Chloroform Market- By Grade , By Function , By Application , By End-Use Industry, By Geography - Global Opportunity Analysis & Industry Forecast, 2024 - 2030
Chloroform Market Overview
The chloroform market size is forecasted to reach US$ 7.86 billion by 2030, after growing at a CAGR of 2.5% during the forecast period 2024-2030. Chloroform or trichloromethane or is a colorless organic compound integrated with a strong odor and dense liquid. Chloroform consists of four chloromethanes, methyl alcohol, and one trihalomethane. Chloroform is soluble in benzene, metabolite, and acetone. One of the most important reactions of chloroform is to give monochlorodifluoromethane, which is used in Teflon. It is used in electronics, construction, healthcare, and chemical industries which drives the market growth. The rapid increase in the healthcare and agriculture sectors in developing economies increases demand for chloroform as it is easily inhaled. It acts quickly and is more efficient; hence driving the market growth. Though the use of chloroform in many industries like agriculture, transportation, building and construction, and chemicals was minimized due to less production and minimized labor during COVID-19, the healthcare sector increased the use of chloroform in patients during surgeries and operations. As the world was experiencing a pandemic, many people were admitted to hospitals with coronavirus and other diseases, which increased the use and growth of chloroform. Growing demand for pharmaceuticals and agrochemicals contributes to the steady rise in chloroform consumption. Additionally, advancements in manufacturing processes and technological innovations enhance production efficiency and quality, further boosting market growth. However, environmental concerns and stringent regulations regarding chloroform's toxicity and potential health hazards pose challenges for market expansion. To address these issues, research and development efforts focus on eco-friendly alternatives and sustainable production methods, shaping the future landscape of the chloroform market towards greener solutions and regulatory compliance.
Market Snapshot:
Report Coverage
The “Chloroform Market Report – Forecast (2024-20230” by IndustryARC, covers an in-depth analysis of the following segments in the chloroform market.
By Grade – Technical, Alcohol Stabilized, and Fluorocarbon.
By Function – Solvent, Intermediate, Reagent, and Others
By Application – Refrigerators, Anesthesia, 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- 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)
Key Takeaways
- Asia-Pacific dominates the chloroform market share of 42% in 2023, owing to the increasing transportation and construction industry in the region where chloroform acts as a solvent to dissolve other substances. The increasing per capita income and evolving lifestyle of individuals coupled with the rising population, are the major factors expanding the transportation and construction industry in APAC.
- Chloroform acts as a solvent for many oils, fats, rubber and alkaline which increases its use in different end-use industries like automotive, industrial, construction, medical, and transportation; hence being responsible for positive market growth.
- Chloroform is often used in air conditioners due to its low toxicity, reactivity and flammability, which is aiding the market growth in the transportation and buildings and construction industries.
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Chloroform Market Segment Analysis – by Function
The solvent segment held the largest share in the chloroform market in 2023 and is forecasted to grow at a CAGR of 2.6% during the forecast period 2024-2030. Chloroform is used as a solvent which means it is a substance that helps other substances dissolve. The hydrogen attached to carbon in chloroform (CHCl3) is used in hydrogen bonding. It is used as a solvent in the rubber industry, fire extinguishers, refrigerators and air conditioners. Chloroform is used in pesticide formulations as a solvent for oils, alkaloids, rubber, waxes, gutta-percha and resins as a cleansing agent worldwide. It is also used as a solvent for lacquers, floor polishes and many more. Chloroform, as a solvent, is used in the building and construction industry. The governments are taking initiatives to increase the building & construction activities. For instance, India's hospital industry experiences robust demand from global and domestic investors. The government's commitment to raise public health spending to 2.5% of GDP by 2025 is poised to significantly benefit the sector. A fraction of this budget will go towards the planning and construction of the Limpopo Central Hospital in Polokwane, which is set to open in 2025/26. Therefore, the increase in the building and construction industry will impact directly the growth of the chloroform market.
