Pune, India, Oct 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Trifluoroacetic Acid Market.
The global trifluoroacetic acid market share is likely to attain a global CAGR of 5.27% during the ongoing forecast period of 2019-2030. The global global trifluoroacetic acid market was valued at USD 293.30 million in 2021 and is projected to reach USD 467.7 million by the end of 2030.
TFA is a strong carboxylic acid that is widely used in organic chemistry. TFA is used in the production of pharmaceuticals, agrochemicals, and performance products. TFA is a colourless to pale yellow liquid with a pungent odor. It has a strong acidity , a high dielectric constant, is miscible with water and most organic solvents, and a relatively low boiling point.
The expansion of pharmaceutical industry worldwide is also expected to generate significant demand for high trifluoroacetic acid products, thereby increasing the demand for trifluoroacetic acid over the forecast period. However, availability of substitute due concerns amongst manufactrers due to its toxicity & environmenatal concerns can be restraining factors for the market growth.
the market in Asia-Pacific emerged as the leading and the fastest-growing market registering the highest CAGR of 5.65% during the review period. This is attributed to the high demand for trifluoroacetic acid in agrochemicals synthesis. Some of the key companies operating in agrochemicals in Asia-Pacific include Yara International, BASF, Bayer Crop Science, Dow Agro Sciences, Monsanto, and Syngenta. The industry is likely to become more competitive as partnerships, mergers, and acquisitions increase. Furthermore, a growing number of players will enter the market within the estimated assessment period, boosting competition in the market.
The major players in the market include Solvay, SRF Limited, Halocarbon LLC, SINOCHEM GROUP CO., LTD., Anhui Jin'ao Chemical Co., Ltd., NANTONG BAOKAI PHARMACEUTICAL CO. Ltd, and Midas Pharma GmbH. The market is highly consolidated, with Solvay, SRF Limited, and SINOCHEM holding.
- ABOVE 99.5% TRIFLUOROACETIC ACID: Trifluoroacetic acid is an important component in the synthesis of pharmaceuticals, agrochemicals, and performance products. It is a precursor to many fluorinated compounds and is widely used in peptide synthesis and other organic transformations involving deprotection of the t-BOC group. It finds use as an ion-pairing agent in liquid chromatography, as a solvent in NMR spectroscopy, and as a calibrant in mass spectrometry.
- Others: . The other grades of trifluoroacetic acid are widely used in chemical synthesis at a laboratory level. It is expected to grow at a CAGR of 4 % during the forecast period.
- MEDICAL INTERMEDIATES: Trifluoroacetic acid is used in high-performance liquid chromatography, used in the quantitative determination of plasma levels of drugs and their metabolites. The analysis of chromatography plays a vital role during the development of new drugs and for monitoring therapy.
- PESTICIDE INTERMEDIATES: Trifluoroacetic acid is mainly used for the synthesis of various kinds of trifluoromethyl groups or heterocyclic-containing herbicides. Trifluoroacetic acid and trifluoroacetic anhydride is used for synthesis, which introduces CF3 groups, protecting groups of amino acids, and raw materials of agrochemicals.
- OTHERS: Trifluoroacetic acid is used as a solvent and as a catalyst for polymerization and condensation reactions. It is also used in the manufacture of high-performance coatings as well as in the surface treatment of glass.
Read More About This Report: trifluoroacetic acid market size
- North America: In North America, The US is the leading country in the region owing to the established presence of agriculture industry in the region The US accounted for a significant share of the Trifluoroacetic acid market in North America.
- Europe: The market in Europe is primarily driven by the demand for Trifluoroacetic acid in pharmaceutical applications. In 2020, Germany accounted for the largest share in Europe and was followed by France.
- Asia Pacific: Asia-Pacific market dominated the global trifluoroacetic acid market with a share of 38.37% by value in 2020 and is expected to register the fastest growth with a CAGR of 5.65% during the forecast period. The market growth in Asia-Pacific is driven by various factors, including rising industrialization and urbanization, increased foreign investments, government subsidies, and rising demand from South Asian countries such as India, Thailand, and Indonesia.
- Latin America: The Latin American market is divided into Brazil, Mexico, and Argentina are the major contributors in the region. The ascent in the maturing populace prompts an increasing number of diseases and the necessity of medical facilities, which boost the growth of the global pharmaceutical industries.
- Middle East & Africa: The GCC Countries segment accounted for the largest market share of 40.27% in 2020, with a market value of USD 3.4 million; it is expected to register the highest CAGR of 3.76% during the forecast period. The Israel segment accounted for the second-largest market share in 2020, valued at USD 2.3 million; it is projected to exhibit a CAGR of 2.99%. Due to increasing demand from the pharmaceutical industry.