In 2018, the global chloromethanes market generated a revenue of $2,675.9 million. According to the forecast of P&S Intelligence, a market research firm based in India, the market would attain a value of $3,286.9 million by 2024. Furthermore, the market is predicted to advance at a CAGR of 3.4% between 2019 and 2024. The rapid expansion of the pharmaceutical industry and the extensive solvent production in various countries are the main factors driving the progress of the market.
With the rising sales of chloromethane derivatives, the chloromethanes market will exhibit huge expansion all over the world in the coming years. Another major factor fueling the growth of the market is the swift progress of the pharmaceutical and agriculture industries and the increasing oil and gas exploration and production (E&P) activities in the Middle East and Africa (MEA) region. Many global players operating in the chloromethanes industry are upgrading their production efficiencies and establishing new production plants.
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This is causing a sharp surge in their production capacities. For example, Nouryon, former AkzoNobel N.V. specialty chemicals segment, announced in April 2019 that it intends to increase its chloromethane production capacity at its production plant in Frankfurt, Germany for grabbing the global industry opportunity. Depending on type, the chloromethanes market is classified into methylene chloride, methyl chloride, chloroform, and carbon tetrachloride. Out of these, the methylene chloride category registered the highest growth in the market in the past.
Hence, it can be said with full surety that the market would register huge expansion all over the world in the upcoming years, mainly because of the rapid expansion of the agriculture and pharmaceutical industries and the heavy usage of chloromethanes for producing industrial solvents.
Read more: https://www.psmarketresearch.com/market-analysis/chloromethanes-market
