Trifluoroacetic Acid Market Research 2022-2030
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.
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Some of the leading players operating in the global trifluoroacetic acid (TFA) market 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.
However, rapid industrialization and urbanization have led to limited availability of cultivable land, which has resulted in an increase in the use of agrochemicals. 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.
Based on type, the global trifluoroacetic acid (TFA) market research 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.
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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