Trifluoroacetic Acid Market Research Reportā€”Global Forecast till 2030

Trifluoroacetic Acid Market Research Report Information By Type (Above 99.5% trifluoroacetic acid, Others) Application (Medical intermediates, Pesticide Intermediates, Others) Forecast 2030

ID: MRFR/CnM/6592-CR | October 2022 | Region: Global | 140 Pages         

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Trifluoroacetic Acid (TFA) Market

The Trifluoroacetic Acid Market will be expanding at a rate of 5.27% from 2019 to 2030 & will be touching USD 467.6 million by 2030-end.

Segmentation
By Type 99.5% Trifluoroacetic Acid 99.9% Trifluoroacetic Acid others
By Application Medical Intermediates Pesticide Intermediates others
Key Players
Companies Profiled   Halocarbon Products Corporation (US)   Nantong Baokai Chemical Co.    Ltd (China)   SRF Limited (India)   Anhui Jin'ao Chemical Co.    Ltd (China)   Solvay (Belgium)   Sinochem (China)   Midas Pharma GmbH (Germany)
Drivers
Market Driving Forces   The shirking agricultural land and increasing demand for food lead to a demand for market
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TRIFLUOROACETIC ACID MARKET OVERVIEW


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 trifluoroacetic acid market was valued at USD 293.3 million in 2021 and is projected to reach USD 467.6 million by the end of 2030.


Trifluoroacetic acid (TFA) is a strong carboxylic acid widely used in organic chemistry. TFA is an important component in the synthesis of pharmaceuticals, agrochemicals, and performance products. TFA is a liquid substance, colorless to pale yellow and with a pungent odor. It is characterized by its strong acidity (pKa 0.23 at 25Ā°C in H2O), high dielectric constant (ļ„= 42.1 at 25Ā°C), miscibility with water and most organic solvents, and relativity low boiling point (71.8Ā°C).


Additionally, global trifluoroacetic acid market is the growing demand from key end-users such as pharmaceuticals and the agrochemical industry. Wherein, toxic nature and environmental impacts raise concern over the use of trifluoroacetic acid and increase maintenance and disposal costs could be restraining factors for the trifluoroacetic acid market.Ā  .


COVID-19 Impact on the Trifluoroacetic Acid Market:


The outbreak of COVID-19 has had a slightly negative impact on the global trifluoroacetic acid market due to the disruptions in the supply chain and the non-availability of labor to carry out the production activities. Limited or full-fledged lockdown strategies were implemented across the world to contain the spread of the virus. During the initial phases, these lockdowns severely led to a significant drop in global industrial production. According to the World Bank's January 2021 Global Economic Prospects report estimations, the real gross domestic product of the world contracted by around 3.5%.


Furthermore, the raw material prices also increased for a significant part of 2020 due to limited market availability. Thus, disruption in the supply of key raw materials and limited availability of labor had an adverse impact on the trifluoroacetic acid market production facilities located across the world. According to the United Nations, the global economy is projected to contract by around 3% or more instead of registering 2.5% growth projected by the World Economic Situation and Prospects report 2020.


Market Dynamics


Drivers

  • High demand from the pharmaceutical industry: Trifluoroacetic acid is an effective reagent in the pharmaceutical industry's chemical synthesis. It is commonly employed as a starting material for major trifluoroacetylating agents (such as ethyl trifluoroacetate), trifluoromethylation procedures, and peptide synthesis, among other things. Mefloquine (Lariam; antimalarial), fluoxetine (Prozac; antidepressant), celecoxib (Celebrex; COX-2 inhibitor), tipranavir (Aptivus; HIV protease inhibitor), and efavirenz are some of the most commonly sold pharmacological substances. TFA is most commonly used in peptide synthesis and efficient peptide sequencing. The increasing investments in R&D in the pharmaceutical industry globally are further expected to drive the global market growth.

  • Growth of the agriculture industry: The global demand for trifluoracetic acid is mainly driven by the growth of the agricultural industry. Most of the TFA produced is consumed by the pesticides industry. TFA is a common component in agricultural chemicals such as insecticides, herbicides, and fungicides. About 8.5% of the pesticide entries in the pesticides manual contain a CF3 group obtained by TFA. Some of the common pesticides include beflubutamid, flazasulfuron, diflufenican, flonicamid, fluazinam, picoxystrobin, acrinatrin, bifenthrin, sulfoxaflor, pyroxsulam, and prosulfuron. Thus, the growing agricultural industry across the globe is likely to drive global market growth during the review period.


Restraints

  • Toxic nature and environmental concerns Trifluoroacetic acid is a corrosive chemical and with a pungent odor. Trifluoroacetic acid is a strong acid; it may cause irreversible skin burns and eye damage, and vapors may irritate the upper respiratory tract. Trifluoroacetic acid is harmful to the aquatic environment with long-lasting effects; any release to the environment causes a severe impact. Thus, it must be handled under stringent safety conditions at the workplaces, following the risk management measures to control exposure and preserve human health and the environment. Trifluoroacetic acid is classified as hazardous for health according to EU regulation (EC)1272/2008 criteria. Therefore, toxic nature and environmental impacts raise concern over the use of trifluoroacetic acid and increase maintenance and disposal costs.