Chloroform Market Segment Analysis – by Application
The anesthesia segment held a significant share in the chloroform market in 2023 and is forecasted to grow at a CAGR of 2.8% during the forecast period 2024-2030, owing to an increasing usage of chloroform in the healthcare industry. Chloroform is a potent anesthetic agent, which does not produce any hepatic damage when compared to other anesthetic agents. Chloroform is used as anesthesia as it is easily inhaled. It acts quickly and is more efficient than others. It is used to relieve pain and is also used as a remedy for cough. According to the American Hospital Association (AHA) offers a comprehensive view of U.S. hospital statistics from its 2022 Annual Survey. With data from over 6,200 hospitals and 400 healthcare systems, the report reveals 6,120 total hospitals, 5,129 community hospitals, and a nationwide total of 916,752 staffed beds. In 2022, there were 33,679,935 total admissions, with 31,555,807 occurring in community hospitals According to the India Brand Equity Foundation, the Healthcare market in India is expected to reach US$ 372 billion by 2022, driven by rising income, better health awareness, lifestyle diseases and increasing access to insurance. In the Economic Survey of 2022, India’s public expenditure on healthcare stood at 2.1% of GDP. Therefore, the increased growth in the healthcare industry will lead to increased market growth of chloroform.
Chloroform Market Segment Analysis – by Geography
Asia-Pacific region held the largest share in the chloroform market in 2023 up to 42%, owing to the increasing healthcare and transportation industry in APAC countries. For instance, according to the Global Wellness Institute, The Public Health, Prevention, and Personalized Medicine market has thrived, boasting a $611 billion value with a 6.6% annual growth from 2020-2022. This sector is expected to continue expanding at a 1.6% rate, reaching $661 billion by 2027, signifying sustained global commitment to health and prevention measures. Except for the healthcare industry, many other industries impacted the growth of chloroform. According to Invest India, India ranks as the world's third-largest automobile market, producing 22.93 million vehicles in the fiscal year 2021-2022. It excels globally, being the largest tractor, second-largest bus, and third-largest heavy truck manufacturer. The sector contributed significantly, constituting 5.41% of the total FDI inflow, as reported by DPIIT in September 2023. respectively. Chloroform is used in agriculture for pesticides, in the building and construction industry, transportation, healthcare, and industrial applications. China's Civil Aviation Administration (CAAC) reveals plans to boost domestic flights and resume international air travel between 2023-2025, signalling a gradual recovery for the aviation industry. Thus, the growth of the chloroform market in the region is being aided by the increasing transportation, healthcare, and transportation sectors in APAC, thereby dominating the market in the Asia-Pacific region.
Chloroform Market Drivers
Increasing Automotive Industry
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 the Agriculture Industry
Chloroform is often used as a pesticide in the agriculture industry. Agriculture and horticulture activities are increasing; for instance, according to Invest India, According to Indian Ministry of Agriculture & Farmers Welfare, India's total horticulture production is estimated to be 351.92 million tonnes in 2022-23. This is a 1.37% increase from the 2021-22 final production. The United States Department of Agriculture (USDA) forecasted that Australia's cotton production would reach 5.5 million 480-pound bales in January 2022. Furthermore, according to the Food and Agriculture Organization, in 2023, global coarse grain production is projected to rise by 3.0%, reaching 1,513 million tonnes, primarily driven by increased maize production in the United States, Brazil, and the European Union. Anticipated growth in sorghum trade is expected to boost world coarse grain trade to 221 million tonnes, a 1.4% increase from 2022/23 estimates, the demand for crop protection chemicals such as chloroform, is also substantially increasing, which is driving the market growth.
Chloroform Market Challenges
Causing Harmful Health Effects
Chloroform damages the liver, causing hepatitis. It can also harm the kidneys, brain, heart, and bone marrow. Exposure to chloroform can cause serious respiratory injuries including pneumonitis, respiratory depression and pulmonary edema. Using chloroform in high doses can even lead to toxicity to the central nervous system and can cause person unconsciousness and even fatal in some instances. Direct exposure to high levels of chloroform is highly injurious to health and should be avoided. Therefore, one needs to be very careful when using chloroform and it must not be used in high dosage. As a result of these harmful health effects, the market is anticipated to be restricted over the coming years.
Chloroform Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the chloroform market. The Chloroform market’s top 10 companies 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, and Others.
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.
