Market Synopsis
Trifluoroacetic acid or Trifluoroacetic Acid Industry can be described as the simplest form of perfluoroorganic acid that is characterized by high dielectric constant, strong acidity, miscibility with most organic solvents as well as water, and relativity low boiling point of 71.8°C.
It is one of the most commonly deployed fine chemicals worldwide. Trifluoroacetic acid is developed via the electrochemical fluorination of acetic anhydride or acetyl chloride in anhydrous hydrogen fluoride with the use of the Simons process. After this, the hydrolysis process is carried out, which results in trifluoroacetyl fluoride in impressive yields.
TFA is widely used in organic synthesis, where it acts as a solvent or even as an acid catalyst for various organic transformations like rearrangements, solvolysis, oxidations, functional group deprotections, condensations, hydroarylations, and reductions, along with trifluoromethylation reactions.
Market Competitive Landscape:
The affluent firms in the trifluoroacetic acid industry are:
- Solvay
- SRF Limited
- Halocarbon LLC
- SINOCHEM GROUP CO. LTD.
- Anhui Jin'ao Chemical Co. Ltd.
- NANTONG BAOKAI PHARMACEUTICAL CO. Ltd
- Midas Pharma GmbH
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Market Drivers:
The consistent shrinkage in agricultural land worldwide, plus, the mounting food demand in line with the surging population has raised the usage of trifluoroacetic acid anhydride in a variety of pesticides. Also, compared to other types of crops, pesticides are used extensively in cotton crops. The Organic Trade Association report in 2016 reveals that close to USD 4.6 billion value of pesticides is utilized for growing only cotton. Therefore, the surging use of cotton in a variety of products like textiles, baby care, feminine care, home furnishing, healthcare, and nonwovens will enhance the demand for pesticides, which will ultimately bolster the demand for trifluoroacetic acid.
Furthermore, TFA finds widespread use as an intermediary in various medical products. The massive burden of several diseases, rising awareness levels regarding different treatment options, and supportive government policies have elevated the need for pharmaceuticals, a factor that is expected to accelerate market growth in subsequent years.
The surge in government support for the medical industry, especially in India, with the 100% FDI approvals along with special incentives, as well as medical parks will mean an exponential rise in the medical sector. This will be a great opportunity for the Trifluoroacetic Acid Market Developers in the market.
Market Restraints:
Trifluoroacetic acid happens to be non-biodegradable and can be toxic for aquatic life. Owing to this, environmental concerns are rising, which will bring down product demand in several end-use sectors.
Furthermore, the wide range of alternatives to trifluoroacetic acid available in the market will also limit the market growth to some extent.
COVID 19 Analysis
The COVID-19 outbreak’s significant impact has led to numerous repercussions on everyone’s health status globally. The aftermath is closely related to the substantial social and economic burden on people worldwide. While policymakers are coming up with new frameworks and industries are making use of advanced models of business expansion to remain relevant, people are facing a series of mental trauma.
Around the world, the rising cases have spurred mental, and economic issues, especially among the elderly. Additionally, the younger populace has been dealing with challenges owing to loss of livelihoods and is opting for family care to address the repercussions. The focus is largely on the treatment of COVID-19 and the development of a vaccine. This has affected the TFA market in a big way, in view of the lower demand for the key materials and the financial slowdown.
Regional Insights
The Asia Pacific, with the biggest share of 38.15%, took the lead in 2021 in the worldwide market and will continue to thrive at the highest rate of 5.8% to touch USD 116.42 million by 2030. The Asia Pacific market growth is bolstered by surging industrialization as well as urbanization rates, a rise in foreign investments, and government subsidies. The strongest demand for TFA is in various South Asian nations like India, Indonesia, and Thailand.
Europe comes second in the global industry, accruing the second biggest share of 29.81% in 2020, thanks to the rise in various end-use industries like agrochemicals, and pharmaceuticals. Germany is the most successful market in Europe while France comes a close second.
The North American market for trifluoroacetic acid will record an expansion rate of 3.0% from 2020 to 2027. The regional market is favored by the escalating agricultural production, while the biggest achiever in the region is the US, which is one of the top suppliers of agricultural produce.
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