by The methylene chloride or dichloromethane (DCM) is an organic colorless liquid with a sweet aromatic odor which is used as a solvent and as an intermediate in chemical synthesis. Being highly volatile and easily penetrating, it dissolves a variety of organic materials quickly. Methylene chloride finds major applications in paint strippers, adhesive formulations, and as a process solvent in paints and coatings industry. The global Methylene Chloride Market is estimated to be valued at US$ 1.25 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand from paints & coatings applications is one of the key trends driving the growth of the methylene chloride market. Methylene chloride is used as a solvent in paint strippers and spray paint formulations owing to its strong dissolution properties. It helps in providing a smooth texture to paints and also acts as a thinner and spreader. With the growing construction and automotive industries worldwide, the demand for paints and coatings have increased significantly over the past few years. This rising demand from the paints & coatings applications is expected to propel the consumption of methylene chloride during the forecast period.
SWOT Analysis
Strength: Methylene chloride has wide industrial applications due to its versatile chemical properties. It is mainly used as a solvent for paint stripping, pharmaceuticals, and chemical processing industries.
Weakness: Methylene chloride is highly volatile and hazardous in nature. Exposure to it can cause serious health issues like cancer, kidney and liver damage. Stringent regulations regarding its production and use may hamper growth.
Opportunity: Rising demand from electronics, automotive and construction industries especially in Asia pacific region due to rapid urbanization and industrialization. Increasing R&D investments for development of bio-based and eco-friendly substitutes.
Threats: Growing environmental concerns and preference for green products pose threat. Restrictions on production and use in many countries affect supply availability.
Key Takeaways
The global Methylene Chloride Market Growth is expected to witness high growth.
Regional analysis:
The Asia Pacific region dominates the market and is expected to continue its lead in the forecast period as well. Countires like China, India and other ASEAN nations are witnessing rapid industrialization which is boosting demand from industries like electronics, automotive and construction in the region.
Key players:
Key players operating in the methylene chloride market are Dow Chemical Company, AkzoNobel N.V., Ineos Group, Solvay S.A., KEM ONE, Shin-Etsu Chemical Co. Ltd., Gujarat Alkalies & Chemicals Ltd., Tokuyama Corporation, Occidental Petroleum Corporation, and Ercros S.A. The industry players are involved in capacity expansions and new product launches to strengthen their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
