Trichloroacetyl Chloride Market to Exceed Valuation of US$ 8.8 Bn by 2031; Notes TMR Study
- Agrochemical companies offering wide range of products to cater to demand in agriculture industry to capture stable revenues in market; popularity of chlorpyrifos as broad-spectrum insecticide to spur lucrative opportunities
- Growing usage of trichloroacetyl chloride in making various pharmaceutical ingredients to bolster growth prospects; Asia Pacific to witness massive profitable avenues
ALBANY, N.Y., April 21, 2022 /PRNewswire/ -- Use of trichloroacetyl chloride in the preparations of range of compounds that find use in multiple industries is a key underpinning for the steady expansion of avenues. The utilization of the chemical is growing in the manufacture of pharmaceutical ingredients and plant protection compounds for the agriculture industry. The global valuation of the trichloroacetyl chloride market is projected to surpass US$ 8.8 Bn by 2031.
The usage of the compound in the preparation of esters and anhydrides of trichloroacetic acid has boosted the growth prospects. Strides made in the pharmaceutical industry has been propelling substantial revenue generation in the trichloroacetyl chloride market during the forecast period of 2021–2031.
Chlorpyrifos has been widely used and been propelling sales of products in the market. Over the past few decades until recently, it has gained popularity as an inexpensive and effective pesticide. Regulatory agencies in a number of developed regions have put ban on the use of chlorpyrifos, such as in the U.S., the U.K., and parts of Europe. The trend has severely impacted the sales prospects, observed the analysts in a TMR study on the trichloroacetyl acid market.
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Key Findings of Trichloroacetyl Chloride Market Study
- Growing Demand for Chemical in Pharmaceutical Industry to Generate Substantial Opportunities: Rise in demand for trichloroacetic acid in pharmaceutical ingredients has bolstered revenue possibilities for firms in the market. The massive demand in the pharmaceutical industry stems from the growing demand for chloramphenicol and diloxanide furoate in medications. Of note, chloramphenicol has been utilized in medication that are adopted in the management and treatment of superficial eye infections. In addition, R&D into organic synthesis intermediate is expected to open up incremental avenues in the trichloroacetyl acid market.
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- Widespread Use in Agriculture Industries to Bolster Revenue Growth: The extensive utilization of trichloroacetic acid as intermediate for pesticides is expected to generate new revenue streams in the near future. In the agriculture industry, it has gained popularity as a broad-spectrum insecticide for various crops. Over the past few years, countries in the Middle East and Africa and Latin America have witnessed several farm development programs, expanding the horizon for new avenues, find the authors of a TMR study on the trichloroacetyl acid market.
Trichloroacetyl Chloride Market: Key Drivers
- In several economies, insecticides and pesticides constitute a sizable share of spending by farmers. Thus, strides being made by the agriculture industry are underpinning lucrative avenues in the trichloroacetyl chloride market.
- Rise in utilization of the chemical as an important pharmaceutical intermediate will propel the expansion, note analysts at TMR.
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Trichloroacetyl Chloride Market: Regional Growth Dynamics
- North America and Europe have been projected to potentially lucrative trichloroacetyl chloride markets during the forecast period. Of note, chemical companies are growing their presence in North America, which is expected to catalyze new revenue streams.
- Asia Pacific is anticipated to hold a major share of the global trichloroacetyl chloride market during the forecast period. China has been a leading country market. However, in recent years, regulatory curbs on the use of certain products have constrained the growth avenues. The sales have thrived on back of rising use in pharmaceutical chemicals. The search for modern crop protection compounds is likely to open up new frontiers in the trichloroacetyl chloride market.
Trichloroacetyl Chloride Market: Key Players
Some of the key players in the trichloroacetyl chloride market are S R Drugs and Intermediates Pvt Ltd., SRF Ltd., Ningbo Inno Pharmchem, Hari Orgochem Pvt. Ltd., Ningxia Root Biotech Co. Ltd., and TML Industries Ltd.
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Global Trichloroacetyl Chloride Market: Segmentation
Trichloroacetyl Chloride Market, by Purity
- 99%
- 99.5%
- 90%
- Others
Trichloroacetyl Chloride Market, by Application
- Chlorpyriphos
- Organic Chemical Synthesis
- Oxalyl Acid Synthesis
- Acetylation of Esters
- Others
Trichloroacetyl Chloride Market, by End-use Industry
- Agriculture
- Pharmaceuticals
- Chemical
- Textile
- Others
Trichloroacetyl Chloride Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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