Carbon Tetrachloride Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2024-2030

Carbon Tetrachloride Market size is estimated to reach $442.8Million by 2030, growing at a CAGR of 4.60% during the forecast period 2024-2030.  Carbon tetrachloride or tetrachloromethane is an organic compound with a sweet smell and is widely utilized in chemical synthesis. Carbon Tetrachloride has major applications in fire extinguishers, solvents, cleaning, paints, fertilizers, pesticides and others, further fueling its demand across major end-use industries. The demand for carbon tetrachloride in the chemicals sector is growing rapidly for the manufacturing of various agrochemicals, cleaning chemicals and others, which acts as a driving factor in the carbon tetrachloride industry. In addition, the increasing agricultural production and organic farming trends, demanding insecticides and fertilizers, are propelling the growth prospects for the carbon tetrachloride market. The COVID-19 outbreak resulted in a major disruption in the carbon tetrachloride market. Disturbance in chemical manufacturing, rise in raw material price, supply chain disruption and other lockdown restrictions had a negative impact on the market. However, significant recovery in the major end-use sector is boosting the demand for carbon tetrachloride for a wide range of applicability and utilization in cleaning, chemical manufacturing, medication and others. Thus, the Carbon Tetrachloride industry is anticipated to grow rapidly and contribute to the Carbon Tetrachloride market size during the forecast period.

 

One significant trend driving the carbon tetrachloride market during the forecast period is the increasing demand for the compound in the production of refrigerants and propellants for aerosol products. With the rising demand for refrigeration and cooling solutions across various industries such as automotive, food and beverage, and pharmaceuticals, the need for efficient refrigerants is growing. Carbon tetrachloride is utilized in the manufacturing of chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs), which are commonly used as refrigerants and propellants in aerosol products. This trend is expected to continue driving the growth of the carbon tetrachloride market as industries seek sustainable and effective solutions for their refrigeration needs.

The “Carbon Tetrachloride Market Report – Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Carbon Tetrachloride Industry.

 

                                            

 

By Grade: Pharmaceutical Grade, Industrial Grade and Analytical Grade.

By Application: Chemical Manufacturing, Fertilizers, Pesticides, Degreasers, Spot Removers, Drugs, Refrigerants and Others.

By End-use Industry: Medical & Pharmaceuticals, Cleaning (Home and Industrial), Chemicals, Agriculture, Paints, Plastics & Rubber and Others.

By Geography: North America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America), the Rest of the World [the Middle-East (Saudi Arabia, the UAE, Israel and the Rest of the Middle-East) and Africa (South Africa, Nigeria and the Rest of Africa)].

• Asia-Pacific dominates the Carbon Tetrachloride Market, owing to growth factors such as the flourished base for the chemical sector, initiatives towards organic farming and agricultural trends and urbanization. These factors continue to boost the market growth in this region.

• The flourishing chemical sector across the world is propelling the demand for Carbon Tetrachloride for various applications such as refrigerants, chlorine, agrochemicals, fire extinguisher and others, further influencing the growth in the Carbon Tetrachloride market size.

• The demand for Carbon Tetrachloride or tetrachloromethane is high due to its high applicability in the agriculture sector for pesticides, fertilizers, fumigants and others, owing to rising agricultural production trends.

• However, the hazardous impacts on the environment and severe health risks associated with this organic compound act as a challenging factor in the Carbon Tetrachloride industry.

 

                                       

The chemical manufacturing segment held a significant Carbon Tetrachloride Market share in 2023 and is forecasted to grow at a CAGR of 7.4% during the forecast period 2024-2030. Tetrachloromethane or carbon tetrachloride has major scope for growth in the chemical manufacturing application as a chemical intermediate for chlorine, agrochemicals, fire extinguisher, fertilizers, pesticides and others. It is used as a solvent in the chemical manufacturing process for organic and inorganic chemicals and other chemical products. The chemical sector experiences lucrative growth owing to growth factors such as increasing production of organic & inorganic chemicals, demand for specialty chemicals and an established chemical manufacturing base. For instance, according to American Chemistry Council (ACC), output from the chemical industry to increase around 2.0% per year between 2024 and 2031 in the United States compared to 2.6% globally and agricultural chemicals are expected to grow by 1% in 2024. n India, major chemicals production surged by 7.22% to 32.56 lakh tonnes, inorganic chemicals rose by 5.1% to 2.58 lakh tonnes, and organic chemicals witnessed a 3.03% growth to reach 4.62 lakh tonnes during the April-June 2022 period, compared to the same period last year. With the growing demand for various chemical products and flourishing consumption of organic & inorganic chemicals and others, the demand for Carbon Tetrachloride as chemical feedstock for manufacturing chemicals is projected to grow. It is thereby anticipated to boost the growth of the chemical manufacturing segment during the forecast period.

