21-Jul-2020 | Zion Market Research
According to the report released by Zion Market Research, the valuation of the global methylene chloride market in 2017 was around $1,989.7 million and is estimated to attain about $2,924.90 million by 2026, registering approx 5.6% CAGR during 2020–2026. A few key players within the global methylene chloride market consist of Eastman Chemical Company, Akzo Nobel N.V, KEM ONE, Asahi Glass Co. Ltd., INEOS Group Holding S.A, Olin Corporation, Shin-Etsu Chemical Co. Ltd., Occidental Petroleum Corporation, LOTTE Fine Chemical, and PJSC Khimprom. Methylene chloride, also recognized as dichloromethane, has formula CH2CL2 and is an organochlorine compound. This unstable, colorless fluid has a slightly sweet scent and is extensively utilized as a solvent. It is used metal cleaning, in the paints & coatings industry, polyurethane foams, and to decaffeinate coffee & tea.
Rising Demand From Paints & Coatings Industry To Boost Global Market Growth
The growth of the global methylene chloride market is primarily propelled by the rising need from the paints & coatings industry, where it is utilized as a solvent. Further, other end-user industries like textiles, pharmaceuticals, and adhesives & sealants are anticipated to show a stable need for methylene chloride in the years to come. Moreover, rising fluorocarbon demand is expected to offer better avenues for the methylene chloride market in the coming period. In addition, the rising HFC-32 requirement from end-user industries is projected to increase the methylene chloride demand in the near future. Nevertheless, strict government policies relating to the methylene chloride market because of being deemed as a potential carcinogenic chemical is projected to hamper the market growth in the coming period.
Chemical & Foam Manufacturing Segment To Grab The Maximum Market Share
The global methylene chloride market is bifurcated based on application and region. The application segment of the market is categorized into food & beverages, pharmaceuticals, paints & varnishes, chemical & foam manufacturing, metal cleaning, and others. The others segment comprises photographic films, inks, and electronics. The chemical & foam manufacturing segment is projected to capture the maximum share in the market during the forecast period. This can be credited to the rising need for the methylene chloride in foam manufacturing and chemical processing because of its excellent blowing performance and extensive usage in specialty chemical formulations. Further, it is usually utilized in the material and chemical industry as a solvent.
Asia Pacific Expected To Dominate The Global Methylene Chloride Market
Regionally, the global methylene chloride market is expected to be dominated by Asia Pacific, with China having the maximum methylene chloride demand in this region. Asia Pacific is estimated to witness rapid expansion because of swiftly rising demand for solvents, increasing product demand in paint stripper, flourishing pharmaceutical industry, and increasing use in degreaser applications in budding countries like India and China. Europe is expected to be the second-largest methylene chloride market. Rising methylene chloride demand from paints and coatings industry is the key reason propelling this regional market. Nevertheless, other nations like France, Germany, Italy, and the Netherlands are projected to escalate its need for methylene chloride in the coming period. Nonetheless, environmental rules associated with methylene chloride are expected to hamper the market growth in this region.
Browse the full “Global Methylene Chloride Market- by Application (Food & Beverages, Pharmaceuticals, Metal Cleaning, Paints & Varnishes, and Chemical & Foam Manufacturing) and By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/methylene-chloride-market
The global methylene chloride market is segmented as follows:
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