NEW YORK, Dec. 07, 2022 (GLOBE NEWSWIRE) -- IndexBox published a report on the global chloroform market. Here are some of the most interesting takeaways from the report.

Market Overview

Chloroform is an organic compound with the formula CHCl3. It is a colorless, sweet-smelling liquid that evaporates readily to give dense white fumes. Chloroform is produced commercially by passing chlorine gas through a solution of ethanol.

The global chloroform market was valued at $4.2 billion in 2021 and is projected to grow at a CAGR of 1.0% from 2021 to 2030. Chloroform is used in a variety of industries and applications. It is a common solvent in the pharmaceutical industry, as well as a reagent in organic synthesis. In the semiconductor industry, it is used as a cleaning agent for silicon wafers and other sensitive materials. It is also used as a degreaser, paint stripper, and adhesion promoter. In the food industry, chloroform is used as a fumigant and preservative. In the textile industry, it is used as a fabric finish and dyeing aid. The global chloroform market is highly consolidated with the top five companies accounting for more than 80% of the total market share.

Market Trends

The major drivers for the market growth are the growing demand from the pharmaceutical and chemical industry, and the increasing use of chloroform as a solvent in various industries.

The pharmaceutical industry is the largest consumer of chloroform, accounting for over 40% of the total demand. Chloroform is used as a raw material or intermediate in the production of several drugs, such as methotrexate, diazepam, and prochlorperazine. It is also used as a solvent in drug formulations, such as tablets, capsules, and injectables. The growing demand for these drugs from the pharmaceutical industry is expected to drive the demand for chloroform during the forecast period.

The chemical industry is another major consumer of chloroform, accounting for over 30% of the total demand. Chloroform is used as a reactant or intermediate in the production of several chemicals, such as TCEP (tris(2-chloroethyl) phosphate), HFC-134a (1,1,1,2-tetrafluoroethane), and Freon-12 (dichlorodifluoromethane). It is also used as a solvent in various chemical processes, such as polymerization and halogenation. The growing demand for these chemicals from the chemical industry is expected to drive the demand

Market Drivers

There are several drivers that are propelling the growth of the chloroform market globally. Firstly, chloroform is used extensively in several pharmaceuticals, pesticides, and oil refining industries. This is because chloroform has unique properties that make it an ideal solvent for various applications. For instance, it is non-reactive, non-toxic, and has a high boiling point. As a result, it is increasingly being used as a replacement for other solvents such as acetone and methanol.

Secondly, the growing demand for flame retardants drives the market growth. Chloroform is used as a key ingredient in the production of several flame-retardant chemicals. These chemicals are used in a variety of applications such as construction materials, electronics, and textiles. The growing demand for fire safety products is thus boosting the demand for chloroform.

Thirdly, the increasing environmental concerns are also leading to the increased use of chloroform. This is because chloroform does not deplete the ozone layer and does not contribute to global warming. Additionally, it decomposes quickly in the atmosphere and does not accumulate in the environment. As a result, it is considered to be a more sustainable solvent than other options available in the market.

Key players

The key players in the global chloroform market are BASF SE, Dow Chemical Company, and Solvay. These companies hold a significant share in the market due to their strong presence in the regions where chloroform is produced.

BASF SE is one of the leading producers of chloroform and has a strong presence in Asia-Pacific and Europe. The company has a production capacity of 1,000 metric tons per year.

Dow Chemical Company is the second-largest player in the global chloroform market with a production capacity of 500 metric tons per year. The company has a strong presence in North America and Europe.

Solvay is the third-largest player in the global chloroform market with a production capacity of 300 metric tons per year. The company has a strong presence in Asia-Pacific and Europe.

About IndexBox

IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.

Companies Mentioned in the Report

BASF SE (Germany), DowDuPont (US), Solvay SA (Belgium), Ineos (UK), and LyondellBasell Industries N.V. (Netherlands), SABIC (Saudi Arabia), ExxonMobil Chemical Company (US), Royal Dutch Shell plc (Netherlands), AkzoNobel N.V. (Netherlands), Huntsman Corporation (US).

Sources

World - Chloroform - Market Analysis, Forecast, Size, Trends and Insights

EU - Chloroform - Market Analysis, Forecast, Size, Trends and Insights

Asia - Chloroform - Market Analysis, Forecast, Size, Trends and Insights

U.S. - Chloroform - Market Analysis, Forecast, Size, Trends and Insights

Contact Information

Mekhrona Dzhuraeva

Editor

media@indexbox.io