Chloroform Market Overview:

Chloroform market size is estimated to reach $7.86 billion by 2030, growing at a CAGR of 2.5% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Chloroform Market – By Grade (Technical, Alcohol Stabilized, and Fluorocarbon), By Function (Solvent, Intermediate, Reagent, and Others), By Application (Refrigerators, Anaesthesia, Pesticide, Dyes, Plastic, Resins, Adhesives, Rubber and Others), By End-Use Industries (Building and Construction (Residential, Commercial and Industrial), Agriculture, Transportation (Automotive, Aerospace, Marine and Locomotive), Medical and Healthcare (Surgery and Dental), Chemical, Industrial and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”.  The growth of the Chloroform Market is fuelled by the increasing production of Teflon, increasing air conditioners for automotive industry and increased use in agriculture industry. 

Asia-Pacific accounted for significant market share in 2023:

Asia-Pacific held the largest Chloroform market share with 38% of the overall market in 2023. The Asia-Pacific region leads the chloroform market due to its booming healthcare and transportation industries. The healthcare sector's focus on prevention is a major driver, with the Public Health market valued at $611 billion in 2022 and expected to reach $661 billion by 2027. Additionally, India's thriving automobile industry, the world's third-largest, further propels chloroform demand.  China's planned aviation industry recovery also contributes. These factors, along with chloroform's use in agriculture, construction, and various industries, solidify APAC's dominance in the chloroform market. 

Chloroform Market Growth Drivers:

Increasing Air Conditioners for Automotive Industry is Driving the Growth of the Chloroform Market:

Chloroform is used in making fluorocarbon-22, a refrigerant, which is then used in air conditioners. According to the Society of Indian Automobile Manufacturers (SIAM), In November 2023, the production of Passenger Vehicles, Three-wheelers, Two Wheelers, and Quadricycles reached 22,28,743 units. Domestic sales figures for the same month indicate 3,34,130 units of Passenger Vehicles and 59,738 units of Three-wheelers. According to the Japan Automobile Manufacturers Association (JAMA), car production in Japan increased in November, rising from 6,67,462 units in October to 6,90,311 units in November. Thus, increasing automobile production will require more fluorocarbon-22 for producing air conditioners, which in turn, would act as a driver for the chloroform market during the forecast period.

Increased Use in Agriculture Industry is Propelling the Growth of the Chloroform Industry:

Chloroform is often used as a pesticide in agriculture. With rising agricultural activities, the demand for chloroform is increasing. According to Invest India, India's horticulture production reached 351.92 million tonnes in 2022-23, a 1.37% increase from 2021-22. The USDA forecasted that Australia’s cotton production would reach 5.5 million 480-pound bales in January 2022. Additionally, the Food and Agriculture Organization projected a 3.0% rise in global coarse grain production in 2023, driven by increased maize production in the US, Brazil, and the EU. World coarse grain trade is expected to grow by 1.4%, reaching 221 million tonnes. This surge in agricultural production is driving the market growth for crop protection chemicals, including chloroform.

Scope of Report:

Report Metric

Details

Market size available for years

2022–2030

Base year considered

2023

Forecast period

2024–2030

Forecast units

Value (USD)

Segments covered

Grade, Function, Application, End-Use Industries, and Region

Geographies covered

North America (USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Belgium and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World (Middle East and Africa)

Companies covered

Key 10 players covered, include Medical Isotopes, inc., MP Biomedicals Pvt. Ltd., Oxford Lab Fine Chem LLP, Alpha Chemika, BASF SE, Arihant Chemical, Solvay, Tokuyama Corporation, Shin-Etsu Chemical Co., Ltd., Occidental Petroleum Corporation.


Recent Developments:
  • In January 2022, BASF is investing a low three-digit million-euro amount to modernize chloroformates and acid chlorides production at its Ludwigshafen site, increasing capacity by around 30% by 2025. This upgrade reflects BASF's commitment to reliable production and its position as a leading global manufacturer in this chemical sector.

Chloroform Market: Competitive Landscape

Key companies profiled in the Chloroform Market are Medical Isotopes, inc., MP Biomedicals Pvt. Ltd., Oxford Lab Fine Chem LLP, Alpha Chemika, BASF SE, Arihant Chemical, Solvay, Tokuyama Corporation, Shin-Etsu Chemical Co., Ltd., Occidental Petroleum Corporation.

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