NEW YORK, July 10, 2017 (GLOBE NEWSWIRE) -- According to a new market research report “Global Methylene Chloride Market Size, Share, Development, Growth and Demand Forecast to 2022 - Industry Insights by Application (Pharmaceuticals, Chemical and Foam Manufacturing, Paints and Varnishes, Food and Beverages, Metal Cleaning and Others)” published by P&S Market Research, the global methylene chloride market is projected to reach $1,035.8 million by 2022, growing at a CAGR of 5.1% during 2016 - 2022.
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As per the research, the global methylene chloride market is likely to grow from $785.6 million in 2015 to $1035.8 million by 2022. The factors driving the growth of the global market include increasing use of solvent in end-use industries such as pharmaceuticals, food and beverages, paint and varnishes, metal cleaning and others, high demand from developing nations and increasing demand in paints and varnishes industry. Additionally, the increasing demand in niche engineering industries is further boosting the opportunities for increasing demand for methylene chloride.
Geographically, Asia-Pacific has been the largest and fastest growing market for methylene chloride. The increasing population, growth of infrastructure along with end-use industry has accelerated the demand of methyl chloride in the region. China accounts for the largest demand in the region followed by India and Pakistan. India would register the fastest growth in the Asia-Pacific methylene chloride market during the forecast period.
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The global methylene chloride market is growing at a significant rate due to growing automotive industry, technological advancements, increasing demand for coatings in key industries and increasing demand for methylene chloride in personal care and cosmetics industries. Increasing use of solvent in end-use industries and rising demand of methylene chloride from paints and coatings industry is fueling the growth of the methylene chloride market.
Methylene chloride is preferred in paints and coatings industry, owing to their characteristics such as cost-effectiveness, ability to be applied cold and potential to remove a wide variety of paints. Additionally, methylene chloride is used in bathtub re-finishing. Paints and coatings industry is expected to register substantial growth during the forecast period, owing to increasing industrialization, urbanization, infrastructure development, and increasing disposable income in developing economies of China, India, Vietnam, South Korea, Thailand, Brazil, Argentina and South Africa.
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