Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Chloromethane Market Overview
Chloromethane or methyl chloride is a hydrocarbon that is primarily used as an industrial solvent in numerous applications such as refrigerant, cleaning solutions, and others. The industrial chloromethane is formed through number of reaction technology and refining technology, by reacting methanol with hydrogen chloride. However, chloromethane naturally produced in the oceans by the action of sunlight on biomass and chlorine in sea foam.
Market Size and Forecast
Global chloromethane market is expected to witness a robust growth over the forecast period. The market is expected to thrive at notable CAGR during the projected period of 2017-2027. Global market of chloromethane is expected to rise on the back of wide range of industrial application of chloromethane and rapid industrialization across the globe.
The market is segmented in five major regions including North America, Asia Pacific, Europe, Middle East & Africa and Latin America regions. Asia Pacific grabbed lion shares of global chloromethane market in 2016 and is expected to maintain this growth over the forecast period owing to rapid industrialization in Asian countries. Electronics and automotive are some of the key applications of chloromethane. Further, growing automotive sector and rising demand for electronic products in Asia Pacific region is expected to enhance the growth of market in the region over the forecast period.CLICK TO DOWNLOAD FREE SAMPLE
Apart from Asia Pacific, North America chloromethane market is expected to grow at satisfactory pace over the forecast. Large base of facilities that produce or process chloromethane in the United States and rapidly growing synthetic rubber production in North America is expected to be the dynamic factors behind the growth of chloromethane market in North America region during the forecast period.
The market of chloromethane is further segment by application into refrigerant, pharmaceuticals, silicone polymers, chemical intermediate, cleaning solutions, coating and others. Higher chlorinated methanes such as methylene chloride, chloroform, and carbon tetrachloride has a number of applications such as, piping inlet coating, cable and wire insulation, anti-stick coating and in medical products such as syringe, catheters and more. However, silicone polymers segment is showcasing great potential for future growth owing to rise in demand for synthetic rubbers in plentiful end-use applications.
Market Segmentation
Our in-depth analysis has segmented global chloromethane market into the following segments:
By Product
By Application
By Region
Global chloromethane market is further classified on the basis of region as follows:
Growth Drivers & Challenges
Further, rising application of chloromethane in pharmaceutical, chemicals, automotive and other industries is expected to boost the growth of chloromethane market during the forecast period. Further, extensive consumption of chloromethane in diverse applications such as in production of higher chlorinated methanes is also an important factor driving the chloromethane market. Rapid industrialization in developing countries such as China and India is also augmenting the consumption of chloromethane across the globe. Development of new plants to meet the global demand for chloromethane is also expected to enhance the growth of market over the forecast period. For instance, The Meghmani Finechem Ltd invested Rs 140 crores to set up a chloromethane plant with capacity of 40,000 metric tons per annum (MTPA) in Gujarat. Additionally, increasing usage of chloromethane in the production of medicine and a solvent in the synthetic rubber industry is also pushing the market of chloromethane across the globe. Chloromethane is also used to make methylate silicon and in the production of agricultural chemicals, methyl cellulose, quaternary amines, and butyl rubbers. Such wide range of application of chloromethane is expected to drive the growth of market in future. However, high toxicity and flammability of chloromethane is major concerns which are expected to restrict the growth of market over the forecast period. A number of harmful effects of chloromethane, if directly expose to a person such as drowsiness, dizziness, or confusion and difficulty in breathing, walking or speaking are also expected to restrain the expansion of market.
Key Players
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
The global chloromethane market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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