Rapid Growth in the Agrochemicals Industry Driving the Growth of India Chloromethane Market.
New York, NY -- (SBWIRE) -- 10/18/2021 -- Indian chloromethane Market size is forecast to reach US$115.8 Million by 2026, after growing at a CAGR of 6.2% during 2021-2026. Chloromethane is also known as methyl chloride which is a clear, and colorless gas present in the atmosphere. The product belongs to an organic compound called haloalkanes. Chloromethane is an anthropogenic and naturally available chemical in the atmosphere. Chloromethane is water-soluble and highly flammable with a faint sweet smell. They are manufactured and developed by the reaction of hydrogen chloride and methanol and they can also be developed by chlorination of methane. Chloromethane finds its usage in different applications such as industrial solvents, refrigerants, silicone polymer, chemical intermediates, and others. The growing demand from different end-use industries such as pharmaceutical, automotive, construction, personal care products, and others are positively driving the market growth during the forecast period. The growing usage of silicone in various end-user industries is further driving the market growth for chloromethane over the forecast period. However, stringent regulations on chloromethane are likely to hamper the market growth during the forecast period.
The COVID-19 pandemic is impacting different industries, one of the few industries that were largely hit to some extent was the chemical industry. Due to the Covid-19, the government of India Imposed a lockdown to control the spread of the virus. The supply & demand side is completely disturbed and also impacted the demand for chloromethane among various end-use industries such as textile, automotive, agriculture, pharma, and others. The slowdown in construction activities and lack of workforce badly impacted the market. However, the pharma industry supported the market growth significantly, the majority of pharma companies kept their operation live during the lockdown.
India Chloromethane Market Segment Analysis: By Type
The methylene chloride segment accounted for the largest share of more than 55% in the Indian chloromethane market in 2020 and is estimated to grow at a significant rate during the forecast period. The methylene chloride type is extensively used in industrial solvent products and also used as a chemical intermediate in the manufacturing of polyurethane foams, and adhesives. The product also finds its usage in paint strippers and paint thinners. Paint strippers are widely preferred to remove paint or varnish coatings from a different surface. Methylene chloride is also used as an extraction solvent in the food & beverage industry. The carbon tetrachloride segment is expected to register a CAGR of 6.5% between the forecast period 2021-2026. Carbon tetrachloride is extensively refrigerants, fire extinguishers, and cleaning agents. The growing usage of air conditioners in the country is driving the market growth.
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India Chloromethane Market Segment Analysis: By Application
The silicones segment accounted for the largest market share of more than 15% of the market in 2020 and is estimated to grow significantly during the forecast period. The rapid growth in the electronics and personal care industry in India is driving the market growth for the silicone segment. Methyl-based silicones offer different properties such as high water repellence, flexibility, and easily soluble in organic compounds are positively impact the segmental growth. Silicones are synthetic polymers and available in different forms such as silicone resigns, silicone fluids, silicone rubbers, and silicone gels. Growing demand for lightweight materials in the automotive industry is also boosting the market growth for the silicone segment. The chemical intermediate segment is expected to register a significant CAGR rate during the forecast period. The growing agriculture activities along with the growing usage of agrochemicals are driving the market growth for the chemical intermediate segment.
India Chloromethane Market Segment Analysis - By End-Use Industry
The pharmaceutical segment dominates the market and accounted for approximately 30% market share in 2020. The presence of leading pharma companies such as Sun Pharma, Divis Laboratories, Dr. Reddys Laboratories, Cipla Limited, Aurobindo Pharma, and others are driving the Indian market growth. According to the data published by National Investment Promotion & Facilitation Agency, India is the largest provider of generic medicine globally and occupied approximately 20% share in global supply. India has approximately 261 US-FDA Pharma plants. India has approximately 3,000 pharma companies with a strong network of 10,500 manufacturing facilities.
India Chloromethane Market Drivers:
Growing usage of silicones among end-user industries
Silicone is one of the most commonly used chemical products among end-users. They offer various properties such as environmental resistance, UV stability, dielectric, transparency, flexibility, adhesion, color friendly, and others. Silicone rubber products are used for the sterilization of food processing and medical equipment due to their heat resistance property. Silicone elastomers are the best medical-grade silicones suitable for the medical industry. According to the data published by IBEF the Indian biotech industry is expected to generate US$ 100 billion by 2024-2025. The product is used to manufacture implant devices such as pacemakers, orthopedic joint implants, neurostimulators, and others. Silicones also find their usage in construction applications due to their moisture resistance, and high strength properties. According to Invest India reports, the Indian real estate sector attracted more than USD 5 billion in institution investments during 2019-2020.
Rapid growth in the agrochemicals industry
Agrochemicals are generally known as pesticides, herbicides, or fertilizers used in agricultural sectors. Agriculture is the one prominent industry in the Indian economy and contributed approximately 17% to Indian GDP during 2019–2020. India is the fourth-largest country involved in the production of agrochemicals in the world. According to data published by Fortune India, the Indian agrochemical market generated ?38,000 crores in 2020 in which domestic consumption accounted for ?20,000 crore and exports accounted for 18,000 crores. According to the World Export data, India is the fifth-largest exporter of agrochemicals in 2019 and exported pesticides worth USD 3.4 billion.
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India Chloromethane Market Challenges:
Chloromethane has a faint sweet smell and is easily soluble in water. The high concentrations of chloromethane in humans cause severe neurological effects. Chloromethane gas also shows a significant impact on heart rate, blood pressure, liver, and kidneys in humans. Chloromethane can enter the body by breathing, or drinking water containing it. When chloromethane is consumed it directly enters the bloodstream fast and moves to the liver, kidneys, and brain.
India Chloromethane Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the India Chloromethane market. Major players in the Gujarat Alkalies & Chemicals Ltd, Vizag chemical, Chemplast Sanmar Ltd, Gujarat Fluorochemicals Limited, Asahi Glass Co. Ltd., AkzoNobel N.V., Dow Chemical Company, Ercros Sa, Ineos, Occidental Chemical Corporation, and others.
In July 2020, SRF Ltd. company announced that they are going to invest Rs 315 Crores in setting up a new chloromethane plant at Dahej, Gujarat. The new facility will produce approximately 1,00,000 tons of chloromethane yearly
The pharmaceutical market holds the maximum share in the Indian chloromethane market and is expected to grow at a CAGR of 6.9 % during the forecast period.
Silicones are widely used in structural glazing and weatherproofing applications in the construction industry. They are also helpful for constructing energy-efficient buildings. Silicones cut down material waste in the construction industry, and extend building life, with minimal costs.
Chloromethane acts as an intermediate in the manufacturing of medicinal drugs. Methylene dichloride is a widely preferred chloromethane type in the pharma industry.
A. Chloroform Market
B. Carbon Tetrachloride Market
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