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The carbon tetrachloride market size is estimated to grow at a CAGR of 4.95% between 2023 and 2028. The market size is forecast to increase by USD 77.37 million. The accelerated growth of the market is due to various factors, including the increasing adoption of eco-friendly refrigerants, the rising demand for fluoropolymers, and the increasing demand for carbon tetrachloride in the pharmaceutical industry.
The research report on the Carbon Tetrachloride Market offers industry forecasts and segmentation based on Type (pharmaceutical, analytical, and industrial). It also segments the market by Application (chemical, industrial, textile, pharmaceutical, and others). Geographically, the report covers North America, Europe, APAC, the Middle East and Africa, and South America. The market size, historical data for 2018-2022, and future forecasts are presented in terms of value (in USD million) for all these mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing adoption of eco-friendly refrigerants is the key factor driving market growth. Refrigerants have been used for a long time in various equipment and systems for cooling. To arrest the ever-increasing global temperatures, new eco-friendly refrigerants are produced. These eco-friendly refrigerants not only help in reducing the effects of global warming but also provide alternatives to the existing refrigerants that are advanced in terms of their characteristics and functioning. These refrigerants consume less electricity, which makes them available at a low price compared with conventional refrigerants.
Furthermore, the use of hydrofluoroolefins and hydrofluorocarbon compounds, which have relatively lower environmental impacts than chlorofluorocarbons and hydrochlorofluorocarbons, has increased. These compounds have extremely low ozone depletion potential. Therefore, these eco-friendly alternatives will drive the growth of the global carbon tetrachloride during the forecast period.
Increased demand for frozen and perishable food products is the primary trend shaping market growth. Frozen and perishable food products, such as frozen vegetables and fruits, offer many benefits, such as reduced cooking time. Furthermore, the freezing of various seasonal vegetables and fruits makes them available throughout the year, even during the off-season. Besides, market players are trying to expand their frozen vegetable offerings through new product launches and extend their geographical presence through mergers and acquisitions.
Furthermore, the increase in the consumption of meat and dairy products in China actuated the growth of the cold chain and refrigeration market in the country. Since the shelf life of these products is less, they are required to be maintained under adequate temperature ranges. Therefore, the growth in the demand for perishable consumable products will boost the development of cold chain infrastructure, which is likely to support the growth of the global carbon tetrachloride market during the forecast period.
The easy availability of substitutes is a challenge that affects market growth. Hydrocarbons (isobutane and propane), fluorocarbons (chlorofluorocarbons, hydrochlorofluorocarbons, hydrofluorocarbons, and hydrofluoroolefins), and inorganic materials (carbon dioxide and ammonia) are some emerging substitutes of chloromethane, which can be used as a refrigerant. Carbon tetrachloride can be easily substituted with the above-mentioned alternatives, as fluorocarbons and others are considered effective refrigerants.
Moreover, among the above-mentioned substitutes, carbon dioxide has a high coefficient of performance and reduces pressure losses, high heat transfer coefficient, and material compatibility compared with traditional refrigerants. Thus, broad availability and emerging substitutes may impede the growth of the global carbon tetrachloride market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Carbon Tetrachloride Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The pharmaceutical segment is estimated to witness significant growth during the forecast period. Pharmaceutical segments hold the dominant share in the global carbon tetrachloride market. Carbon tetrachloride is used as a re-crystallization and an effective reaction solvent in the process of extraction of various pharmaceutical compounds and synthesis of antibiotics and vitamins.
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The pharmaceutical segment was the largest segment and was valued at USD 36.27 million in 2018. Factors such as growing investment in new technologies, cost-effective manufacturing, increasing disease burden in the gaining population, and a rising number of prescriptions are expected to grow the pharmaceutical segment. Therefore, the pharmaceutical segment is expected to grow and, in turn, propel the growth of the global carbon tetrachloride market during the forecast period.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The US is the main contributor to the carbon tetrachloride market in North America, due to the country's large manufacturing and industrial sectors. The increasing demand for carbon tetrachloride in industrial applications is one of the driving factors for the growth of the carbon tetrachloride market in the US.
Furthermore, factors such as increasing construction activities, growing investments in infrastructural development, and rising focus on domestic manufacturing are increasing the demand for chloromethanes in the country. Mexico and Canada are the other key markets for carbo-n tetrachloride in the region. Hence, such factors will drive the growth of the carbon tetrachloride market in the region during the forecast period.
The outbreak of COVID-19 negatively impacted the carbon tetrachloride market in the North American region. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Furthermore, tremendous growth in the pharmaceutical and chemical industries in the region will foster the demand for carbon tetrachloride in the region, which, in turn, will foster the growth of the global carbon tetrachloride market during the forecast period.
The carbon tetrachloride market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Carbon Tetrachloride Market Scope |
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Report Coverage |
Details |
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Page number |
158 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.95% |
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Market Growth 2024-2028 |
USD 77.37 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.67 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 37% |
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Key countries |
US, Japan, Germany, France, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Arihant Solvents and Chemicals, Bhumi Chem, Chemtex Speciality Ltd., DuPont de Nemours Inc., East India Chemicals International, Epigral Ltd., Gujarat Alkalies and Chemicals Ltd., INEOS Group Holdings SA, KEM ONE, LGC Science Group Holdings Ltd., Loba Chemie Pvt. Ltd., Merck KGaA, Nouryon Chemicals Holding BV, Occidental Petroleum Corp., Olin Corp., Paragon Chemicals, Restek Corp., Sahil Enterprises, The Sanmar Group, and Vizag Chemical International |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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