Chloroform Market – Growth, Trends and Forecasts (2024-2030)

Chloroform Market was valued at US$ 7.68 Bn. in 2023. The Chloroform Market size is estimated to grow at a CAGR of 2.56% over the forecast period.
Chloroform Market Overview:
Trichloromethane, generally known as chloroform, is a common solvent for organic molecules that do not dissolve well in water. It's colorless, volatile, and has a strong smell, and it's often used as a solvent in laboratories and as an intermediary in the production of refrigerants and fluorocarbons in industry. Chloroform was once used as an anaesthetic, but it was restricted due to its volatile nature and its carcinogenic effects.To know about the Research Methodology:-Request Free Sample Report

The material has the chemical formula CHCl3 and is an organic compound. Chloroform is a volatile liquid that dissolves in water as well as other organic solvents such as ethanol, oils, and ether. When chloroform comes into touch with fire, it forms a deadly gas that becomes highly unstable when exposed to air, heat, or light. When heated to decompose, the chemical emits hazardous fumes of chlorinated chemicals and hydrochloric acid.

The report explores the Chloroform market's segments (Type, Application, End- users, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2018 to 2023. The report investigates the Chloroform market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Chloroform market's contemporary competitive scenario.

2023 is considered as a base year to forecast the market from 2024 to 2030. 2023’s market size is estimated on real numbers and outputs of the key players & major players across the globe. The past five years’ trends are considered while forecasting the market through 2030. 2023 is a year of exception and analysis, especially with the impact of lockdown by region.
Chloroform Market Dynamics:
Increase In Demand In Pharmaceutical Sector:

The use of chloroform in a variety of industries, as well as the growth of the pharmaceutical industry, boosts demand for the product, which is one of the primary reasons driving the chloroform market. The demand for chloroform as a reagent for DNA and RNA research activities, as well as its use in bio-labs for long-term preservation of organic tissues by preventing the decaying process, are driving the chloroform market forward. Also, chloroform has exceptional properties and is used to extract antibiotics, vitamins, and flavors, among other things, increasing demand for the substance.

Increase In Demand In Agrochemical Sector:

The worldwide chloroform market is expected to grow at a healthy rate throughout the forecast period. Demand for food and farm products is expected to rise as the world's population expands, boosting chloroform sales in the agrochemical industry. The rising agrochemical sector is driving pesticide and insecticide production, which will boost the global chloroform market by the end of the forecast period.

Restriction On Use Of Chloroform:

The government has regulated the use of chloroform due to its negative effects on the environment, particularly ozone depletion, which has hampered chloroform sales. This problem is projected to limit the growth of the global chloroform market. Chloroform is a highly toxic drug that has been banned in several countries due to its harmful properties, reducing demand for the material. The Environmental Protection Agency (EPA) regulates chloroform under the Clean Air Act, Clean Water Act, and other regulations. As a result, highly restrictive environmental regulations on chloroform are forecasted to limit the market.

Chloroform Market Trends:

In terms of rapid construction growth, China and India are set to be the pioneers. New building designs use HVAC systems to distribute chilled air from a centralized source throughout the structure, increasing demand for chloroform, which is used to make the refrigerant agent Freon. HVAC systems are also utilized in the industrial sector to provide all-year cooling since data centers include sensitive electronic components that must be protected from humidity, moisture, and pollutants to work at their best. As a result, the need for HVAC systems is being driven by the expanding internet penetration and data centers.

During the forecast period, the refrigerant segment is expected to become a profitable segment. The market is growing due to rising interest in refrigerators among working-class families and a shift in the desire for eating freshly cooked food.
Chloroform Market Segmentation:
By Grade:
Alcohol stabilized grade, fluorocarbon grade, and technical grade chloroform are the three categories. Chloroform with alcohol stabilization is a colorless, sweet-smelling chemical molecule. In the pharmaceutical industry, it is commonly used as a solvent. Chloroform of fluorocarbon grade is commonly used as a refrigerant in both home and commercial air conditioners. Throughout the forecast period, the technical grade is expected to have a faster revenue CAGR. This is due to the growing use of chloroform as a chemical intermediary in the chemical industry for the manufacturing of plastics, insecticides, resins, and dyes.

