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Asia-Pacific shows tremendous opportunity
The global chloromethanes market is emerging with a positive growth due to the increasing number of applications in different vertical industries such as pharmaceuticals, foam manufacturing, chemical processing, production of different chemicals, solvent application segments, and others. There is a continuous need of innovations in applications and products to help sustain the industry and its growth. It will furthermore lower the chances of substitute’s development in the market, and can sustain among the available competitive products.
The growing attention towards the protection of human health and environmental risks has promoted various government regulations, which have further resulted in decreased consumption of chloromethanes in different consumer application segments in the European and North American regions. Though, Asia-Pacific is comparatively lower regulated market; thus, the growth is expected to be rising. In order to meet this demand, innovations are being undertaken to cater to the client and end-user need as per their requirements. The demand for cost-effective solvents with better service life has increased in this industry.
The Asia-Pacific market has tremendous opportunities for chloromethanes and its applications. This region emerged to be the driving factor for this market, contributing to more than 45% of the global demand. China is the largest country in the consumption of chloromethanes due to the increased demand from the foam manufacturing, chemical processing, and other manufacturing segments in the industry. The other emerging economies such as Brazil, India, Russia, etc. are further lined up for the brighter future in this market.
Shin-Etsu, headquartered at Japan, aims to increase its presence in the Asian market particularly in Japan by increasing its application development capability and global production infrastructure. Shin-Etsu and Tokuyama Corporation are leading companies which cater the increased demand for methylene chloride in the Asia-Pacific region. India, vital market for chloromethanes with notable manufacturers such as Gujarat Alkalies, SRF Ltd, Chemplast Sanmar group and others. Recently, SRF invested in chloromethanes to produce methylene chloride. Gujarat alkalies announced that they will expand the capacity to 100 Kilotons by next three years, which depicts the expected demand in India and the Asia-Pacific region.
Through, organic growth strategies such as geographic expansion and new product developments, the companies are opting to expand their overall business worldwide. The major companies operating in this market such as Solvay located in Belgium, U.S. based Oxychem, Shin-Etsu (Japan), and Ineos (Switzerland) are engaged in bringing innovations in their products as well as enhancing their penetration in the global chloromethanes market. Industry players are constantly taking efforts to strengthen their material development due to tremendous pressure within the industry to be cost effective, adhered to regulation set by environmental organizations and respective governments.
Chloromethanes Market by Type (Methyl Chloride, Methylene Chloride, Chloroform, Carbon Tetrachloride), by Geography (NA, Europe, Asia-Pacific, & ROW) & by Application - Global Trends and Forecasts to 2018
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