The global methylene chloride market will be worth an estimated $892.9 million in five years, after growing at a compound annual rate of 4.75 percent between 2015 and 2020, according to a new report from MarketsandMarkets.

Valued at $708.0 million in 2015, the market is benefiting from high demand across industries such as chemical processing and pharmaceuticals.

The methylene chloride market is also being driven by growing demand from the Asia-Pacific region, supported by improved growth in industrial manufacturing, local production and increasing population. In this region, different application segments are arising, particularly in pharmaceutical, foam manufacturing and chemical processing.

Also driving the market are higher growth in end-user industries such as pharmaceuticals, feedstock for production of HFC-32 refrigerant, increasing consumption for fluorocarbons and chemical processing.

The global methylene chloride market is significantly penetrating end-use industries, says MarketsandMarkets. Methylene chloride possesses different characteristics as per their manufacturing and application requirement in end products.

A key part of the market will be R&D – newer applications can be a vital driver of the overall market, says the market analyst.

In order to meet new demands from various end-user industries, manufacturing companies, associations and end-product manufacturers must infuse high investments for future advancements and technology modifications of methylene chloride.

The key players in the global market are Dow Chemical (U.S.), AkzoNobel N.V. (Netherlands), Ineos (Switzerland), Solvay S.A. (Belgium), Kem One (France), Shin-Etsu (Japan) and Gujarat Alkalies & Chemicals Ltd. (India).