Trichloroacetyl Chloride Market Size Projected to Reach USD 8.8 billion by 2031, With 4.6% CAGR: Transparency Market Research, Inc.
The growing use of trichloroacetyl chloride in the agricultural sector is a major factor driving the worldwide trichloroacetyl chloride market.
Wilmington, Delaware, United States, Nov. 23, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global trichloroacetyl chloride market was estimated at a value of US$ 5.4 billion in 2020. It is anticipated to register a 4.6% CAGR from 2021 to 2031 and by 2031, the market is likely to attain US$ 8.8 billion by 2031.
The industry is growing because of rising government measures to promote the industrial sector and a large number of manufacturers participating in the worldwide trichloroacetyl chloride market.
Tricholoroacetyl chloride is in high demand for a number of applications, including the synthesis of organic compounds, oxalyl acid, chlorpyrifos, and acetylation of esters. It is anticipated that this feature would support the market for trichloroacetyl chloride to develop.
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Key Findings of Market Report
- Trichloroacetyl chloride is the primary raw material used in the majority of chlorpyrifos manufacturing processes.
- For every ton of chlorpyrifos, about 980 kg of trichloroacetyl chloride are consumed.
- Since chlorpyrifos works well as an insecticide and pesticide in agriculture, its use has significantly expanded.
- The increase in demand for chlorpyrifos in global agricultural operations has had a beneficial effect on the trichloroacetyl chloride market.
- Asia Pacific led the global market for trichloroacetyl chloride.
- In 2020, the market for trichloroacetyl chloride was quite profitable in Eastern Europe.
Market Trends for Trichloroacetyl Chloride
- The trichloroacetyl chloride market is predicted to rise rapidly during the forecast period, owing to increased utilization in the pharmaceutical industry. An essential pharmaceutical intermediate, trichloroacetyl chloride, is becoming more and more useful in the industrial process of making diloxanide furoate and chloramphenicol.
- Chloramphenicol is especially used as an eye ointment to treat conjunctivitis and other bacterial infections. There are several uses for trichloroacetyl chloride in the creation of various medicinal substances.
- Global pharmaceutical industry development and expansion are propelling the trichloroacetyl chloride market. Players in the market are concentrating more on research and development related to organic and pharmaceutical chemicals. It is anticipated that this aspect would present noteworthy prospects for the companies in the worldwide trichloroacetyl chloride market.
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Global Market for Trichloroacetyl Chloride: Regional Outlook
- Asia Pacific is expected to account for a significant portion of the worldwide trichloroacetyl chloride market. In the Asia Pacific region, China leads the world market for trichloroacetyl chloride. The ongoing environmental crackdown in China poses important questions regarding capacity and upcoming increases.
- The participants in the trichloroacetyl chloride market are also presented with substantial development prospects in North America and Europe. To establish their position in the international market, major players in the North American trichloroacetyl chloride market are concentrating on creative tactics like mergers and acquisitions.
- The trichloroacetyl chloride market in North America is expected to develop at a faster rate than other regions during the forecast period due to the increasing number of participating companies. Due to the increasing number of agriculture development initiatives in Latin America and the Middle East and Africa, market participants are expected to observe substantial potential prospects in these areas.
Global Trichloroacetyl Chloride Market: Key Players
To get a competitive edge, companies operating in the trichloroacetyl chloride market are deliberately concentrating on product innovation, research, and development. Companies try to satisfy a range of consumer expectations by broadening their product offerings, enhancing their production techniques, and investigating novel uses. To increase their market share and profitability, industry participants are also taking part in strategic alliances, mergers, and acquisitions.
Key activities to manage obstacles and seize development opportunities in the Trichloroacetyl Chloride market include optimizing distribution networks, guaranteeing supply chain efficiency, and adjusting to changing regulatory standards. The following companies are well-known participants in the global trichloroacetyl chloride market:
- Huaian Depon Chemical Co. Ltd.
- Hari Orgochem Pvt. Ltd (Chloritech Industries)
- Ningxia Root Biotech Co. Ltd.
- TML Industries Ltd
- Chengwu Chenhui Environmental Protection Technology Co., Ltd.
- Ningbo Inno Pharmchem
- SRF Ltd.
- Meghmani Organics
- S R Drugs and Intermediates
- Swati Chlorides Private Limited
- Zouping Lan Jia Chemical Co., Ltd.
- Hemani Intermediate
- Vortex Products Limited
Few of key developments by the players in this market are:
|Huaian Depon Chemical Co. Ltd.
|Ningxia Root Biotech Co. Ltd.
Global Trichloroacetyl Chloride Market Segmentation:
- Organic Chemical Synthesis
- Oxalyl Acid Synthesis
- Acetylation of Esters
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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About Transparency Market Research
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