Methylene chloride, an organic compound, is a volatile liquid with a moderately sweet aroma. The chemical formula of the organic compound is CH2Cl2. The compound is also known as dichloromethane (DCM) and is widely used as a solvent in paint removers. Additionally, DCM is also used in aerosol formulations, which are required in the production of pharmaceuticals, as an ethane foam blowing agent, and as a degreasing agent in the manufacturing of electronics. Furthermore, methylene chloride is also used as a fast-drying solvent cement for polycarbonate.
Moreover, the organic compound also serves as a key solvent in paint and adhesive formulations, due to its low flammability, excellent dissolving strength, and quick-drying properties. As the construction industry is one of the major end-users of paints and adhesives, large-scale development of infrastructure units such as buildings, bridges, and manufacturing units across the world, will fuel the methylene chloride market at a CAGR of 5.4% during forecast period. The market was valued at $1,818.3 million in 2017 and it is expected to reach $2,485.5 million revenue by 2023.
Additionally, the increasing consumption of paints and adhesives in the automobile industry, owing to the burgeoning automobile sales, will also fuel the need for methylene chloride in the coming years. For instance, the International Organization of Motor Vehicle Manufacturers (OICA) states that in 2020, 77,971,234 vehicles were sold across the world. OICA further mentions that 53,598,846 passenger cars and 24,372,388 commercial vehicles were sold in 2020. Moreover, the surging production of automobiles in developing countries such as India and China, due to the presence of a large manufacturing base, will also amplify the usage of DCM in the foreseeable future.
According to P&S Intelligence, APAC dominated the methylene chloride market in the recent past, due to the booming population and flourishing infrastructure sector in the region. Moreover, the emergence of new application areas of DCM, rapid penetration of manufacturing units in developing countries, and easy availability of raw material will also boost the production and adoption of the organic compound in the region. Additionally, the booming pharmaceutical sector in APAC will also fuel the consumption of methylene chloride in the forthcoming years.
Thus, the rising construction activities and booming automotive industry will augment the usage of methylene chloride in the foreseeable future.
