficiency of buildings. They also help improve in-shop productivity, reduce material waste, extend building life, and reduce lifecycle costs.
According to Statista Market Forecast, the global construction industry spending was estimated at USD 12 trillion in 2019. It is expected to grow three percent per annum and reach USD 19.2 trillion by 2035. This is expected to augment the market demand over the forecast period.
The aforementioned factors are expected to continue to drive the consumption of silicones in the coming years, thus driving the market for chloromethane.
Asia-Pacific Region to Dominate the Market
Asia-Pacific region is expected to dominate the market for chloromethane during the forecast period. In countries like China, India, Japan and South Korea, owing to increasing demand from various end-user industries, the demand for chloromethane has been increasing in the region.
China is the second-largest market for pharmaceuticals, globally. The market for pharmaceuticals is emerging rapidly, owing to the growing middle-class and aging society present in the country, rising incomes, and increasing urbanization. The pharmaceutical sales of the country is expected to reach up to USD 175 billion by 2022. This is expected to boost the growth of chloromethanes used in the pharmaceutical applications.
In addition, the Chinese government promulgated Healthy China 2030, which is a blueprint that outlines its ongoing intents to prioritize health as a precondition for sustained social and economic development.
Furthermore, with growing investments and the construction activities in the country, the demand for silicones is projected to grow during the forecast period. According to the National Bureau of Statistics of China, the revenue generated by the Chinese construction industry has increased from CNY 17.67 trillion in 2014 to CNY 24.84 trillion in 2019.
China is investing USD 1.43 trillion in the next five year till 2025, in major construction projects. According to National Development and Reform Commission (NDRC), Shanghai plan includes the investment of USD 38.7 billion in next three years, whereas Guangzhou has signed 16 new infrastructure projects with and investment of USD 8.09 billion.
The Indian pharmaceutical sector is expected to grow to USD 100 billion, while the medical device market is expected to grow USD 25 billion by 2025. Pharmaceutical exports from India were valued at USD 20.70 billion in 2020. Pharmaceutical exports include bulk drugs, intermediates, drug formulations, and biologicals, among other products.
In India, growing consumerism is stimulating the demand for personal care products, which in turn, is driving the market’s demand in the country. According to the India Brand Equity Foundation, the beauty, cosmetic, and grooming market is expected to reach USD 20 billion by 2025.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Usage of Silicone in Various End-user Industries
4.1.2 Growing Growing Demand from the Pharmaceutical and Personal Care Industries
4.2.1 Stringent Regulations on Chloromethane
4.2.2 Negative Impact of COVID-19 Pandemic
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Product Type
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Ongoing Research and Development in the Production of Chloromethane
7.2 Other Opportunities
For more information about this report visit https://www.researchandmarkets.com/r/llz6vx
View source version on businesswire.com: https://www.businesswire.com/news/home/20210903005342/en/
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