Carbon Tetrachloride Market size is slated to cross USD 3 Billion by the end of 2036, expanding at a CAGR of 8% during the estimated period i.e., 2024-2036. In the year 2023, the industry size of carbon tetrachloride was over USD 200 Million. The demand for carbon tetrachloride in the cleaning industry to be used as a drying agent, reducing agent, spot removal agent, and so on is enormous. Several growth factors, e.g., increasing awareness of hygiene and cleanliness, strong demand for cleaning products, and rising revenue levels, have contributed to the growing prosperity of the cleaning sector. For instance, in the UK, the production of soap and detergent, cleaning and polishing perfumes, and toilet preparation increased by 1.2% in 2021 compared to 2020, as reported by the British Cleaning Council.
The main driver of carbon tetrachloride market growth is the growing uptake of eco-friendly refrigerants. In various cooling equipment and systems, refrigeration agents have been used for a long time. New eco-friendly refrigerants are being developed to combat the rising temperatures around the world. These eco-friendly refrigerants not only reduce the impact of climate change but also provide alternatives to current air conditioning technologies that have improved their characteristics and functioning.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
8% |
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Base Year Market Size (2023) |
USD 200 Million |
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Forecast Year Market Size (2036) |
USD 3 Billion |
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Regional Scope |
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Application (Chemical Manufacturing, Fertilizers, Pesticides, Degreasers, Spot Removers, Drugs, Refrigerants)
The chemical manufacturing segment in the carbon tetrachloride market is estimated to gain a revenue share of about 30% by the year 2036. The segment growth can be attributed to the application of tetrachloromethane or carbon tetrachloride as an intermediate in the manufacture of chlorine, agrochemicals, fire extinguishers, fertilizers, pesticides, and other substances that have a significant scope for growth.
In the manufacture of organic and inorganic chemicals as well as other chemical products, it is applied as a solvent. Due to the growth factors, for example, an increase in production of organic and inorganic chemicals, a growing demand for specialized chemicals as well as existing manufacturing bases, the chemical sector is experiencing strong growth. According to a recent report, the total chemical production output in the U.S. is expected to grow by 1.9% in 2024 and agricultural chemicals are expected to grow by 1.1% in 2024, as per the American Chemistry Council.
End Use (Chemicals, Cleaning, Medical & Pharmaceuticals, Agriculture, Paints, Plastics & Rubber)
In terms of end-use, the chemicals segment in the carbon tetrachloride market is estimated to hold the largest revenue share during the forecast period. Since carbon tetrachloride is used for the production of a variety of chemicals, such as chlorine, organic and inorganic compounds, agricultural chemical manufacturing, industrial gases, and other substances, its use has been flourishing in the chemical industry. Growth factors, like a strong base of specialty chemical production units, demand for organic and inorganic chemicals as well as fast industrialization have an impact on the lucrative growth of this industry.
Our in-depth analysis of the global carbon tetrachloride market includes the following segments:
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Grade |
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Application |
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End Use |
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APAC Market Forecast
The Asia Pacific region is expected to dominate the carbon tetrachloride market registering a growth of 33% by the end of 2036. Carbon tetrachloride has a very profitable growth potential in this area due to the established chemical sector, thriving manufacturing, and fast urbanization.
Due to established manufacturing bases, urbanization, and the growing need for specialties, petrochemicals, and agrochemicals, the chemical sector is expanding rapidly throughout Asia. For example, the European Chemical Industry Council (CEFIC) reports that in 2020, chemical sales in China were valued at USD 1,549 billion, USD 427 billion, and USD 499.67 billion in the country that is part of the European Union.
North American Market Statistics
The carbon tetrachloride market in the North American region is estimated to grow notably during the studied period. Due to strict regulations imposed by local regulatory bodies and environmental agencies, like the US Environmental Protection Agency, regarding the production and volumetric consumption of carbon tetrachloride, market growth in North America is expected to be relatively moderate.
In addition, the nation's need for chloromethane is expanding due to reasons such as a rise in building activities, increased infrastructure development spending, and a greater emphasis on home-grown manufacturing. The other two major markets in the region for carbon tetrachloride are Mexico and Canada. Therefore, during the projected period, these factors will propel the expansion of the carbon tetrachloride market in the area.
Author Credits: Smruti Ranjan, Rajrani Baghel
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