CARBON TETRACHLORIDE MARKET ANALYSIS

The global carbon tetrachloride market size is likely to witness potential gains in the near future, and is expected to grow at a CAGR of 4.9% over the forecast period (2019 - 2027).

Market Overview

Carbon tetrachloride is an organic compound that is recognized by different names in other industries. For instance, it is called tetrachloromethane in the chemicals industry, carbon tet in the cleaning industry, Refrigerant-10 in the development of HVACR units, and Halon-104 for use in fire extinguishers. Carbon tetrachloride is a clear, stable, and volatile chlorinated hydrocarbon that has a faint, sweet odor, and is thicker than water (13.2 lb/gal) as well as insoluble in water. It is non-combustible and has primary application in fire extinguishers, as well as a cleaning agent, and precursor for refrigerants.

Market Taxonomy

On the basis of grade type, the global carbon tetrachloride market has been segmented into:

• Pharmaceutical
• Analytical
• Industrial

On the basis of application, the global carbon tetrachloride market has been segmented into:

• Pharmaceuticals
• Agrochemicals
• Solvents
• Blowing agents
• Others

Market Dynamics

Earlier, carbon tetrachloride was extensively used in lava lamps, as a dry cleaning solvent, and refrigerant. Carbon tetrachloride is a primary ingredient in lava lamps since it adds weight to the otherwise resilient wax. However, over the years, its application as a solvent has declined significantly owing to its harmful effects on health, and has been replaced by other solvents such as tetrachloroethylene, and other deuterated solvents. Currently, it is mostly used in laboratory settings as a reagent, as a solvent, and chlorine source in the chemical industry. Furthermore, it is highly toxic to the liver (hepatotoxic), and is used in research and development activities for evaluating hepatoprotective agents. Inhaling high concentrations of carbon tetrachloride (or ingesting and skin absorption) can depress activity in the central nervous system, and lead to death or coma. Owing to its ozone depletion properties, its use has declined over the past few decades. Such factors are expected to restrain demand for carbon tetrachloride in the future.

Market Outlook

Asia Pacific is estimated to witness the fastest growth in the global carbon tetrachloride market, with countries such as China and India to lead in terms of production and consumption. Moreover, emerging economies in the region, such as Indonesia, Taiwan, and Malaysia are expected to account for a major share over the forecast period. The growing number of end use industries in these countries can also contribute to the increasing demand for carbon tetrachloride in the regional market. Market growth in North America and Europe is projected to be comparatively moderate as a result of stringent guidelines implemented by regional regulatory bodies and environmental agencies such as the U.S. environment protection agency, regarding the production and volumetric consumption of carbon tetrachloride. Other regions such as South America, Middle East, and Africa are also projected to exhibit slightly above average growth.

Key Players

Some of the prominent carbon tetrachloride manufacturers are Tokuyama Corporation, Gujarat Alkalies & Chemicals Ltd., AkzoNobel N.V., Ineos, Solvay S.A., Occidental Chemical Corporation, and Shin-Etsu.

Key Developments

• In April, INEOS ChlorVinyls restarted the production at its 155,000 tonne/year methylene chloride and chloroform facilities at Runcorn, UK. This facility is capable of producing 100,000 tonnes/year of methylene chloride, 55,000 tonnes/year of chloroform, and smaller quantities of carbon tetrachloride.
• In July 2015, the carbon credits methodology for the shipping industry of AkzoNobel won the Best Offsetting Project award in the 2015 Voluntary Carbon Market Rankings. This award has been recognized amongst the stakeholders of the voluntary carbon markets and provides recognition to the company and its development partners the Fremco Group and the Gold Standard Foundation.
• In April 2014, AkzoNobel announced its first carbon credit methodology for international shipping industry. AkzoNobel Marine Coatings Business entered into a partnership with the gold standard foundation with the objective of introducing a new methodology of rewarding the improved fuel efficiency of ships within international maritime industry.