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.
By application, the chlorpyriphos segment is set to generate the lion's share stoked by its extensive usage in insecticides.
Based on end-use industry, sales in the pharmaceuticals category are likely to remain the highest through 2031.
China trichloroacetyl chloride market is anticipated to procure the largest share owing to increasing government support to develop its manufacturing sector.
India is set to remain in the second position in terms of share backed by rising usage of this chemical in the agriculture and pharmaceutical industries.
In 2020, the global trichloroacetyl chloride market size stood at US$ 5.4 Bn .
Increasing demand for active ingredients and chemicals, such as trichloroacetyl chloride to manufacture pharmaceuticals is set to propel growth.
High efficacy of chloramphenicol to treat bacterial infections is likely to surge the shipments of trichloroacetyl chloride worldwide.
When breathed in, trichloroacetyl chloride can irritate the lungs and cause shortness of breath or coughing.
Higher exposure of trichloroacetyl chloride can lead to pulmonary edema, a condition that is caused by excessive fluid in the lungs.
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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.
April 2022 : The Director General Horticulture, Kashmir and scientists from SKUAST-K advised the orchardists at Zainapora Shopian to spray chlorpyriphos 50% and cypermethrin 5% at 125ml/100 liter of water at an interval of 15 days.
July 2021 : The U.K. government announced that eye drops containing chloramphenicol can be safely administered to children belonging to the age group of 0 to 2 years. The development of such eye drops is likely to push sales of trichloroacetyl chloride.
Key Companies Profiled by Fact.MR
Huaian Depon Chemical Co. Ltd.
Hari Orgochem Pvt. Ltd (Chloritech Industries)
Ningxia Root Biotech Co. Ltd.
Chengwu Chenhui Environmental Protection Technology Co. Ltd.
S R Drugs and Intermediates
Zouping Lan Jia Chemical Co. Ltd.
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
What is the projected value of the trichloroacetyl chloride market in 2021?
At what rate will the global trichloroacetyl chloride market grow until 2031?
Which are the factors hampering the growth in the trichloroacetyl chloride market?
Which region is expected to lead in the global trichloroacetyl chloride market during 2021-2031?
Which are the factors driving the trichloroacetyl chloride market during the forecast period?
What is the expected market value of the trichloroacetyl chloride market during the forecast period?
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