Chloromethane Sales To Skyrocket in Asia-Pacific in Near Future

The mushrooming use of chloromethanes as a raw material for producing industrial solvents is driving its demand across the world. Large quantities of this compound are processed for producing dimethyldichlorosilane and various associated organosilicon compounds. Dimethyldichlorosilane basically serves as a precursor to the silicones that are heavily used for producing medicines, sealants, adhesives, lubricants, and cooking utensils and also in electrical and thermal insulation. In addition to this, several other derivatives of chloromethane such as trimethylsilyl chloride and methyltrichlorosilane are heavily used as solvents in various chemical processes.

Many exporters and producers of chloromethanes are rapidly setting up their warehouses and plants, respectively, in the Latin American (LATAM) and Middle East and Africa (MEA) regions, primarily because of the presence of a well-established agriculture industry and an untapped pharmaceutical industry and surging oil and gas exploration and production (E&P) activities in the regions. Moreover, many overseas chloromethane producers are rapidly establishing new production facilities, expanding their existing plants, and improving their current production efficiency in order to leverage the soaring growth opportunities being generated in the regions.

For example, Nouryon, which was earlier known as AkzoNobel N.V., announced in April 2019 that it aims to expand the production capacity of its facility in Frankfurt, Germany to take maximum advantage of the booming opportunities. Due to these measures, the global chloromethanes market is predicted to exhibit huge expansion in the coming years. According to the forecast of P&S Intelligence, a market research company based in India, the market revenue will surge from $2,675.9 million in 2018 to $3,286.9 million by 2024.

Globally, the sales of chloromethanes were observed to be the highest in the Asia-Pacific (APAC) region in the past years. Moreover, the chloromethanes market is predicted to exhibit the fastest growth in APAC in the forthcoming years. This is attributed to the soaring production and usage of chloromethanes in the regional countries such as India and China. China holds a major share in the global market, as it is one of the world’s biggest producers of several chemicals and intermediates, pharmaceuticals, and agrochemicals.

Hence, it is safe to say that the sales of chloromethanes will explode in the coming years, mainly because of the growing requirement for the compound in the production of various chemicals and industrial solvents.

Source: www.psmarketresearch.com

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