How is Growing Demand for Paints and Adhesives Driving Methylene Chloride Market?
The demand for paints and adhesives across the globe is growing rapidly, which can be ascribed to the rising disposable income of people and increasing construction activities. Because of economic growth, the construction industry in several countries is registering growth, and as the industry is a major consumer of paints and adhesives, their demand is growing as well. In addition to this, due to rapid economic growth, particularly in emerging economies, people are now able to spend more on renovation of their houses. Paints and coating are widely utilized for increasing the aesthetic appeal of building and providing them protection against different weather conditions.
A major chemical utilized in the formulation of paints and adhesives is methylene chloride. Also known as dichloromethane, methylene chloride is a colorless liquid that evaporates easily, has a mild sweet odor, and does not burn with ease. It is utilized extensively as a paint stripper and an industrial solvent. The compound does not occur in the environment naturally and is obtained from wood alcohol or methane gas. According to a report by P&S Intelligence, the global methylene chloride market would generate a revenue of $2,485.5 million by 2023, increasing from $1,818.3 million in 2017, and is predicted to advance at a 5.4% CAGR during the forecast period.
Geographically, the Asia-Pacific (APAC) region emerged as the largest methylene chloride market in the past, which is primarily ascribed to the surging production of the chemical in the region, rapidly growing population, and increasing infrastructural activities. In APAC, China and India are among the major consumer of the chemical. Furthermore, companies in the domain from across the globe are shifting their production bases to the APAC region, owing to the strict environmental regulations and rules laid down by the governments of various countries, primarily those in the European region, banning the utilization of methylene chloride in paint stripper applications.
In conclusion, the demand for methylene chloride is being driven by the surging utilization of paints and adhesives in the construction industry.
Read more: https://www.psmarketresearch.com/market-analysis/methylene-chloride-market
