The mushrooming use of chloromethanes as a raw material for producing industrial solvents is driving its demand across the world. Large quantities of this compound are processed for producing dimethyldichlorosilane and various associated organosilicon compounds. Dimethyldichlorosilane basically serves as a precursor to the silicones that are heavily used for producing medicines, sealants, adhesives, lubricants, and cooking utensils and also in electrical and thermal insulation. In addition to this, several other derivatives of chloromethane such as trimethylsilyl chloride and methyltrichlorosilane are heavily used as solvents in various chemical processes.
Many exporters and producers of chloromethanes are rapidly setting up their warehouses and plants, respectively, in the Latin American (LATAM) and Middle East and Africa (MEA) regions, primarily because of the presence of a well-established agriculture industry and an untapped pharmaceutical industry and surging oil and gas exploration and production (E&P) activities in the regions. Moreover, many overseas chloromethane producers are rapidly establishing new production facilities, expanding their existing plants, and improving their current production efficiency in order to leverage the soaring growth opportunities being generated in the regions.
For example, Nouryon, which was earlier known as AkzoNobel N.V., announced in April 2019 that it aims to expand the production capacity of its facility in Frankfurt, Germany to take maximum advantage of the booming opportunities. Due to these measures, the global chloromethanes market is predicted to exhibit huge expansion in the coming years. According to the forecast of P&S Intelligence, a market research company based in India, the market revenue will surge from $2,675.9 million in 2018 to $3,286.9 million by 2024.
Silicone polymers, agrochemicals, chemicals & intermediates, pharmaceuticals, adhesives, and refrigerants are the major application areas of chloromethanes. Out of these, the usage of this compound was found to be the highest in chemicals and intermediate in the years gone by. This compound is heavily used in the chemical industry for producing chemicals and precursors to various chemical intermediates such as butyl rubber, resins, greases, extractant for oils, blowing agents, and propellants. Its large-scale usage in the chemical production sector is fueling its demand across the globe.
Globally, the sales of chloromethanes were observed to be the highest in the Asia-Pacific (APAC) region in the past years. Moreover, the chloromethanes market is predicted to exhibit the fastest growth in APAC in the forthcoming years. This is attributed to the soaring production and usage of chloromethanes in the regional countries such as India and China. China holds a major share in the global market, as it is one of the world’s biggest producers of several chemicals and intermediates, pharmaceuticals, and agrochemicals.
Hence, it is safe to say that the sales of chloromethanes will explode in the coming years, mainly because of the growing requirement for the compound in the production of various chemicals and industrial solvents.
Chloromethanes Market is a derivative of methane; it is highly flammable, toxic and colourless gas with a faint sweet smell.
It is produced by the chemical reaction between hydrogen chloride and methanol.
Initially, chloromethane used to be utilized as a refrigerant but discontinued due to its toxicity and flammability.
This is widely utilized in the manufacturing of active pharmaceutical ingredients and silicone industry and is used in another chemical too.Chloromethanes market is registering this growth at a rate of 4.9% for the forecast period of 2020 to 2027.
Rising demand for silicone elastomers in various end-use industries such as automotive, construction is anticipated to drive the market growth over the forecast period.Get Sample PDF (including COVID19 Impact Analysis) of Market Report @ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-chloromethanes-marketMarket Drivers and Restraints:On the basis of product, the chloromethanes market is segmented into methylene chloride, methyl chloride, carbon tetrachloride, chloroform and others.On the basis of end-user, the chloromethanes market is segmented into refrigerant, industrial solvent, silicone polymers, laboratory chemicals, chemical intermediates, methylating & chlorinating agent, propellant & blowing agent, catalyst carrier, herbicide, local anesthetic, adhesives and sealants and others.Based on application, the chloromethanes market is segmented into pharmaceutical, agrochemicals, textile, automotive, construction, paints & coatings, personal care products, plastics & rubber and others.
The major players covered in the Aerospace Interior Adhesive MarketThe major players covered in the chloromethanes market report are Gujarat Alkalies and Chemical Limited, INEOS, KEM ONE, Occidental Petroleum Corporation, Shin-Etsu Chemical Co., Ltd., Solvay, SRF Limited, Tokuyama Corporation, Siemens Corporation, Dow, Akzo Nobel N.V, Occidental Petroleum Corporation, Ineos, Solvay, KEM One, Shin-Etsu Chemical Co., Ltd, Tokuyama Corporation, SRF Limited, Ercros S.A, AGC Inc, among other domestic and global players.
SRF Ltd., a multi-business entity engaged into manufacturing of Fluorochemicals, specialty chemicals, textiles and packaging films, has recently reported an impressive June quarter.
Despite a significant slump in its Fluorochemicals and Tyre Cord fabric sales due to limited buying from the automotive sector, the shares of the company rose by 20% within the year, reporting a 52-weeks hike on Tuesday.
The shares soared soon after the company got approval for setting up a Chloromethanes facility in Gujarat at an investment of INR 315 crores.Get more info : https://www.chemanalyst.com/NewsAndDeals/NewsDetails/srf-ltd-soars-despite-pandemic-blows-thanks-to-the-chemicals-and-packaging-films-sector-1313SRF also commissioned a new specialty chemicals unit in Gujarat this week and has recently expanded its packaging films capacity in Europe.
About the June quarter, although the company’s revenue dropped by 12.4% as compared to the previous year’s, the strongly performing chemicals division helped it to grow its operating profit by 6.3%.
Revenue from the division registered a growth of 16.9% in Q1FY21.
SRF is also looking forward to double its chemicals manufacturing capacity by January-end 2022.
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