Global Chloroform Market - 2023-2030

Global Chloroform Market - 2023-2030

Market Overview

The global chloroform market reached US$ XX million in 2022 and is expected to record significant growth by reaching up to US$ XX million by 2030, growing at a CAGR of 5.0% during the forecast period (2023-2030).

With the chemical formula CHCl3, chloroform is an organic molecule that is a member of the trihalomethanes group of substances. It comes in the shape of a colorless, transparent liquid with a familiar odor. In laboratories, chloroform is frequently used as a solvent because it is conveniently volatile, comparatively inert and miscible with most organic liquids. Even though it is typically non-flammable, it can fire in extreme circumstances. The pharmaceutical sector uses it as a solvent to make insecticides, dyes and other products.

Market Dynamics

The growing agrochemical sector is a major market driver for the global chloroform market. However, health problems associated with chloroform could be a major market restraint.

Growing agrochemical sector

One of the most effective strategies for reducing extreme poverty, fostering shared prosperity and feeding the estimated 9.7 billion people by 2050 is agricultural development. Compared to other sectors, the agriculture sector's growth is two to four times more successful at increasing the incomes of the poorest people. Another important sector for economic growth is agriculture, which accounts for 4% of global GDP and more than 25% of GDP in some least developed nations.

Given the world's population growth rate, the demand for crop protection agents to prevent crop losses and boost yields grows as the demand for sustainably produced food increases. Agrochemicals play a major role in that, along with their ability to combat climate change, by reducing the need to convert forests to farmland, consequently lowering potential greenhouse gas (GHG) emissions. Therefore the future of agrochemicals appears promising.

Due to the fast-paced growth of the agriculture sector, the demand for agrochemicals is skyrocketing. Since chloroform is a major solvent in most agrochemicals, including pesticides and insecticides, the growing agrochemical sector could be recognized as a major global market driver.

Health ailments associated with chloroform exposure

Chloroform anesthesia can cause fatal respiratory and cardiac arrhythmias and organ failure in people. Humans have also shown renal impairment and renal tubular necrosis. Chloroform causes gastroenteritis with lingering nausea and vomiting because it irritates mucosal membranes. The symptoms of ingesting chloroform are similar to those of inhaling it. There have been cases of severe intoxication with symptoms that follow the same pattern as those following anesthetic use. Susceptibility varies significantly across individuals. Following an oral dose of 7.5 g chloroform, some people developed acute illness, whereas others recovered from a dose of 270 g chloroform.

Similarly, long-term exposure to chloroform concentrations of 100–1,000 mg/cu m (20–200 ppm) primarily affects the nervous system. It is associated with symptoms like lethargy, nausea, vomiting, lassitude, dry mouth and anorexia. In several trials, jaundice, elevated blood enzyme levels and increased liver size were observed as effects on the liver. The eyes are expected to sting as a result of being exposed to intense chloroform vapors. The liquid splashing into the eye causes the conjunctival tissue to become red, swollen and burn.

Due to the aforementioned impact on human health, the applications of chloroform are highly regulated and scrutinized. Therefore, the health ailments caused by exposure to chloroform could be recognized major market restraint.

COVID-19 Impact Analysis

During its initial waves, the COVID-19 pandemic had a negative impact on the global chloroform market because chloroform production was disrupted and industrial-scale synthesis of chloroform required enormous machinery, large-scale industrial reagents and skilled workers. Industry shutdowns and social distancing prerequisites severely hampered production during the pandemic.

The COVID-19 pandemic's global lockdown hindered both the supply of materials and the supply of finished products. As a result, the chloroform market's demand-supply dynamics were severely impacted. Further, due to lockdowns and social distancing, many of the end-users of chloroform, such as the agrochemical and chemical industry, witnessed major disruptions, thereby causing a reduction in demand for chloroform.

Nonetheless, the market is projected to recover in the post-COVID-19 market scenario due to major developments in the chemical and agrochemical industries. Further, as these verticals prosper in the future, the demand for chloroform will also witness rapid growth.

Segment Analysis

The global chloroform market is classified based on grade, application, end-user and region.

