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Global Chloroform Market to Reach US$8 Billion by the Year 2026

Chloroform is a heavy, colorless, clear, sweet-smelling, and non-flammable liquid possessing an ethereal odor. The substance is an organic compound with a molecular formula of CHCl3. Chloroform is a volatile liquid, which is soluble in water and other organic solvents including ethanol, oils and ether. Chloroform, after coming in contact with fire, produces a poisonous gas and becomes extremely unstable on coming in contact with air, heat and light. The chemical releases toxic vapors of chlorinated compounds and hydrochloric acid when heated to decompose. Nearly 660000 tons of chloroform passes through the global environment annually and almost 90% of such emissions are by origin, natural. A host of seaweeds produce chloroform, while certain fungi also generate the substance in soil. The abiotic process also is known to be responsible for natural chloroform production in soils, even though its mechanism still remains unclear.

Amid the COVID-19 crisis, the global market for Chloroform estimated at US$7.2 Billion in the year 2022, is projected to reach a revised size of US$8 Billion by 2026, growing at a CAGR of 2.3% over the analysis period. Technical Grade Chloroform, one of the segments analyzed in the report, is projected to grow at a 2.7% CAGR to reach US$3.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Alcohol Stabilized segment is readjusted to a revised 1.8% CAGR for the next 7-year period. This segment currently accounts for a 33.4% share of the global Chloroform market. The technical grade chloroform market is anticipated to witness high growth, due to the growing use of chloroform as a chemical intermediate in the chemical industry for producing pesticides, plastics, dyes, and resins. By application, Solvent segment leads the global revenues, supported by the increasing utilization of chloroform in biological, pharmaceutical, and chemical sectors due to non-flammable and volatile nature of chloroform. By end-use, agrochemical industry accounts for the largest share of the chloroform market driven by the intensifying R&D activity in agrochemical space, and increasing use of chloroform for production of pesticides. Various governments have already regulated chloroform usage due to its negative environmental impacts such as ozone depletion. The factor will be a deterrent for the global chloroform market`s growth. Moreover, chloroform, due to its high toxicity, has been banned in multiple countries and is regulated by stringent directives from the Environmental Protection Agency (EPA) and legislations like the Clean Water Act, and Clean Air Act, among others. Hence, increasing stringent regulations on chloroform are expected to hinder market growth.

Methyl chloroform is a chlorinated and synthetic chemical compound, which is widely used as an industrial solvent for dissolving other substances. Methyl chloroform is an inflammable, colorless liquid chemical that comes with a sharp but sweet odor like chloroform`s, is thicker than water and is also slightly water-soluble; and can be mixed with various other organic non-polar solvents. Due to enhanced chlorine atom polarizability, it can also act as an effective organic compound solvent, and does not dissolve in certain hydrocarbons like hexane. Globally, the demand for methyl chloroform`s is driven predominantly by a spiraling requirement for degreasing agents and industrial solvents across numerous end-use industries like textiles, automotive, paints & coating, and electronics, among others. However, stringent state and local government regulations on the production of methyl chloroform that include chlorinated solvent emissions will hinder the industry`s growth. The US in 2002, banned methyl chloroform production, due to its negative effects on the ozone layer. In the year 2005, production was re-permitted despite clamping down heavily on exports. Moreover, many other countries are also expected to ban its production and this is predicted to hamper the market in future. Asia-Pacific region is predicted to garner a notable share of the global market for methyl chloroform due to its increasing need for industrial solvents and degreasing agents across numerous end-use industries. The Indian and Chinese electronics and automotive industries are growing significantly and these too will boost the need for more methyl chloroform during the forecast period. North America and Europe will post moderate growth due to a growing paints & coatings and electronics industries.

The U.S. Market is Estimated at $2.5 Billion in 2022, While China is Forecast to Reach $1 Billion by 2026

The Chloroform market in the U.S. is estimated at US$2.5 Billion in the year 2022. The country currently accounts for a 34.6% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1 Billion in the year 2026 trailing a CAGR of 3.3% through the analysis period . Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.5% and 2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.9% CAGR while Rest of European market (as defined in the study) will reach US$1.1 Billion by the close of the analysis period.

The global market is growing driven by the continuous application of chloroform in different industries and the growing research activities of RNA and DNA in the biotechnology industry. Demand for chloroform is also growing for storing organic tissues. There is also increased utilization of chloroform in the metal sector as a degreasing agent. Growing focus on pharmaceutical and biotechnology research, rapid advancements in the agrochemical sector, and increasing demand for agricultural products are the major factors propelling growth in the chloroform market. Increased demand for chloroform in construction and paper sectors, growing chloroform use as a solvent for fat, floor polishes, rubber, and oil are other factors fueling market growth. Furthermore, the usage of chloroform as the heat transferring medium among fire extinguishers and usage in F22 or fluorocarbon-22 manufacturing is also having positive impact on market growth. Additionally, the agrochemical sector growth creating increased chloroform demand for insecticides and pesticides production is generating profitable opportunities for the market. Asia-Pacific including China are poised to drive long-term growth in the chloroform market. Asia-Pacific countries are also leading producers of chloroform. India is a high growth region in Asia-Pacific. As one of the leading chemical producers in Asia, the Indian chemicals industry is attracting huge investments. The growing chemical industry presents opportunities for chloroform, which finds use as a solvent in several processes. The extensive utilization of chloroform by pharmaceutical and chemical industries is propelling the chloroform market, particularly in the Middle East and Asia-Pacific regions. Product expansion and innovation in different geographies is the important strategy adopted by the key chloroform market players.

Fluorocarbon Segment to Reach $2.2 Billion by 2026

In the global Fluorocarbon segment, USA, Canada, Japan, China and Europe will drive the 2.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.6 Billion will reach a projected size of US$1.9 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$160.7 Million by the year 2026, while Latin America will expand at a 2.6% CAGR through the analysis period.