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Sales of Trichloroacetyl Chloride to Grow by 4.6% in 2031; Usage of Chlorpyrifos in Farming to Boost the Market
Fact.MR's latest report delivers 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 influencing the growth of the global market across various segments, including purity, application, end-use industry, and region.
NEW YORK , June 16, 2022 /PRNewswire/ -- The global trichloroacetyl chloride market is poised to reach a valuation of US$ 8.8 Bn by 2031. With sales increasing at a CAGR of 4.6%, the global market stood at US$ 5.6 Bn in 2021.
Increasing usage of trichloroacetyl chloride in the agriculture industry globally is anticipated to bolster the market. It is extensively utilized for the production of chlorpyrifos, which is a low-cost and broad-spectrum insecticide.
Chlorpyrifos is considered to be highly efficient in the agriculture industry for controlling various types of insects. For the production of each ton of chlorpyrifos, nearly 980 kg of trichloroacetyl chloride is used.
Rising average income of consumers and growing population are bolstering the need for high-quality and nutritious food. Thus, government bodies are providing financial support to farmers to use novel pesticides for growing crops. Increasing usage of chlorpyrifos as a pesticide in farming is estimated to fuel growth.
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Moreover, surging application of trichloroacetyl chloride in pharmaceutical industry as an intermediate is expected to augur well for the market. This chemical compound is used to produce diloxanide furoate and chloramphenicol in the pharmaceutical sector.
Out of these derivatives, chloramphenicol is anticipated to exhibit high demand across the globe owing to its rising usage in the treatment of conjunctivitis and other bacterial infections. Rising focus of key players on research and development activities to discover innovative usage of trichloroacetyl chloride in medications is also set to drive growth.
Besides, presence of a robust manufacturing infrastructure in China is set to drive the Asia Pacific trichloroacetyl chloride market in future years. High demand for various chemical products, such as solvents is another vital factor that is likely to foster growth in China .
In North America and Europe , on the other hand, renowned companies are expected to launch new products to mark their presence in the market. Increasing number of programs to develop the agriculture sector in Latin America is likely to create new growth opportunities for key players.
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Leading trichloroacetyl chloride manufacturers are adopting numerous organic and inorganic strategies to broaden their presence in the market. They are focusing on expanding their manufacturing capacities to cater to the ever-increasing demand for chemicals.
Meanwhile, a few other key players are engaging in mergers and acquisitions with start-up companies to co-develop new products. Governments are set to provide incentives to manufacturers for boosting their production capabilities.
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More Valuable Insights on Trichloroacetyl Chloride Market
In the latest study, Fact.MR offers a detailed study on global trichloroacetyl chloride market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of trichloroacetyl chloride through detailed segmentation as follows:
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Key Questions Covered in the Trichloroacetyl Chloride Market Report
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