Chloroform Market

Chloroform Market Size-(2023-2028)

The Chloroform market share value is expected to grow at a 2.8% CAGR during the forecast period of 2023–2028 to reach USD 9 Billion by the year 2028.

Chloroform Market Overview:

Chloroform is a colourless, odourless, and sweet-tasting chemical. Chloroform is also known as trichloromethane. Chloroform is produced by passing chlorine gas through a solution of ethanol. Chloroform was used as an anaesthetic during surgeries and other medical procedures for a long time,  but it has been now replaced by other alternatives as Chloroform was found to be toxic to human health and the environment. Chloroform still has a wide number of applications in manufacturing fields, namely the pharmaceutical and pesticide industries, along with this it is an essential part of AC and refrigerators.  Chloroform is now majorly used as a solvent in most industries. 

Chloroform Market Drivers:

Growing Pharmaceutical industry and chemical demand: chloroform is an active ingredient in many different types of medicines and is a raw material and a major solvent for many other chemicals, which drives the Chloroform market. Chloroform as a solvent is very useful due to its unique properties, like being non-toxic, having a high boiling point, and not reacting actively, making it an ideal solvent for many reactions that drive the Chloroform Market demand. Chloroform is essential in other fields and sectors like food technology and the agriculture industry for creating efficient insecticides and pesticides, which are very important to meet the food requirements of the growing population. With the growing population, the reliance and dependency on these are also increasing to meet the demand, which further drives the chloroform market. The chloroform market is also driven by the construction industry and electronics industry, as Chloroform is an excellent fire retardant and can be used to extinguish fire. All these factors help propel the Chloroform Market. In Air conditioning and refrigeration, Chloroform is a very important component. Chloroform is also pretty cheap in comparison to its alternatives, which further drives the Chloroform Market. 

Chloroform Market Restraints:

Chloroform was once used as anaesthesia, but it was found that it can be toxic to human health and the liver and was banned as anaesthesia. Chloroform is released into the air during many other industrial functions; this causes Chloroform to again come into contact with the environment and humans, which causes subsequent harm. That’s why governments are bringing in stringent laws and regulations, which is a major restraint on the Chloroform Market. Chloroform is also very toxic for the environment; it can directly impact the Ozone layer, causing it to deplete and tear. Several international regulatory bodies have taken this into account, which is affecting the share of the chloroform Market.

COVID-19 Impact on Chloroform Market:

The chloroform market was impacted in a negative way because of the COVID-19 pandemic. Supply chains were disrupted, and related industries were also affected. The production capacity was hampered because the factories were not working with the maximum output, and the supply of materials and raw materials for Chloroform was also disrupted, which affected the Chloroform Market negatively, despite the need for Chloroform in the pharmaceutical and Agriculture tech industries. Overall, the COVID-19 impact on the chloroform market had a very drastic effect due to supply chain disruption. The Chloroform Market is expected to recover and gain rapid growth now after the pandemic COVID-19, according to estimates. 

CHLOROFORM MARKET REPORT COVERAGE:

Chloroform Market Segmentation: 

 By Grade:

• Alcohol Stabilized

• Fluorocarbon

• Technical 

Alcohol stabilized dominates the market and has the biggest share in the chloroform market. Alcohol grade has small amounts of alcohol in chloroform; this grade of Chloroform is used in the making and extraction of pharmaceutical products and in labs. Fluorocarbon grade is a purified form of chloroform, which is used in the electronics industry for cleaning. Technical grade is a less purified form of Chloroform used in labs and industries where a high purity of Chloroform is not needed as a solvent. 

By Application: 

• Solvent

• Anaesthetic

• Reagent 

Anaesthesia segment held a significant share of the Chloroform Market. But due to safety regulations and public health concerns, the use of Chloroform as Anaesthesia has declined. By application, Solvents hold the biggest share in the Chloroform market due to their unique properties and wide number of applications. Reagent by application is in the growing stage and holds a good number of valuations. 

By End-Use:

• Pharmaceutical
• Agrochemical
• Chemical Industry 

The chloroform market was dominated by the pharmaceutical industry, but due to safety concerns and regulations, the use of Chloroform has been drastically reduced. It was used as a solvent for drug formulation and anaesthesia in healthcare. Agrochemicals have faced a similar issue of health concerns due to pesticides and insecticides seeping into the ground and coming into contact with people. This has raised both public health and environmental concerns, which have caused a decline in the agrochemical industry as well. In the chemical industry, the growth of the chloroform market is high as it has unique properties and works brilliantly as a solvent. Generally,  labs have all the safety standards that prevent direct contact of Chloroform with humans and the environment, which is why it’s used extensively and is dominating the industry. 

By Region:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa 

North America dominates the Chloroform Market share globally, which can be attributed to the fact that the region has large pharmaceutical industries and is also ahead in other sectors and industries in comparison to other regions. Asia Pacific is a growing market with lots of potentials due to the emerging economies and new industries in the region of pharmaceuticals, electronics, and construction driven by countries like Japan, Korea, India, and China.   

Key Players in the Chloroform Market: 

• Dow

• PRODUCTOS ADITIVOS, S.A.

• BASF SE

• Solvay

• Arihant Chemical

• INEOS

• Tokuyama Corporation

• Shin-Etsu Chemical Co., Ltd.

• Akzo Nobel N.V.

• Nouryon

• Sumitomo Chemical Co., Ltd.

• Khimprom

• Occidental Petroleum Corporation

• RIDHDHI SIDHDHI CHEMICALS

• JIGCHEM UNIVERSAL

• B JOSHI AGROCHEM PHARMA

• Olin Corporation

• Nike Chemical India

• SWASTIK CHEM IMPEX

• Life chemicals.cn

• Chem Tik

• Meghmani Finechem Limited (MFL)