Chloromethyl Styrene Market: Introduction
- Chloromethyl styrene, also called CMS and vinylbenzyl chloride, is a monomer, which belongs to vinyl and chloromethyl groups. The monomer has the ability to polymerize or copolymerize before or after functional reactions with the benzyl chloride group.
- In terms of application, the market can be segmented into ion exchange membrane, modifier, photography, and others. Owing to its structure, large numbers of nucleophilic substitution are available in the market. This fosters polymerization and copolymerization of new monomers. Additionally, chloromethyl styrene can be easily polymerized or copolymerized with various initiators. This helps enhance the process yield. In turn, this is expected to boost the demand for chloromethyl styrene in formulation of various modifiers (including resin and rubber).
Key Drivers of Chloromethyl Styrene Market
- Water scarcity is one of the major concerns across the globe. Demand for water is increasing at substantial pace, due to the rise in population across the globe. According to a report published by the United Nations, 1.8 billion people are expected to be living in geographies with absolute water scarcity by 2050. This estimate supports the findings published by The International Food Policy Research Institute, which projects a 40% gap between demand and supply of water across the globe over the next 15 years. In order to counter these issues, governments of countries across the globe are investing in water treatment infrastructure and technologies. For example, the Government of China allocates around US$ 110 Bn per year for environment protection and pollution control, which includes wastewater treatment.
- Chloromethyl styrene is preferred as a monomer in manufacture of ion exchange membrane due to excellent ability to get polymerized with initiators. Thus, increase in investments in wastewater treatment is anticipated to drive the demand for chloromethyl styrene in the near future.
- Advancement in new technologies and increase in research & development activities in developed as well as developing regions are expected to revolutionize the renewable energy sector in the next few years. Additionally, rise in government funding in developing countries, such as India and China, is likely to fuel the renewable energy sector in these countries in the near future. For instance, GE Renewable Energy has received an order from the EDF Renewables- SITAC Group joint venture for the installation of 112 units of 2.7 MW wind turbines at the Sitac Kabini wind farm in Gujarat, India. These 112 units are likely to be commissioned by early 2021 and would produce green energy to cater to the rising demand for electricity across the country. This is projected to boost the consumption of redox-flow battery in the near future. Redox-flow battery is made of an ion exchange membrane. In turn, this is likely to propel the consumption of chloromethyl styrene in formulation of these membranes.
Opportunities in Global Chloromethyl Styrene Market
- Some companies have low market presence in Middle East & Africa and Latin America. This provides companies with an opportunity to establish research & development facilities in these regions to offer better solutions to customers. Furthermore, manufacturers of chloromethyl styrene can expand their distribution network with the addition of local distributors and sales offices. Additionally, exporting products to these regions can provide immense opportunities to manufacturers based in North America and Europe.
- Diversification can provide significant opportunities for new entrants and current players. Existing manufacturers of chloromethyl styrene can focus on integrated operations to strengthen their foothold, while new participants can enter into partnerships and collaborations with raw material manufacturers.
Asia Pacific to Dominate Global Chloromethyl Styrene Market
- Based on region, the global chloromethyl styrene market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Growth in investment in the renewable energy sector and rise in demand for electricity in Asia Pacific are expected to drive the demand for redox-flow battery in the region. This, in turn, is projected to boost the demand for chloromethyl styrene in the manufacture of ion exchange membranes, due to its ease of polymerization with initiators.
- North America has abundance of manufacturing capabilities and capital required for manufacture of chloromethyl styrene for wide range of applications. This is anticipated to augment the market in the region in the near future.
- A few number of producers operate in the chloromethyl styrene market in Latin America and Middle East & Africa
Key Players Operating in Market
The global chloromethyl styrene market is highly concentrated, with the presence of a few number of manufacturers. These companies account for major share of the market. Key manufacturers operating in the chloromethyl styrene market include:
- DAEYOUNG Industrial Co,. LTD
- AGC SEIMI CHEMICAL CO., LTD.
Global Chloromethyl Styrene Market: Research Scope
Global Chloromethyl Styrene Market, by Purity
Global Chloromethyl Styrene Market, by Application
- Ion Exchange Membrane
Global Chloromethyl Styrene Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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