Methylene chloride, also known as dichloromethane, is an essential chemical solvent that is extensively used in paints and coatings industry. It serves as an excellent solvent and degreasing agent for various coatings and strips applications owing to its outstanding solvency, high boiling point and low surface tension properties. The paints and coatings industry has been witnessing strong growth over the past few years on account of booming construction activities across both residential and commercial sectors worldwide. The rapid urbanization and rising investments in infrastructure projects have further propelled the demand for various paints, varnishes and other surface coatings. This exponential growth of paints and coatings industry has significantly augmented the consumption of methylene chloride as a primary solvent over the years.
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 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand from paints and coatings industry is one of the major trends positively impacting the growth of the Global Methylene Chloride Market Size. Paints and coatings consumption has observed significant surge globally on back of booming construction activities combined with rising residential and commercial construction projects in developed as well as developing regions. Methylene chloride plays an indispensable role in paints and coatings industry as an effective solvent and degreasing agent. Thus, exponential growth of construction sector and subsequent rise in paints usage worldwide has augmented the demand for methylene chloride over the recent years. Expanding application scope of methylene chloride based paints, coatings and surface treatments is further propelling the market growth.
SWOT Analysis
Strength: Methylene chloride is widely used as a paint stripper and acts as an excellent solvent, which gives it an advantage over other alternatives. It has high solvency power due to which it finds applications across industries like automotive, construction, and furniture making.
Weakness: Methylene chloride is considered toxic in nature and has adverse health effects when inhaled or absorbed through the skin. Stringent regulations have been imposed regarding its usage, transportation, and disposal, raising production costs.
Opportunity: Rising infrastructure development and renovation activities across developing regions of Asia Pacific and Latin America are projected to augment the demand for paint strippers and coatings removers powered by methylene chloride.
Threats: Growing consumer awareness about negative health impacts and stringent government laws may shift preference toward non-toxic substitutes of methylene chloride in the long run. Volatility in raw material prices can increase production costs.
Key Takeaways
Global Methylene Chloride Market Size is expected to witness high growth over the forecast period of 2023-2030.
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 10% over the forecast period 2023 to 2030.
Regional analysis: Asia Pacific region dominates the global methylene chloride market and is expected to maintain its leading position over the next few years. Growing construction activities along with an expanding automotive sector in China, India, Indonesia, and other Asian countries are major demand drivers in the region.
Key players: Key players operating in the methylene chloride market are Dow Chemical, AkzoNobel, INEOS, Solvay, Kem One, Shin-Etsu, and Gujarat Alkalies & Chemicals. Dow Chemical is one of the largest producers of methylene chloride globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
