Increasing demand for Dichloromethane in the online retailing business, coupled with high investments in RD of Dichloromethane, are fueling the market growth.
Dichloromethane Market Size – USD 899.8 Million in 2020, Growth - CAGR of 4.3%, Trends – Increase in demand for Dichloromethane in the paints coatings applications.
The Global Dichloromethane Market is forecast to reach USD 1,268.7 Million by 2028, according to a new report by Reports and Data. The Dichloromethane or dichloromethane is a colorless, volatile, nonflammable, slightly water-soluble industrial and commercial chemical with a slight sweet odor. Dichloromethane is mostly used as a solvent in the manufacturing of paint stripper, metal degreaser and paint thinner applications and are also widely utilized as an intermediate solvent chemical in the formulation of various chemical processing. Extraction solvent in the production of decaffeinated coffee, solvent in paints coatings, and food coloring materials as a fruit vegetable marking chemicals are some of its chemical applications. Also, in the pharmaceuticals industries, it is used as a chemical reaction and purification agent and in the refrigerating industries as a feedstock for the manufacturing of HCFC 32 or R32 refrigerants. The continuous expansion of the paint coatings, cleaning agents, adhesives, degreasers, and food coloring agents are expected to drive the demand throughout the forecast period.
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Top Companies: LCY Chemical Corp., ExxonMobil, Royal Dutch Shell PLC, Maruzen Petrochemicals, Arkema S.A, Celanese Corporation, Eastman Chemical Company, Petro China, Sasol Limited, and ISU Chemical.
Further Key Finding from the Report Suggestion:
- Dichloromethane is a synthetic chemical compound to be used in the direct solvent and are widely used in the direct chemical formulations. Specialty coating, powder coating, waterborne coatings, inks, varnishes, lacquers, and direct extraction agents in the decaffeinated coffee are some of its end-use applications. The direct solvent is forecasted to reach a market share of 52.6% by 2028 growing with a rate of 5.6% during the period 2019 – 2028.
- Chemical intermediate segment is measured to grow at the CAGR of 5.2% in the forecast period. Dichloromethane is utilized as the active chemical organic intermediate in cleaning agents and adhesives manufacturing.
- Growing penetration of online retailing businesses for chemicals and materials, especially in the emerging nations in Asia Pacific, are helping the market grow by broadening the outreach in the areas where the offline vendors are unavailable. Also, due to non-involvement of the distributors in the supply chain model, the profit margin is way more than that of the offline retailing. The online retailing is expected to gain a market share of 34.1% by 2028.
- Europe would reach a market share of 20.5% by 2028 and would grow at a CAGR of 4.9% in the forecast period. Netherland and France have some of the valuable players in this region.
- North America is forecasted to witness a significant growth in the overall market, with 25.7% of market possession by 2028 and CAGR of 5.8% during the forecast period. US possesses the highest market share in this region and some of the vital player of the market.
Dichloromethane Market Growth:
Dichloromethane, also known as dichloromethane, is a versatile chemical compound used in various applications such as solvent, paint stripper, aerosol propellant, and degreaser. Here are some factors that are driving the growth of the Dichloromethane market:
- Growing demand from end-use industries: The Dichloromethane market is primarily driven by the increasing demand from end-use industries such as paints and coatings, adhesives and sealants, pharmaceuticals, and chemical processing. These industries require Dichloromethane for various applications such as cleaning, degreasing, and as a solvent.
- Rising demand for Dichloromethane in developing countries: Developing countries are experiencing rapid industrialization and urbanization, which is driving the demand for Dichloromethane. The growth of the automotive and construction industries in these countries is expected to further fuel the demand for Dichloromethane.
- Increasing use in the pharmaceutical industry: Dichloromethane is widely used in the pharmaceutical industry for various applications such as solvent extraction, formulation, and synthesis of active pharmaceutical ingredients. The growth of the pharmaceutical industry is expected to drive the demand for Dichloromethane.
- Technological advancements: Advancements in technology have led to the development of new and improved production processes for Dichloromethane. These processes are more efficient and cost-effective, which is expected to drive the growth of the market.
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The global Dichloromethane market is segmented into:
End-Use Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2020-2028)
- Direct Solvent
- Chemical Intermediate
- Chemical Reagents
- Others
Sales Channel Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2020-2028)
- Online Retailing
- Offline Retailing
Applications Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2020-2028)
- Paints Coatings
- Rubber Adhesive
- Chemical Pharmaceuticals
- Food Packaging Flavoring
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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