The wide array of applications as reagents and solvents in pharmaceutical and chemical industries boosts the share of alcohol stabilized grade chloroform

Based on grade, the global chloroform market is segmented into technical grade, alcohol stabilized grade and fluorocarbon grade. The alcohol stabilized grade dominates the type segment as it has a wide array of applications. Alcohol stabilized grade is mostly utilized as a solvent in the pharmaceutical business to extract and purify components that aren't thought to be related to food. Additionally, several antibiotics, alkaloids and vitamins are purified using it. A tiny portion is also sold as a laboratory solvent for reagents, which can be used as a reaction medium in producing organic nitrogen compounds, acids, aromatic hydrocarbons, ketones, ethers and other fine chemicals.

The alcohol stabilized grade, formerly known as the NF Grade, complies with the tests required by the National Formulary XVII (1990) and the tests required by the ACS Specifications for Reagent Chemicals, 11th Edition, 2016 for General Use Chloroform. The production of Alcohol Stabilized Chloroform does not fully adhere to the current Good Manufacturing Practices established by the Food and Drug Administration (cGMP). The user must evaluate how alcohol-stabilized chloroform products are used in applications connected to food, feed or medicine and ascertain whether the necessary regulatory standards are followed

Geographical Analysis

Growing R&D investments and rapid expansion of end-user verticals boost the demand and sales of chloroform in the Asia-Pacific

Asia-Pacific is a rapidly industrializing region with a high economic growth rate. The development and expansion of various sectors are creating a growing demand for chloroforms. The primary drivers of growth in the Asia-Pacific chloroform market include a growing emphasis on pharmaceutical and biotechnology research, quick developments in the agrochemical industry and rising consumer demand for agricultural products. In addition, the expansion of the agrochemical industry is driving up the need for chloroform in manufacturing pesticides and insecticides, opening up lucrative market potential.

China and the rest of Asia-Pacific are anticipated to lead the chloroform market's long-term expansion. Leading producers of chloroform are also found in the Asia-Pacific region. In Asia-Pacific, India is a region with rapid expansion. The Indian chemicals sector is receiving significant investments as one of Asia-top Pacific producers of chemicals. Chloroform, used as a solvent in numerous processes, has prospects in the expanding chemical industry. The chemical and pharmaceutical industries widely use chloroform, boosting their market, especially Asia-Pacific.

Since early December, chloroform prices have declined throughout Asia due to a lack of demand from the downstream industries as the market moves into its slow offtake season. Falling raw materials would strengthen the downward trend even more. Due to the seasonal slowdown and better stock availability, market participants anticipate lower realization in the downstream fluoropolymers industry.

Competitive Landscape

The global chloroform market is becoming increasingly competitive due to the presence of major players such as Dow, BASF SE, Solvay, INEOS, Olin Corporation, JIGCHEM UNIVERSAL, Akzo Nobel N.V., Nouryon, Sumitomo Chemical Co., Ltd., INEOS and Occidental Petroleum Corporation. The market is fragmented and market players employ market tactics such as mergers, acquisitions, product launches, contributions and collaborations to gain a competitive advantage and recognition.

BASF SE

Overview: BASF SE is a chemical corporation based in Germany that manufactures chemicals for various sectors and is one of the world's largest publicly traded corporations, with over 700,000 investors. The company's product portfolio includes products from 13 product areas, including transportation, chemicals, construction, electronics & electricity, energy & resources, agriculture, home care and cleaning, furniture & wood and other industries.

BASF's biopolymers are certified bio-based and compostable plastics that contribute to Circular Economy. While BASF SE has 6 global locations and 241 additional industrial sites in over 90 countries, Ludwigshafen is home to more than 30 BASF SE Group entities.

Product Portfolio
• Chloroform: The company manufactures various grades of trichloromethane, including technical, alcohol stabilized and fluorocarbon grades.

Key Development
• On January 31, 2022, BASF SE declared that it would upgrade the facilities used to produce chloroformates and acid chlorides at its Ludwigshafen Verbund plant for a low three-digit million-euro sum. By the time the work is finished in 2025, the company's capacity for chloroformates, acid chlorides and alkyl chlorides products at the location will have increased by almost 30%.

The global chloroform market report would provide approximately 61 tables, 59 figures and almost 166 pages.