Chloromethane Market Thrives on Growth in Construction Industry and Demand for Polystyrene Foam, Bolstered by Rising Silicone Use in Various Applications
The global chloromethane market is witnessing significant growth driven by its diverse applications across various industries. One of the key drivers of this market is the increasing demand for chloromethane in the production of polystyrene foam, particularly in the construction sector. Chloromethane serves as a crucial blowing agent in the manufacturing of polystyrene foam, thanks to its superior chemical properties and its potential for reduced ozone layer depletion. Regulatory authorities such as the Structural Insulated Panel Association (SIPA), Extruded Polystyrene Foam Association (XPFA), and European Extruded Polystyrene Insulation Board Association (EXIBA) have shown strong support for the use of polystyrene foam in building and construction applications in North America and Europe.
Extruded polystyrene foam offers excellent insulation properties, a critical factor in the construction sector. It finds use in insulation products to protect structures from external environmental conditions and is employed in floorings, facades, ceilings, and roofs. With the construction industry experiencing significant growth, the demand for chloromethane derivatives is poised to surge, further bolstering the chloromethane market.
Rising Use of Silicone in Various End Use Applications to Bolster the Growth of the Chloromethane Market
Chloromethane plays a pivotal role as a feedstock in the production of various chemical intermediaries, including methyl chlorosilanes and siloxanes. These compounds are integral in the manufacturing of silicone fluids used in an array of applications, such as antifoaming agents, light-duty lubricants, release agents, furniture polishes, cosmetics, paper coatings, and auto polishes. Silicone resins are widely utilized in water repellent resins, electrical insulation, coatings, laminating resins, and molding resins due to their functional properties, including high water repellence and solubility in various organic solvents.
Silicone elastomers also find extensive use as sealants and adhesives in industries like construction, medical, and automotive. In construction applications, they provide effective waterproofing, enhance energy efficiency, and reduce material waste, further driving the demand for silicones and chloromethane.
Asia Pacific Likely to Become a Hotbed for the Chloromethane Market from a Revenue Standpoint
The Asia Pacific region is poised for significant growth in the chloromethane market, with countries like China, India, South Korea, and Japan showing increasing demand across various industries. The pharmaceutical sector, driven by factors such as a growing geriatric population and rising GDP per capita, is expected to be a major contributor to chloromethane market growth. Additionally, the beauty and cosmetics industry is gaining momentum, further boosting the use of chloromethane in pharmaceutical and cosmetic applications.
The robust growth in the construction industry in countries like China and India, with substantial investments in infrastructure projects, is driving the sales of silicones produced using chloromethane. This expansion of end-use industries, including pharmaceuticals, construction, and cosmetics, is expected to fuel the revenue growth of the chloromethane market in the coming years.
Chloromethane Market: Competitive Scenario
The chloromethane market is witnessing new launches and capacity expansions as key players aim to strengthen their positions and gain a competitive edge. For example, SRF Ltd approved the establishment of a new production facility in Gujarat, India, capable of manufacturing 100,000 tons of chloromethane annually in 2020. In November 2021, the expansion of TGV SRAAC’s chloromethane plant was completed, increasing its daily production capacity to around 125 MTs to 250 MTs. Gujrat Alkalies and Chemicals also initiated new projects in October 2022 to expand their chloromethane plant.
Leading players in the chloromethane market include Nouryon, AGC Chemicals, Gujrat Alkalies and Chemicals Limited, Occidental Petroleum Corporation, KEM ONE, The Sanmar Group, SRF Limited, Spectrum Chemical Manufacturing Corp., The Dow Chemical Company, Gujrat Fluorochemicals Limited, Benzer Multi Tech India Private Limited, and Alfa Aesar.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/chloromethane-market
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