The global methylene chloride market is expected to grow at the CAGR of 6.21% and will contribute $923 million till 2022. In regional outlook market is segmented into North America, Europe, Asia Pacific and Rest of the world. Asia Pacific is the fastest growing market and is expected to grow even further in forecast year. Increasing demand for methylene chloride for solvent application in many end user industries is one of the key factors. European region is also a growing market due to growing demand for methylene chloride from refrigerant, paints and coatings industry, which is one of the major factors driving the market in European region. North American region is having the third-largest demand for methylene chloride. The United States had the largest demand for methylene chloride due to huge demand from end-user industries such as pharmaceuticals, paints & coatings, adhesives among others. The Rest of the World market is anticipated to show positive signs for methylene chloride market in upcoming years.
The global market for methylene chloride is growing at a faster rate due to rise in major applications of methylene chloride such as in a solvent in various industries such as pharmaceuticals, adhesives & sealants, paints & coatings, textiles, and aerosols among others. Methylene chloride is used in paint degreasers and stripper. It is also used in beverage industry to decaffeinate coffee and tea.
Global methylene chloride market is segmented into applications, ingredients, groups and regional outlook. In applications, market is divided into halogenated solvents, pharmaceuticals, chemical manufacturing and processing, blowing agents, metallurgy and paint removal products. Solvent application of methylene chloride is the fastest growing application segment. Applications in pharmaceutical sector are the fastest growing sector. Pharmaceutical industries is rising upward due to increasing prevalence of communicable and non-communicable diseases. In ingredients segment, market is divided into methyl chloride, methane, and chlorine. Methyl chloride is the fastest growing ingredient, reason being rising demand for methyl chloride in various end user industries.
The methylene chloride is a multipurpose chemical and it’s widely used in many end user industries, but employees exposed to methylene chloride are facing the risks of many abnormalities and diseases such as development of cancer, skin and eye irritation, adverse effect on central nervous system and liver and bad effects on heart. Exposure may occurs by inhalation, contact with skin, absorption through skin. The methylene chloride while inhaling gives chloroform like effect. This acts as a restraint in the growth of the global market.
Some of the major market players are Asahi Glass Co. Ltd., Shin Etsu Chemical Co. Ltd., ADCO Global Inc., Tokuyama Corporation, Occidental Chemical Corporation, Ace Grosynthetics Enterprise Co. Ltd., Spectrumchemical, Acros Organics, Aicello Chemical Co. Ltd., Chemeurop, etc. Acquisition, mergers and expansions are the key strategies adopted by the market players to sustain in the market.