The chloromethanes market size is expected to grow at a significant rate in the coming years. The main factors responsible for the propelling of the market are the large-scale, and also increasing usage of chloromethanes, and the evolution of the medical sector production of the solvents. Geographically, the MEA market for chloromethanes will experience the fastest growth in the near future, with regard to volume.
The snowballing use of chloromethanes as a raw material for making industrial solvents will facilitate the chloromethanes market in the years to come. A large quantity of this compound is processed for the production of dimethyldichlorosilane and related organosilicon compounds. Dimethyldichlorosilane acts as a precursor to silicones that are extensively used in the making of medicine, adhesives, cooking utensils, sealants, lubricants, and electrical and, thermal insulation. Moreover, other derivates of chloromethane like methyl trichlorosilane and trimethylsilyl chloride, are utilized as solvents in numerous chemical processes.
The MEA and LATAM regions are the new destinations for the makers and exporters of chloromethanes. The chloromethanes market has huge growth potential in the MEA because of the established agriculture industry, unexploited pharma industry, and widespread oil and gas E&P activities here. To gain from the increasing count of prospects, overseas companies are intensifying their capacities of production by enhancing their present production competence, establishing new production units, and developing the existing plants.
The chloromethanes market is extremely consolidated with over 70% captured by the top eight players. AkzoNobel N.V. led the market with over 17% share in the market. The business has a strong presence globally and has plans to expand its capacity of production. The company expanded its production capacity in Frankfurt, Germany. With the development, the overall capacity would surge by 50% throughout 2018–2023. This will help the company to gain a competitive edge, and increase its stake in the market.
It is because of the large-scale production of solvents, that the demand of chloromethanes will be substantially on the rise.