Global Methylene Chloride Market Report, published by Variant Market Research, forecast that the global market is expected to reach $1,078 million by 2024 from $720 million in 2016; growing at a CAGR of 5.2% from 2016 to 2024. Methylene chloride, also known as dichloromethane and methylene dichloride, is neutral liquid and colorless, majorly used as industrial solvent. This compound is used in a variety of industries and applications including pharmaceuticals, adhesives, metal cleaning, painting and coating products, and many others.
"Methylene Chloride Market (By Application: Metal Cleaning, Paints & Varnishes, Pharmaceuticals, Food & Beverages, Chemical & Foam Manufacturing and Others; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Increasing demand from personal care and cosmetics to drive the growth of methylene chloride market
The factors supporting the growth of the market are increasing demand from paints and coating industry, development of advanced applications across various sectors, rising use in personal care and cosmetics industries, and major manufacturers investing in R&D for developing new processes. Though, hazards related to methylene chloride would hamper the market growth. Besides, increasing applications, and market expansion would create growth opportunities in years to come.
The global methylene chloride market is segmented as application, and geography. Application is bifurcated as metal cleaning, paints & varnishes, pharmaceuticals, food & beverages, chemical & foam manufacturing and other applications.
Global Methylene Chloride Market,By Application
Pharmaceuticals dominated the type of application segment
Pharmaceuticals dominated the type of application segment due to expanding pharmaceutical industry which has led to increase in demand for methylene chloride, and growing use for extracting chemicals from plants for medicines such as antibiotics, and steroids.
GLOBAL METHYLENE CHLORIDE MARKET SHARE BY GEOGRAPHY, 2016 (%)
Asia-Pacific is anticipated to grow at a fastest CAGR over the forecast period
Asia-Pacific will dominate the global market with largest market share and fastest CAGR during the forecast period, driven by, growth in end use industry, presence of high number of local manufacturers especially in China, and India, and rising consumption of fluorocarbons. Europe accounted for the second largest market share in 2016.
The major companies operating in this segment include Solvay S.A., AkzoNobel N.V., The Dow Chemical Company, Gujarat Alkalies and Chemicals Ltd., PPG Industries, Occidental Petroleum Corporation, Eastman Chemical Company, Shin-Etsu Chemical Co. Ltd., 3M, and Asahi Glass Co. Ltd., among others.