Vancouver, Jan. 08, 2024 (GLOBE NEWSWIRE) -- The global chloroform market size was USD 7.32 Billion in 2022 and is expected to register a revenue CAGR of 2.6% during the forecast period. Rising demand for chloroform from the pharmaceutical industry, solvent properties of chloroform, crucial intermediate in the production of plastics, pharmaceuticals, dyes, and pesticides, and significantly increasing number of chloroform applications in pharmaceutical and agrochemical industries are factors expected to drive revenue growth of the global chloroform market.
The crucial intermediate in the production of plastics, pharmaceuticals, dyes, and pesticides is significantly contributing to expansion of the chloroform market. Chloroform serves a pivotal role in various industries. Its versatility extends to being a heat transfer medium in fire extinguishers and a general solvent. Despite its discontinued use as an anesthetic in surgery, chloroform remains prevalent in laboratories due to its unreactive nature, miscibility with organic liquids, and convenient volatility.
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Widely used in the pharmaceutical industry, it acts as an effective solvent for alkaloids, facilitating plant material extraction for pharmaceutical processing. In addition, it serves as a reagent, providing the dichlorocarbene CCL2 group for reactions such as the Reimer-Tiemann reaction, enabling ortho-formylation of activated aromatic rings. Increasing reliance on chloroform as a reagent for DNA and RNA research and its role in long-term preservation of organic tissues in bio-labs, is a primary driver of pharmaceutical market expansion.
Germany, US, France, Korea, and China are the top 5 exporters of chloroform in 2022. The leading importers were the Netherlands, Italy, and France, with corresponding amounts of USD 10.86 million, USD 6.48 million, and USD 3.6 million. The price of chloroform per ton in June 2022 was USD 947, an increase of 2.4% over the previous month. However, there was a discernible decline in the export price during the reviewed period. The highest growth rate was 9.4% m-o-m in April 2022, according to the data.
Segment Insights
Grade Insights:
Based on type, the global chloroform market is segmented into technical grade, alcohol stabilized grade, and fluorocarbon grade. The fluorocarbon segment accounted for largest market share in the global chloroform market in 2022. This is attributed to use of chloroform as a refrigerant in air conditioners. With its clear liquid composition and mild odor, this grade, comprising 99.9% weight and a gravity of 1.481 to 1.485, it is being used in diverse industries, including polytetrafluoroethylene resin production, fire extinguishers, pesticides, and aircraft propellants.
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End-Use Insights:
On the basis of end use, the global chloroform market is segmented into pharmaceutical industry, agrochemical industry, chemical industry, and others. The agrochemical segment accounted for largest market share in 2022. The escalating demand for chloroform in the agricultural sector to produce pesticides and insecticides, coupled with a growing necessity for chloroform in these industries, is expected to be the primary factor driving revenue growth of this segment.
Regional Insights:
Europe is expected to register a significantly fast market growth rate due to increasing use in pharmaceuticals. Use of chloroform in pharmaceuticals for flavouring, perfuming different formulations, and as a preservative for chemical preparations and biological anatomical specimens is driving product demand in the region. Major companies are hugely responding to market demand by expanding their projects.
For instance, on September 22, 2020, Eurisotop, a subsidiary of Cambridge Isotope Laboratories, Inc. (CIL), responded to the market demand for deuterated chloroform by announcing its largest expansion project. The company added a second reactor to its production facility, making the CIL Group the world's largest supplier of deuterated chloroform. Deuterated chloroform is a widely used solvent in NMR spectroscopy. This expansion aims to provide higher-quality, higher-purity products to meet the growing global demand.
Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 7.32 Billion |
| CAGR (2022–2030) | 2.6% |
| Revenue forecast to 2032 | USD 9.45 Billion |
| Base year for estimation | 2022 |
| Historical data | 2019–2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion, Volume in Kilotons and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Grade, application, end use, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Hanwha Solutions Chemical Division Corporation, Air Liquide, Occidental Petroleum Corporation, Mitsubishi Chemical Corporation, Sumitomo Chemical Co., Ltd, PPG Industries, Inc, Tosoh India Pvt. Ltd., LyondellBasell Industries Holdings B.V, Eastman Chemical Company or its subsidiaries, LG Chem, Arkema, Formosa Plastics Corporation, Shin-Etsu Chemical Co., Ltd, Meghmani Finechem, Mitsui Chemicals, Inc, Akzo Nobel N.V., Solvay, INEOS, BASF SE, Dow |
| Customization scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global chloroform market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective chloroform. Some of the major companies included in the global chloroform market report are:
-
- Hanwha Solutions Chemical Division Corporation
- Air Liquide
- Occidental Petroleum Corporation
- Mitsubishi Chemical Corporation
- Sumitomo Chemical Co., Ltd.
- PPG Industries, Inc
- Tosoh India Pvt. Ltd.
- LyondellBasell Industries Holdings B.V.
- Eastman Chemical Company
- LG Chem.
- Arkema
- Formosa Plastics Corporation,
- Shin-Etsu Chemical Co., Ltd.
- Meghmani Finechem
- Mitsui Chemicals, Inc.
- Akzo Nobel N.V.
- Solvay
- INEOS
- BASF SE
- Dow
Strategic Development
- In February 2023, LyondellBasell and KIRKBI A/S have entered into an agreement to invest in APK, a company renowned for its solvent-based recycling technology tailored for low-density chloroform. This strategic move has led to LyondellBasell and KIRKBI A/S acquiring minority stakes in APK.
- In August 2021, Braskem introduced HD1954M, a high-density chloroform product known for its remarkable impact strength, rigidity, and resistance to Environmental Stress Cracking (ESCR). This innovation is set to enhance packaging efficiency and productivity, catering to the specific needs of the agrochemical and chemical sectors.
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For the purpose of this report, Emergen Research has segmented global chloroform market on the basis of grade, application, end use, and region:
- Grade Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)
- Technical Grade
- Alcohol Stabilized Grade
- Fluorocarbon Grade
- Application Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)
- Solvent
- Intermediates
- Anesthetic
- Reagent
- Others
- End Use Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)
- Pharmaceutical Industry
- Agrochemical Industry
- Chemical Industry
- Others
- Regional Outlook (Revenue, USD Billion, Volume, Kilotons; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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