Chloroform Market Growth, Demand & Outlook to 2025

Chloroform Market Growth, Demand & Outlook to 2025
Chloroform Market,
Global Chloroform Market,
Chloroform Market Trends,
Chloroform Market, By Grade (Fluorocarbon Grade, Technical Grade, Alcohol Stabilized
Grade), By Application (Solvent, Intermediate, Reagent), By End-Use Industry
(Pharmaceuticals, Agriculture, Chemical, And Others) – Global Industry Insights, Trends And
Forecast, 2017 – 2025
The Global Chloroform Market Size was valued at 683.1 Liters in 2017 and is expected to
expand at a CAGR of 1.5% in terms of volume during 2018 – 2025.
Chloroform belongs to the trihalomethanes group which is a colorless, clear liquid with a nonirritating and a pleasant odor. Chloroform is conveniently volatile, relatively unreactive, and
burns only at high temperatures from 820 to 1600 °C, which acts as a solvent for laboratory
purposes. The chloroform market is expected to grow due to its application as a solvent in
agricultural and pharmaceutical industry. The agricultural segment is expected to grow at a
CAGR of 1.3% and is expected to generate a revenue of US$ 203.9 by 2025, due to its major
application in pesticides production. According to the Environmental, Health, and Safety (EHS)
Guidelines, the main pesticides groups that are formed includes herbicides, insecticides,
acaricides (or miticides), fungicides, rodenticides and nematicides. Thus, with the growing
production of pesticides which is accounted to be over 3,000 Metric Tons in 2015, according to
the UN Food and Agricultural Organization (FAO), the chloroform market size is expected to
propel during the forecast period.
The chloroform is also used as an industrial solvent for the purification and extraction of
various components such as alkaloids, antibiotics, flavors, vitamins (water-soluble vitamins
and fat-soluble vitamins), and others. Chloroform in their base form acts as a first-rate solvent
for alkaloids. Chloroform is used as a solvent for NMR spectroscopy, which consist of
deuterium (CDCl3), is one of the common applications of chloroform in various laboratories.
Other applications of chloroform in laboratories include preservation of organic tissues
(anatomical specimens) which mainly serves to prevent decay. In addition, chloroform is also
used as an extraction solvent in waxes, photography, fats, greases, resins, dry cleaning,
adhesives, and oils. Owing to these factors the chloroform market is expected to propel during
the forecast period.
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Refrigerants & Its Fluorocarbon Grade:
The chloroform market size is projected to be boosted by its fluorocarbon grade which is
expected to generate a revenue of US$ 702.9 by 2025. The growing demand for fluorocarbon
grade is majorly due to its increasing application in the refrigerants. Chloroform is used as a
forerunner for hydrochlorofluorocarbon-22. HCFC-22 is majorly used as a refrigerant for
commercial refrigeration and residential air conditioners, where 95% of the chloroform
produced are used for manufacturing refrigerants.
However, the chloroform market is expected have a major restraint due to its high volatility.
Thus, with growing awareness towards conservation of the environment and prevention of the
ozone layer depletion by various government organizations will restrain the global chloroform
market over the projected period. According to U.S. Environmental Protection Agency (EPA),
ozone-depleting substances (ODS) are regulated as Class I or Class II controlled substances.
Class I substances have a higher ozone depletion potential and have been completely phased
out in the U.S., with a few exceptions, which means no one can produce or import class I
substances. Class II substances are all hydrochlorofluorocarbons (HCFCs), which are
transitional substitutes for many Class I substances. New production and import of most
HCFCs are expected to be phased out by 2020. The most common HCFC used today is the
HCFC-22, which is a refrigerant used in refrigeration equipment. Thus, owing to these factors
the chloroform market share is expected to witness growth restriction during the forecast
period.