The chemicals segment held a significant Carbon Tetrachloride Market share in 2023 and is forecasted to grow at a CAGR of 5.8% during the forecast period 2024-2030. Carbon tetrachloride has a flourishing application in the chemical industry since it is used in the production of various chemicals including chlorine, organic and inorganic chemicals, agricultural chemical manufacturing, industrial gases and others. The lucrative growth in the chemical sector is influenced by growth factors such as an established base for specialty chemical manufacturing units, demand for organic and inorganic chemicals and rapid industrialization. In 2024, the American Chemistry Council (ACC) anticipates a slight rebound across all segments, forecasting a 1.2% overall growth in chemistry output in the U.S. Additionally, the output of chemicals in Europe is projected to increase by 1.9% in the same year, according to the ACC. With the increase in chemical production, the applicability of carbon tetrachloride for various chemical processing and manufacturing is rising. These factors are projected to boost the growth prospect for the chemical industry in the Carbon Tetrachloride market during the forecast period.

The Asia-Pacific held the largest Carbon Tetrachloride Market share in 2023. The lucrative growth scope for carbon tetrachloride in this region is influenced by the established base for the chemical sector, flourishing manufacturing base and rapid urbanization. The chemical industry is significantly growing in APAC owing to factors such as rising demand for specialty, petrochemicals, agrochemicals, an established production base and urbanization. For instance, according to the India Brand Equity Foundation (IBEF), the chemical industry in India is expected to grow at 9.3% to reach US$304 billion by 2025. According to the European Chemical Industry Council (CEFIC), chemical sales reached US$2390 billion in 2022 in China, US$606 billion in the US and US$760 billion in the European Union nation. Also, in 2023, there was an approximately 1.5% increase in chemical output in Japan. With the flourishing production of chemicals and derivatives, the utilization of Carbon Tetrachloride for solvent, blowing agents, organic and inorganic chemicals, agrochemicals and others is growing. Due to these factors, it is expected that the Carbon Tetrachloride market in the Asia-Pacific region would grow during the forecast period.

Carbon Tetrachloride has a massive demand in the cleaning industry for applicability in dry cleaning, decreasing, spot removal and others. The lucrative growth of the cleaning industry is influenced by several growth factors such as a rise in awareness of hygiene and cleanliness, robust demand for cleaning products and rising income levels. For instance, according to the International Association for Soaps, Detergent, and Maintenance Products (A.I.S.E), In 2022, the home cleaning industry in Europe reached €34.1 billion (US$37.1 billion), marking a 5.2% increase from the previous year. Furthermore, in the same year, the industrial cleaning industry in Europe reached €8.7 billion (US$9.4 billion), marking a 19.1% increase from the previous year. With an increase in revenues and demand for cleaning products, the applicability of carbon tetrachloride or tetrachloromethane as a solvent in dry cleaning, cleaning agent and spot removal is rising. This continues to boost its demand and drive the Carbon Tetrachloride industry.

Carbon Tetrachloride has significant applications in the agriculture industry for fertilizers, insecticides and other agricultural chemicals. The agriculture sector experiences lucrative growth owing to growth factors such as rising production for grains, cereals and more, demand for fertilizer and pesticides and the government's initiative to promote agricultural development. For instance, according to the India Brand Equity Foundation (IBEF), the agriculture sector in India is expected to increase to US$24 billion by 2025. In 2022, the UK's crop output surged by 22% to £13.3 billion (US$ 14.5 billion), driven by a 50% increase in wheat value. Cereal crops, mainly wheat and barley, dominated, constituting 69% of the cropped area. Total cereal production reached 24.3 million tonnes, an 8% increase from the previous year. With the robust production for agriculture, the demand for carbon tetrachloride for applicability in grain fumigation, insecticides, fertilizer and others is growing. This, in turn, is boosting the demand and driving the Carbon Tetrachloride industry.

Carbon Tetrachloride poses severe health risks and hazardous impacts on the environment. This organic compound is responsible for ozone level depletion due to high toxicity. In addition, it is carcinogenic to human health and causes major health risks such as central nervous system issues, kidney and liver irritation, acute inhalation problem, nausea and vomiting. The rising concerns from various environmental authorities limit its growth. The Montreal Protocol through United Nations members agrees on restricting the non-feedstock applicability of carbon tetrachloride. Thus, such hazardous effects on the environment and human health impact its demand and applicability for various industries, further causing a major challenge and growth slowdown in the Carbon Tetrachloride industry.

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Carbon Tetrachloride Market. The 10 companies in the Carbon Tetrachloride Market are:

1.  AkzoNobel
2. Occidental Petroleum Corporation
3. The Chemours Company
4. Solvay
5. Tokuyama Corporation
6.