Chloroform Market - Forecast(2022 - 2027)

Report Code: CMR 0800 Report Format: PDF + Excel

Chloroform Market Overview

Chloroform market size is forecasted to reach US$7.3 billion by 2027, after growing at a CAGR of 2.5% during the forecast period 2022-2027. Chloroform or trichloromethane or is a colorless organic compound integrated with 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 sector in developing economies results in an increase in 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 chemical 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.

Report Coverage

The “Chloroform Market Report – Forecast (2022-2027)” 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 Industry – 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 GeographyNorth 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, 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 industry.

Figure: Asia-Pacific Chloroform Market Revenue, 2021-2027 (US$ Billion)

Asia-Pacific Chloroform Market Revenue

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Chloroform Market Segment Analysis – by Function

The solvent segment held the largest share in the chloroform market in 2021 and is forecasted to grow at a CAGR of 2.6% during the forecast period 2022-2027. 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, the health facility revitalization component of the national health insurance indirect grant in South Africa has been allocated US$ 4.6 billion over the medium term (2020-2021). 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 on the growth of chloroform market.

Chloroform Market Segment Analysis – by Application

The anesthesia segment held a significant share in the chloroform market in 2021 and is forecasted to grow at a CAGR of 2.8% during the forecast period 2022-2027, 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 American Hospital Association (AHA), the total medical-surgical intensive care beds in community hospitals in the US are around 59,281 in 2019. 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 in 2021-22 against 1.8% in 2020-21. 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 2021 up to 42%, owing to the increasing healthcare and transportation industry in APAC countries. For instance, according to the Global Wellness Institute, the Wellness institutions like hospitals, personal clinics and meditation centers reached a value of US$225 billion markets in 2019 and it saw an excellent growth during the pandemic, reaching US$275 billion in 2020. Except for the healthcare industry, many other industries impacted the growth of chloroform. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2019, automotive production and Vietnam grew by 1.2 percent a

nd 5.5 percent from the previous year to 5,71,632 and 2,50,000 units, respectively. Chloroform is used in agriculture for pesticides, in the building and construction industry, transportation, healthcare and industrial applications. In November 2020, Boeing forecasted that China's airlines would spend US$1.4 trillion on 8,600 new planes and US$1.7 trillion on commercial aircraft services over the next 20 years. 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 the air conditioners. According to the India Brand Equity Foundation (IBEF), from FY16 to FY20, India's domestic automobile production grew at a 2.36 percent compound annual growth rate (CAGR), with 26.36 million vehicles produced in FY20. Domestic auto sales increased at a 1.29 percent compound annual growth rate (CAGR) between FY16 and FY20, with 21.55 million vehicles sold in FY20. 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

Chloroform is often used as a pesticide in the agriculture industry. Agriculture and horticulture activities are increasing; for instance, according to Invest India, India's total horticulture production in 2019-2020 was 319 MMT, the highest it has ever been. The United States Department of Agriculture (USDA) forecasted that Australia's cotton production would reach 5.5 million 480-pound bales in January 2022, up 0.2 million bales from December 2021 and 2.7 million bales or 96%, from January 2021. Furthermore, global coarse grain production was 1,417.2 million metric tonnes in 2019 and 1,433.9 million metric tonnes in 2020, an increase of 1.2 percent. With the increasing crop production, 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 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. Chloroform market’s top 10 companies are:

1.Medical Isotopes, Inc.

2. MP Biomedicals Pvt. Ltd.

3.Oxford Lab Fine Chem LLP

4.Gadot Chemicals Tankers & Terminals Ltd.

5.Shiv Shakti Trading Corporation

6.Gowra Petrochem Private Limited

7.Alpha Chemika

8.AkzoNobel Industrial Chemicals

9.CSC JÄKLECHEMIE GmbH & Co. KG

10. Gulf Chemical International Corp.

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1. Chloroform Market - 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 Market Share Analysis - Major Companies
    3.2 Product Benchmarking - Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis - Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Chloroform Market - Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Chloroform Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index 
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Chloroform Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Chloroform Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Chloroform Market - By Grade (Market Size - US$ Million/Billion)
    8.1 Technical
    8.2 Alcohol Stabilized
    8.3 Fluorocarbon
9. Chloroform Market – By Function (Market Size - US$ Million/Billion)
    9.1 Solvent
    9.2 Intermediate
    9.3 Reagent
    9.4 Others 
10. Chloroform Market – By Application (Market Size - US$ 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 - US$ 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 - US$ Million/Billion)
    12.1 North America
        12.1.1 USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 UK
        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 and New Zealand
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 Middle East
            12.5.1.1 Saudi Arabia
            12.5.1.2 UAE
            12.5.1.3 Israel
            12.5.1.4 Rest of the Middle East
        12.5.2 Africa
            12.5.2.1 South Africa
            12.5.2.2 Nigeria
            12.5.2.3 Rest of Africa
13. Chloroform Market – Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. Chloroform Market – Industry/Segment Competition Landscape Premium
    14.1 Company Benchmarking Matrix – Major Companies
    14.2 Market Share at Global Level - Major companies
    14.3 Market Share by Key Region - Major companies
    14.4 Market Share by Key Country - Major companies
    14.5 Market Share by Key Application - Major companies
    14.6 Market Share by Key Product Type/Product category - Major companies
15. Chloroform Market – Key Company List by Country Premium Premium
16. Chloroform Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10 and more.
*"Financials would be provided to private companies on best-efforts basis."