The global chloromethane market is projected to witness a consistent 4% CAGR during the forecast period of 2019 to 2027, says a recent report by Transparency Market Research. The growth of the market is accounted by the widespread application of chloromethane in water treatment industry where the compound is used to treat the water to make it available for further use. Moreover the application of methyl chloride, a substrate of chloromethane market in medical industry is further expected to boost the growth of global chloromethane market during the estimated time frame, says the report.
Demand in Cement and Construction Industry to Boost the Growth
With several upcoming and massive infrastructural projects, construction industry is expected to grow exponentially over the period of time. Consequently, the demand for several products from chloromethane market is also expected to skyrocket in coming years. This growth is attributed to the benefits these products offer to the industries. For instance, the chloromethane is mixed in cement to provide it additional strength. This allow the cement to bare more load than ordinary cement and can have a longer life. Such benefits are the major factors that are expected to boost the growth of global chloromethane market from 2019 to 2027.
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Large Industrial Applications Favor the Growth
Chloromethane is used widely in several industrial application. For example, the compound is best used in water treatment industry where the recycling of the water in conducted and made available for reuse. Additionally, pharmaceutical industries are using chloromethane in several drugs development. This extensiveness of the application of the compound is also expected to boost its demand, which further is expected to boost the growth of global chloromethane market in coming years between 2019 and 2027.
Methyl Chloride Segments Dominates the Market
The methyl chloride market under product category is expected to dominate the global chloromethane market during the forecast period of 2019 and 2027. According to the report by Transparency Market Research, the segment accounted for US$ 2.4 bn in 2018 and is expected to continue its dominance in coming years of estimated duration. Moreover, the growing demand of the product in research labs and pharmaceutical companies is also a major factor that boosts the growth of global chloromethane market from 2019 to 2027.
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Asia Pacific Establishes its Dominance in the Market
Asia Pacific dominated the global chloromethane market in 2018 and anticipated to continue its dominance in the coming years. The prominence of the region is the result of presence of several prominent manufacturers. Moreover, the massive use of chloromethane in industries of India and China is also a major factor that is boosting the growth of Asia Pacific in global chloromethane market from 2019 to 2027.