Chemical is the largest by end-use industry, followed by Agriculture
The chloroform market is anticipated to grow due to its major application as an intermediate
chemical in the manufacturing of dyes, plastics, resins, pesticides. The usage of chloroform in
dyes helps to maintain some spectral properties such as fluorescence and their absorption
rates, and also helps to lower the formation dimers. The application of chloroform in dyes
helps to absorb energy, however its properties varies from dyes to dyes. The chloroform
market share is also expected to witness growth, owing to increasing use in the production of
agriculture pesticides. According to Hazardous Substances Data Bank (HSDB), the containers
used for pesticides could be easily disposed as metallo-organic pesticides can be disposed in
specified landfill sites or in pesticide incinerators. However, due to its volatility property,
chloroform present in the soil escapes into the atmosphere, which causes the depletion of the
ozone layer. Thus, the volatility property of chloroform is anticipated to be a major restraining
factor for the chloroform market during the forecast period. Various organizations such as
California Office of Environmental Health Hazard Assessment (OEHHA), Agency for Toxic
Substances and Disease Registry, U.S. Environmental Protection Agency (EPA), and others
came together with regulation to restrict the use of chloroform due to its health issues in
various sectors such as manufacturing of HCFC-22, solvent for greases, oils, fats, in dyes as dry
cleaning or spot remover, in anesthetic, in fumigant, and others.
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Regional Acumens:
The chloroform market is expected to be dominated by the Asia Pacific which is followed by
North America, due to its growing applications in the chemicals end-use industry. According to
India Brand Equity Foundation (IBEF), India is one of largest chemical manufacturers across the
globe and also the third major manufacturer in Asia, with an overall production capacity of 24.3
Million Tons in 2016. Chloroform has its major application in chemicals which includes dyes,
pesticides, anesthetics, and others. With the growing chemical industry in India and other
countries of Asia Pacific, numerous foreign investors such as BASF, Akzo Nobel, Mitsubishi
Chemicals Corporation, ADEKA, DuPont, Syngenta, Henkel, and Croda are increasing their
focus in the Asia Pacific market. Chloroform is extensively used in the pharmaceutical and the
chemicals industry, which is expected to fuel the Asia Pacific chloroform market.
Multinational Players
Capacity expansion and product innovations in various regions are some major strategies
adopted by the key players in the global chloroform market share. In 2016, Aditya Birla
Chemicals Ltd. increased their production capacity from 450 K TPA to 810 K TPA for chloroalkali products along with Grasim Industries through a merger. Some of the key players
operating in the global chloroform market include Amadis Chemical Co., Ltd., ChemTik,
Sigma-Aldrich Corporation, Tokyo Chemical Industry, MP Biomedicals, AKos Consulting &
Solutions, Acadechem Company Limited, Molepedia co., ltd., and Wutech among others.
Market Taxonomy
The chloroform market is segmented into grade, application, and end-use industry. According
to grade, the chloroform market has been segmented into fluorocarbon grade, technical
grade, and alcohol stabilized grade. By application, the global chloroform market has been
segmented into solvent, intermediate, and reagents. Based on end-use industry, the global
chloroform market share is segmented into pharmaceutical, agriculture, chemical, and others.
Among all applications, chloroform reagents will hold the largest market share, accounting for
over 65% share in terms of revenue of the global chloroform market in 2017, while, solvent is
projected to be the fastest growing segment and is anticipated to grow at a CAGR of 1.88% in
terms of revenue and by 1.69% in terms of volume during the forecast period (2018-2025).
Key features of the study:
o
This report provides a detailed analysis of the global chloroform market size that
includes market revenue (US$), market volume (Liters) and CAGR (%) for the
forecast period (2018 – 2025). The year 2017 is considered as the base year
o
This study offers detailed potential revenue opportunity analysis for different
segments
o
This study also includes market drivers, restraints, opportunities, regulatory
scenario, regional outlook, new product launches, mergers and acquisitions, and
competitive strategies adopted by the leading players
o
It profiles leading players in the global chloroform market based on the following
considerations – company overview, financial performance, product portfolio,
geographical presence, strategies, key developments, and future plans
o
Insights from this report would help the management to take informed decisions
with respect to their market expansion, product launches, technology
enhancements, and other key strategies
o
The global chloroform market report caters to different stakeholders that includes
raw material manufacturers, investors, product manufacturers & distributors, endusers, new entrants, and financial analysts.
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Chloroform Market, By Grade (Fluorocarbon Grade, Technical Grade, Alcohol Stabilized Grade), By Application (Solvent, Intermediate, Reagent), By End-Use Industry (Pharmaceuticals, Agriculture, Chemical, And Others) – Global Industry Insights, Trends And Forecast, 2017 – 2025

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