H1 2023: In the first half of 2023, the Chloroform market in the Asia Pacific region witnessed dynamic price movements. The Asia Pacific Chloroform market experienced a dull start characterized by ample product inventories and reduced product bidding. In China, the Chloroform price dipped in January amid sufficient stock levels. However, trading dynamics improved later as demand surpassed supply. Enterprises faced a decline in Chloroform supply. With an uptick in downstream demand, refrigerant prices increased, supported by a robust market foundation. In March, refrigerant manufacturers replenished raw materials, boosting chloroform production. April onwards, Chloroform prices in China began to slip in the Asia Pacific market due to limited market fundamentals and elevated inventory levels. Feedstock market cost support was restricted, and trading fundamentals were weak. Chloroform exports from China to other Asian regions were constrained. Downstream R-22 refrigerant industry trading remained weak with subdued market fundamentals. In May 2023, Luxi Chemical's plant in China operated at a low capacity, and buyers hesitated to reduce their inventory levels and increase trade volume. On the other hand, in the US market, Chloroform's market trading fundamentals were mixed marked by turning pessimistic from April 2023 marked by elevated product inventories. Cargo demand was diminished, and manufacturers primarily fulfilled pre-contract orders. In the feedstock market, Methanol experienced a downward price trend, driven by lacklustre demand and weak purchasing interest in the US.
The global Chloroform market stood at approximately 3800 thousand tonnes in 2022 and is anticipated to grow at a healthy CAGR of 3.5% during the forecast period until 2032.
Chloroform (CHCl3) finds utility in dissolving fats, oils, rubber, and certain pharmaceuticals, as well as in the extraction of various compounds. The growing recognition of the advantages associated with chloroform as a solvent for oils, fats, waxes, rubber, resins, greases, lacquers, gums, adhesives, and floor polishes is leading to increased adoption of the product across diverse industries, including HVAC, automotive, refrigerants, and others. The utilization of chloroform in the production of refrigerants like fluorocarbon-22 and Chlorofluorocarbon (CFC)-22, as well as in the manufacturing of plastic products such as vinyl chloride and various chemicals, is anticipated to contribute to the expansion of market revenue. Moreover, chloroform's widespread use in the pharmaceutical sector further enhances its market presence. Chloroform proves to be a proficient solvent for extracting alkaloids in their basic form, making it a frequently employed choice for the extraction of plant materials in the pharmaceutical processing field.
Chloroform plays a pivotal role in the chemical industry, serving as a solvent in the production of diverse chemicals, including pharmaceuticals, agrochemicals, and specialty chemicals. The expanding chemical sector is a significant driver for chloroform demand, as its solvent properties contribute to the synthesis of various essential compounds. In the pharmaceutical industry, chloroform finds application in the manufacturing of specific drugs and medicines. The growth of this sector, fueled by factors like global population expansion, rising healthcare needs, and advancements in medical research, further amplifies the demand for chloroform. Additionally, chloroform is integral in the synthesis of agrochemicals and pesticides, crucial components for efficient agriculture in a world experiencing continuous population growth. The demand for chloroform in this context is intricately linked to the agricultural industry's pursuit of innovative solutions to enhance productivity. Furthermore, chloroform serves as an industrial solvent across diverse applications, influencing sectors such as electronics and manufacturing. As industries with solvent requirements expand, the demand for chloroform is impacted, emphasizing its role as a versatile chemical compound supporting various industrial processes. The global Chloroform market size is anticipated to reach nearly 5400 thousand tonnes by 2032.
Based on region, Asia Pacific region is the biggest consumer of Chloroform. The Asia-Pacific region stands poised to dominate the chloroform market owing to its status as a paramount manufacturing hub, particularly in countries like China and India. With a robust industrial landscape fueled by rapid urbanization and a burgeoning population, Asia-Pacific commands a significant share in pharmaceutical and agrochemical production, driving the escalating demand for chloroform. The region's strategic advantages include a well-established supply chain, proximity to raw material sources, and a flourishing research and development sector. Furthermore, as the construction and infrastructure sectors flourish, necessitating diverse chemical applications, the chloroform market in Asia-Pacific is strategically positioned for sustained growth, underlining the region's pivotal role in the global chloroform industry.
Based on the end-user industry, the global Chloroform market is divided into Pharmaceutical, Agrochemical, Chemical Industry, and Others. However, Chemical Industry dominates the global Chloroform market followed by Agrochemical industry.
Major players in the Global Chloroform market are Abcr GmbH, Amadis Chemical Company Limited, Arihant Chemicals, Dow, Dongying City Longxing Chemical Co., Ltd., Ineos Group Ltd., Kem One, Khimprom, Occidental Petroleum Corporation (OxyChem), PRODUCTOS ADITIVOS, S.A., Shin-Etsu Chemical Co., Ltd., MilliporeSigma, SRF Limited, Tokyo Chemical Industry Co., Ltd., and Others.
Years considered for this report:
Historical Period: 2015- 2021
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Chloroform which covers production, demand and supply of Chloroform market in the globe.
• To analyse and forecast the market size of Chloroform
• To classify and forecast Global Chloroform market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Chloroform market in the globe.
To extract data for Global Chloroform market, primary research surveys were conducted with Chloroform manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Chloroform market over the coming years.
ChemAnalyst calculated Chloroform demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Chloroform. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Chloroform manufacturers and other stakeholders
• Organizations, forums and alliances related to Chloroform distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Chloroform manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Chloroform market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
3800 thousand tonnes
Market size Volume in 2032
5400 thousand tonnes
Growth Rate
CAGR of 3.5% from 2023 to 2032
Base year for estimation
2022
Estimated Year
2023
Historic Data
2015 – 2021
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process, Foreign Trade.
Segments covered
By End-Use: (Pharmaceutical, Agrochemical, Chemical Industry, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
Osaka Gas Co. Ltd
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What was the net market size of Chloroform in terms of volume in 2022?
Ans:
The global market size of Chloroform had reached approximately 3800 thousand tonnes in 2022.
Q2.
Which region is the major consumer of Chloroform?
Ans:
Asia Pacific region is the leading consumer of Chloroform globally.
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