Global Chloromethane Market 2020–2024 | Increasing Demand for Refrigeration and Air-Conditioning to Boost Market Growth | Technavio
The global chloromethane market is expected to grow by USD 344.82 million during 2020–2024, according to the latest market research report by Technavio. Request a free sample report
Factors such as growth in population, rapid urbanization and industrialization, rising construction expenditure, and the increasing sale of commercial and residential spaces have augmented the demand for refrigeration and air-conditioning systems. Also, the growing focus on environmental protection has increased the adoption of eco-friendly refrigerants such as chloromethanes. During 2019–2024, the global refrigerant market is expected to post a CAGR of 6%-8%. This is expected to increase the demand for chloromethane during the forecast period.
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As per Technavio, the growing demand for silicones will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020–2024.
Chloromethane Market: Growing Demand for Silicone
Silicone and its derivatives find numerous applications across industries such as construction, automotive, paints and coatings, personal care, polymers, medical, and textile. For instance, silicone elastomers are vulcanized to enhance their mechanical properties in the rubber industry. Methyl chloride is widely used as an intermediate in the production of silicone. The increasing demand for silicone across various end-user industries is expected to boost the growth of the global chloromethane market during the forecast period.
“Increasing demand for fluoropolymers and the rising demand for frozen and perishable food products will further boost market growth during the forecast period”, says a senior analyst at Technavio.
Chloromethane Market: Segmentation Analysis
This market research report segments the chloromethane market by type (methylene chloride, chloroform, methyl chloride, and carbon tetrachloride), and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the chloromethane market in 2019, followed by North America, Europe, South America, and MEA. During the forecast period, APAC is expected to register the highest incremental growth due to the increasing demand for refrigerants in the food and beverage, hotel, pharmaceutical, and chemical industries in the region.
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