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Chloroform Market Dynamics Scenario 2022,Industry Size and Share Estimates,Forecast to 2028

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Chloroform Market Dynamics Scenario 2022,Industry Size and Share Estimates,Forecast to 2028

Chloroform, also known as trichloromethane, is a colorless, heavy, sweet-smelling liquid that is commonly used as a solvent and as a starting material for the production of other chemicals. Here is some information on the chloroform market:


Market Size and Growth:

The global chloroform market size was valued at USD 1.5 billion in 2020 and is expected to grow at a CAGR of 3.8% from 2021 to 2028.


Market Drivers:

The growth of the chloroform market is driven by the increasing demand for chloroform in various end-use industries, such as pharmaceuticals, agrochemicals, and chemical manufacturing. The use of chloroform as a solvent in the production of various chemicals is also a major driver of the market.

Application:


The major applications of chloroform include:

  1. Pharmaceuticals: Chloroform is used as a solvent for various drugs and as a starting material in the production of anesthetics such as chloral hydrate and halothane.
  2. Agrochemicals: Chloroform is used as an intermediate in the production of herbicides, fungicides, and insecticides.
  3. Chemical manufacturing: Chloroform is used as a solvent and starting material in the production of various chemicals, including refrigerants, fluorocarbons, and solvents.
  4. Others: Chloroform is also used in the production of dyes, resins, and synthetic fibers.


Regional Market:

The Asia Pacific region is the largest market for chloroform, accounting for more than 50% of the global demand. This is due to the increasing demand for chloroform in the region's pharmaceutical and chemical industries. Other significant markets for chloroform include North America and Europe.


Key Players:

Some of the key players operating in the chloroform market include Dow Chemical Company, BASF SE, Akzo Nobel N.V., Gujarat Alkalies and Chemicals Limited, Solvay S.A., Ineos Group Limited, Shin-Etsu Chemical Co. Ltd., Tokuyama Corporation, Occidental Petroleum Corporation, and Formosa Plastics Group.


Regulation:

Chloroform is a hazardous substance and is regulated by various environmental and health agencies. It is classified as a carcinogen and is subject to restrictions on its use and disposal. The production and use of chloroform are regulated by agencies such as the US Environmental Protection Agency (EPA), European Chemicals Agency (ECHA), and the Ministry of Environment, Forest and Climate Change (MoEFCC) in India.

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