Competitive Analysis
The World Bank reported that the arable land in China
declined to 118.9 million hectares in 2016 from 119.0 million hectares in 2015.
In January 2018, Jubilant Life Sciences received an approval from the Indian
government to establish a pesticide intermediate and technical grade pesticide
plant in Gujrat, India, worth USD 36.09 crores. Such trends exhibit that the
use of chemical pesticides and fertilizers has become essential for crop
production. Thus, the rising demand for food, coupled with the limited
availability of cultivable land is estimated to drive the demand for TFA.
Some of the leading players operating in
the global Trifluoroacetic
Acid (TFA) Market Trends are SRF Limited (India), Midas Pharma
GmbH (Germany), Solvay (Belgium), Halocarbon Products Corporation (US), Anhui
Jin'ao Chemical Co., Ltd (China), Sinochem (China), and Nantong Baokai Chemical
Co. Ltd (China), among others.
Market Segmentation
Based on type, the global market has been segmented into
99.5% trifluoroacetic acid, 99.9% trifluoroacetic acid, and others. The 99.9%
trifluoroacetic acid type segment is estimated to register a significant CAGR
owing to the high demand for pure TFA in medical applications. The 99.5%
trifluoroacetic acid type finds major applications in pesticides and other
chemical products. The market is further divided based on application into
medical intermediates, pesticide intermediates, and others. The medical
intermediary is the fastest growing segment and is expected to surpass the
pesticides segment in the coming years owing to increasing medical expenditure
across the globe.
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Market Overview
The global Trifluoroacetic Acid (TFA) Market Trends
surpassed USD 271 million in 2017. TFA is an acetic acid derivate used as an
intermediary product in the manufacturing of pesticides. The demand for TFA
anhydride is primarily driven by the high demand for pesticides in the
agricultural industry. With the growing population, the demand for food is
expected to increase rapidly in the coming years. To meet this increasing
demand, efficient crop production with better quality is necessary. However,
rapid industrialization and urbanization have led to limited availability of
cultivable land, which has resulted in an increase in the use of agrochemicals.
Regional Analysis
The Asia-Pacific market is expected to exhibit a healthy
CAGR during the forecast period owing to the growing use of TFA in
pesticides. Furthermore, increasing investments in the healthcare industry have
increased the demand for trifluoroacetic. The North American and
European markets are estimated to witness substantial growth in terms of CAGR
due to the increasing expenditure in the healthcare industry in the US, Canada,
the UK, and Germany.
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