By Application:
The global chloroform market has been divided into four categories: solvent, anesthetic, reagent, and criminal use. In 2023, the solvent category had the greatest sales share in the global market. Because of its volatile and non-flammable characteristics, chloroform is increasingly being used as a solvent in the chemical, biological, and pharmaceutical industries.

By End- Users:
The chloroform market has been divided into pharmaceutical, agrochemical, chemical industry, and other end-use segments. In 2023, the agrochemical industry segment had the biggest revenue share in the global market. This is due to the rising concentration on agrochemical research and the increased use of chloroform in agricultural pesticide manufacture.
Chloroform Market Regional Insights:
North America has always been aware of technological advancement. Today, the region is a major producer and user of HVAC systems as well as building goods like adhesives, floor polishes, and lacquers. Chemical production is also a stronghold in the region.

Over the forecast period, North America is expected to see significant revenue growth. The United States and Canada contribute the most revenue to the market in the area. The region's revenue growth is being driven by a growing focus on pharmaceutical and medical research, as well as a strong presence of key end-users.

In 2023, Asia Pacific market revenue accounted for 22.8 percent of worldwide revenue, and it is predicted to grow at a quicker CAGR over the forecast period. This is due to increased chemical research and development activity as well as increased private investment in pharmaceutical research.

In 2023, Europe had the second greatest revenue share in the global market. The key drivers driving revenue growth in this region are rising healthcare spending and increased usage of chloroform in the preservation of organic tissues.

The objective of the report is to present a comprehensive analysis of the Chloroform Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Chloroform Market dynamic, and structure by analyzing the market segments and projecting the Chloroform Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Chloroform Market make the report investor’s guide.
Chloroform Market Scope: Inquire before buying



Chloroform Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 7.68 Bn.


Forecast Period 2024 to 2030 CAGR:
2.56%
Market Size in 2030:
US $ 9.16 Bn.


 Segments Covered:
by Grade
Technical
Fluorocarbon
Alcohol Stabilized


by Application
Solvent
Refrigerant
Intermediate
Reagent


by End-users
Pharmaceuticals
Chemical
Automobile
Food & Beverages



Chloroform Market by Region :
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Chloroform Market Key Players are:
1. BASF SE (Germany)
2. Abcr GmbH (Germany)
3. The Merck Group (Germany)
4. INEOS Group Limited (UK)
5. Solvay S.A (Belgium)
6. Productos Aditivos-ADDITIVE PRODUCTS, SA (Spain)
7. Kem One (France)
8. Akzo Nobel N.V. (Netherlands)
9. LyondellBasell (Netherlands)
10.Khimprom Novocheboksarsk (Russia)
11.Arihant Chemical (India)
12.SRF Limited (India)
13.RIDHDHI SIDHDHI CHEMICALS (India)
14.JIGCHEM UNIVERSAL (India)
15.Tokuyama Corporation (Japan)
16.Tokyo Chemical Industry Co., Ltd. (Japan)
17.Shin-Etsu Chemical Co., Ltd. (Japan)
18.Amadis Chemical (China)
19.Acadechem Company Limited (HONG KONG)
20.Olin Corporation (US)
21.ChemCeed LLC (US)
22.Dow Chemical Company (US)

Frequently Asked Questions:

1. Which region has the largest share in Global Chloroform Market?
Ans: North America region held the highest share in 2023.

2. What is the growth rate of Global Chloroform Market?
Ans: The Global Chloroform Market is growing at a CAGR of 2.56% during forecasting period 2024-2030.

3. What is scope of the Global Chloroform market report?
Ans: Global Chloroform Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Chloroform market?
Ans: The important key players in the Global Chloroform Market are – BASF SE, Abcr GmbH, The Merck Group, INEOS Group Limited, Solvay S.A, Productos Aditivos, Kem One, Akzo Nobel N.V., LyondellBasell, Khimprom Novocheboksarsk, Arihant Chemical, SRF Limited, RIDHDHI SIDHDHI CHEMICALS, JIGCHEM UNIVERSAL, Tokuyama Corporation, Tokyo Chemical Industry Co., Ltd., Shin-Etsu Chemical Co., Ltd., Amadis Chemical, Acadechem Company Limited, Olin Corporation, ChemCeed LLC and Dow Chemical Company

5. What is the study period of this market?
Ans: The Global Chloroform Market is studied from 2023 to 2030.