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1. Chloroform Market - Overview
1.1 Definitions and Scope
2. Chloroform Market - Executive Summary
2.1 Key Trends by Grade
2.2 Key Trends by Function
2.3 Key Trends by Application
2.4 Key Trends by End-Use Industry
2.5 Key Trends by Geography
3. Chloroform Market - Comparative Analysis
3.1 Company Benchmarking
3.2 Global Financial Analysis
3.3 Market Share Analysis
3.4 Patent Analysis
3.5 Pricing Analysis
4. Chloroform Market - Start-up Companies Scenario
4.1 Key Start-up Company Analysis by
4.1.1 Investment
4.1.2 Revenue
4.1.3 Venture Capital and Funding Scenario
5. Chloroform Market – Market Entry Scenario Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing Business Index
5.3 Case Studies of Successful Ventures
6. Chloroform Market - Forces
6.1 Market Drivers
6.2 Market Constraints/Challenges
6.3 Porter’s Five Force Model
6.3.1 Bargaining power of suppliers
6.3.2 Bargaining powers of customers
6.3.3 Threat of new entrants
6.3.4 Rivalry among existing players
6.3.5 Threat of substitutes
7. Chloroform Market – Strategic Analysis
7.1 Value Chain Analysis
7.2 Opportunities Analysis
7.3 Market Life Cycle
8. Chloroform Market – By Grade (Market Size -$Million/Billion)
8.1 Technical
8.2 Alcohol Stabilized
8.3 Fluorocarbon
9. Chloroform Market - By Function (Market Size-$Million/Billion)
9.1 Solvent
9.2 Intermediate
9.3 Reagent
9.4 Others
10. Chloroform Market - By Application (Market Size-$Million/Billion)
10.1 Refrigerators
10.2 Anesthesia
10.3 Pesticide
10.4 Dyes
10.5 Plastic
10.6 Resins
10.7 Adhesives
10.8 Rubber
10.9 Others
11. Chloroform Market - By End-use Industry (Market Size-$Million/Billion)
11.1 Building and Construction
11.1.1 Residential
11.1.2 Commercial
11.1.3 Industrial
11.2 Agriculture
11.3 Transportation
11.3.1 Automotive
11.3.2 Aerospace
11.3.3 Marine
11.3.4 Locomotive
11.4 Medical & Healthcare
11.4.1 Surgery
11.4.2 Dental
11.5 Chemical
11.6 Industrial
11.7 Others
12. Chloroform Market – By Geography (Market Size - $Million/$Billion)
12.1 North America
12.1.1 U.S.
12.1.2 Canada
12.1.3 Mexico
12.2 Europe
12.2.1 U.K.
12.2.2 Germany
12.2.3 France
12.2.4 Italy
12.2.5 Netherlands
12.2.6 Spain
12.2.7 Belgium
12.2.8 Rest of Europe
12.3 Asia-Pacific
12.3.1 China
12.3.2 Japan
12.3.3 India
12.3.4 South Korea
12.3.5 Australia & New Zealand
12.3.6 Indonesia
12.3.7 Taiwan
12.3.8 Malaysia
12.3.9 Rest of Asia-Pacific
12.4 South America
12.4.1 Brazil
12.4.2 Argentina
12.4.3 Chile
12.4.4 Colombia
12.4.5 Rest of South America
12.5 Rest of The World
12.5.1 Middle East
12.5.2 Africa
13. Chloroform Market - Entropy
14. Chloroform Market – Industry/Segment Competition Landscape
14.1 Market Share Analysis
14.1.1 Global Market Share – Key Companies
14.1.2 Market Share by Region – Key Companies
14.1.3 Market Share by Countries – Key Companies
14.2 Competition Matrix
14.3 Best Practices for Companies
15. Chloroform Market – Key Company List by Country Premium
16. Chloroform Market - Company Analysis
16.1 Medical isotopes, inc.
16.2 MP Biomedicals Pvt. Ltd.
16.3 Oxford Lab Fine Chem LLP
16.4 Alpha Chemika
16.5 BASF SE
16.6 Arihant Chemical
16.7 Solvay
16.8 Tokuyama Corporation
16.9 Shin-Etsu Chemical Co., Ltd.
16.10 Occidental Petroleum Corporation
"*Financials would be provided to private companies on best-efforts basis.*"
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