The latest report by Fact.MR provides an in-depth analysis of the global Trichloroacetyl chloride market from 2021 to 2031.The report further highlights key factors such as opportunities, drivers, and challenges affecting the growth of various segments of the global market, including purity, applications, end-use industries, and regions.
NEW YORK, June 16, 2022 /PRNewswire/ — The global trichloroacetyl chloride market is expected to be valued at $8.8 billion by 2031.Sales are growing at a CAGR of 4.6%, with the global market reaching USD 5.6 billion in 2021.
Increasing use of trichloroacetyl chloride in global agriculture is expected to boost the market.It is widely used to produce chlorpyrifos, a low-cost, broad-spectrum insecticide.
Chlorpyrifos is considered very effective in the agricultural industry for controlling various types of insects.For every ton of chlorpyrifos produced, nearly 980 kilograms of trichloroacetyl chloride are used.
Rising average incomes of consumers and growing population are strengthening the demand for high-quality and nutritious food.As a result, government agencies are providing financial support to farmers to grow crops with new pesticides.The increasing use of chlorpyrifos as a pesticide in agriculture is estimated to boost growth.
In addition, the surge in the application of trichloroacetyl chloride as an intermediate in the pharmaceutical industry is expected to be a good sign for the market.This compound is used in the pharmaceutical industry to produce dichloroaniline furoate and chloramphenicol.
Among these derivatives, chloramphenicol is expected to be in high demand globally owing to its increasing use in the treatment of conjunctivitis and other bacterial infections.Increasing focus of key players in R&D activities to discover innovative uses of trichloroacetyl chloride in pharmaceuticals will also drive growth.
Moreover, the strong manufacturing infrastructure in China will drive the Asia-Pacific trichloroacetyl chloride market over the next few years.High demand for various chemical products such as solvents is another important factor likely to boost China’s growth.
On the other hand, in North America and Europe, well-known companies are expected to launch new products to demonstrate their position in the market.The growing number of plans to develop the agricultural sector in Latin America may create new growth opportunities for key players.
Leading trichloroacetyl chloride manufacturers are employing various organic and inorganic strategies to expand their presence in the market.They are focusing on expanding their manufacturing capacity to meet the growing demand for chemicals.
Meanwhile, some other major players are making mergers and acquisitions with startups to co-develop new products.The government will provide incentives to manufacturers to increase their production capacity.
In the latest study, Fact.MR provides a detailed study of the global trichloroacetyl chloride market for the forecast period 2021 to 2031.The study also highlights the key drivers boosting the sales of Trichloroacetyl chloride with the following detailed breakdown:
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Stringent government mandates against the use of chemicals are expected to hamper trichloroacetyl chloride market growth to a certain extent.
China is anticipated to be the most lucrative market for trichloroacetyl chloride in the Asian region.
Post time: Jul-12-2022