The North America Chloromethane Market would witness market growth of 4.4% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 2,805.3 kilo tonnes, showcasing a growth of 3.4% (2019-2022).
Another key application lies in the refrigeration industry, where chloromethane is utilized as a refrigerant. Its low boiling point and favorable thermodynamic properties make it suitable for cooling systems, crucial in maintaining optimal temperatures in refrigeration units. The adoption of chloromethane in this context is influenced by its efficiency and safety, making it a preferred choice in the refrigeration sector. The agrochemical industry also leverages chloromethane in the production of pesticides and herbicides. As an intermediate in synthesizing these agricultural chemicals, chloromethane enhances crop yields and protects plants from pests, playing a vital role in food security.
Increasing awareness of environmental sustainability and adopting green chemistry practices drive the development of eco-friendly processes and alternatives in the chloromethane market. Green chemistry initiatives encourage the development of safer chemicals and alternatives to hazardous substances. This can influence the chloromethane market by promoting the use of derivatives that have lower toxicity and pose fewer risks to human health and the environment. Green chemistry encourages the adoption of closed-loop processes, where waste is minimized, and by-products are used as inputs for other processes. Implementing closed-loop systems in chloromethane production can enhance sustainability and resource efficiency.
As per the International Trade Administration, the US automotive industry is one of the largest. In 2020, the United States sold 14.5 million light vehicles. According to Autos Drive America, the automakers produced 5 million vehicles in the United States in 2020. Due to these aspects, the chloromethane market will expand across the North America region in upcoming years.
The Asia Pacific market dominated the Global Chloromethane Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,202.2 Million by 2030. The North America market is experiencing a CAGR of 4.4% during (2023 - 2030). Additionally, The Europe market would exhibit a CAGR of 4.6% during (2023 - 2030).
Based on End-use, the market is segmented into Pharmaceutical, Agrochemicals, Textile, Automotive, Construction, Paints & Coatings, Personal Care Products, Plastics & Rubber, and Others. Based on Product, the market is segmented into Methylene Chloride, Methyl Chloride, Chloroform, Carbon Tetrachloride, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Chloromethane Market is Predict to reach $7.7 Billion by 2030, at a CAGR of 4.9%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Asahi Kasei Corporation, Tokuyama Corporation, AGC Chemicals Pvt. Ltd, Gujarat Alkalies and Chemicals Ltd, Occidental Petroleum Cororation, AkzoNobel N.V., Shin-Etsu Chemical Co. Ltd, Solvay SA, INEOS Group Holdings S.A., The Dow Chemical Company.
By End-use (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Product (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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