Opportunity

  • Positive outlook of the pharmaceutical industry in south asia: Over the next five years, the Southeast Asian pharmaceutical market is expected to increase at an annual rate of more than 11%, with sales reaching USD 40 billion in 2020. As a result, it has become one of the world's fastest expanding pharmaceutical markets. The region provides lucrative opportunities for pharmaceutical companies that can effectively synergize good manufacturing practices (GMP) standards, competitive pricing, and an export strategy. Pharmaceutical companies in South Asia will profit from rising healthcare spending, an aging population, greater incidence of lifestyle-related diseases coupled with a rising GDP per capita. Thailand has one of the fastest aging populations in the world. According to the World Health Organization (WHO), 13% of the population (10.3 million people) is currently above the age of 60. By 2025, the elderly will account for 25% of the population. Indonesian and Malaysian demographics are following a similar trend.


CHALLENGES

  • Availability of substitutes: Trifluoroacetic acid is toxic in nature, due to which, key manufacturers are extensively looking for potential substitutes with similar properties. Some of the alternatives for synthesizing peptides include aminomethyl resin, cysteinyl peptides, Fmoc-Cys(Acm), BHA (benzhydrylamine hydrochloride) resins, bromoacetyl resin, etc. Some alternative pesticides include glyphosate, Acephate, Deet, Propoxur, Metaldehyde, Boric Acid, Diazinon, Dursban, etc. Hence, the availability of substitutes is a key challenge for the global trifluoroacetic acid market.


Segmentation


By Type



  • Above 99.5% trifluoroacetic acid

  • Others


By Application



  • Medical intermediates

  • Pesticide Intermediates

  • Others


By Region



  • North America

  • Europe

  • Asia-Pacific

  • South America

  • Middle East

  • Africa


Regional Analysis


Asia-Pacific dominated the global market with a value share of 38.15 % in 2021 and is projected to register the highest CAGR of 5.8% to reach USDĀ  116.42 million by the end of 2030. 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. Europe held the second-largest market share of 29.81% in 2020 due to the growth of the major end-use industries in the region.


Europe held the second-largest market share of 29.81% in 2020 due to the growth of the major end-use industries in the region due to its extensive usage in pharmaceuticals, agrochemicals,Ā and performance products. In 2020, Germany accounted for the largest share in Europe and was followed by France. The growth of markets in Latin America and the Middle East & Africa are likely to be driven by the increasing . 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.


The North American market accounted for the third-largest share in 2020 and is projected to record a CAGR of 3.0% during the review period. North America is another prominent market for ammonia with the increasing agricultural production, the US being the major producer and exporter in the region. It is one of the leading producers and suppliers of agricultural produce. Besides, the increasing demand for corn, cereals, and other corn products is fueling the growth of the agricultural industry in the US and, thus, the trifluoroacetic acid market.Competitive Landscape


Asia-Pacific led the global trifluoroacetic acid market with a revenue share of is moderately fragmented in the region. The market is mainly consolidated with few players dominating the Global market. The surge in the demand for trifluoroacetic acid is likely to favor the global market growth in the coming years. Also, the availability of close alternatives to the product urges trifluoroacetic acid manufacturers to offer quality products at competitive prices and maintain their market hold.


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


The players in this market have shown an aggressive approach towards expansion and increasing production capacities. This is because the key players aim to capture the large consumer base of pharmaceuticals & agriculture industry. The global trifluoroacetic acid market consists of several major players, including Tier 1 and Tier 2 manufacturers. The market is mainly consolidated with few players dominating the Global market. The surge in the demand for trifluoroacetic acid is likely to favor the global market growth in the coming years.


Report Overview:


The global trifluoroacetic acid market is segmented by type, application and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profilesā€”all of which comprise and discuss views on the global global trifluoroacetic acid market emerging and fast-growing segments, regions, and countries.


Objectives of the Study



  • To provide a detailed analysis of the market structure along with a forecast for various segments of the global trifluoroacetic acid market

  • To provide insights into factors affecting the market growth

  • To analyze the global trifluoroacetic acid market based on various tools such as supply chain analysis and Porterā€™s five forces analysis

  • To provide historical and forecast revenue of the market segments and sub-segments with respect to respect to regions and their respective key countries

  • To provide country-level analysis of the market with respect to the current market size and prospects

  • To provide segment-level analysis of the market for type, application, and region

  • To provide strategic profiling of the key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape of the market

  • To track and analyze competitive developments such as expansions, new product launches, and research and developments in the global trifluoroacetic acid market.


Intended Audience



  • Industrial sector

  • Broadcast sector

  • Enterprise sector

  • Digital communication



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 467.7 Million
  CAGR    5.27% CAGR (2022-2030)
  Base Year    2021
  Forecast Period    2022-2030
  Historical Data    2019-2021
  Forecast Units    Value (USD Million)
  Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type & Application
  Geographies Covered   North America ,Europe, Asia-Pacific,South America, Middle East ,Africa
  Key Vendors   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.
  Key Market Opportunities   Positive outlook of the pharmaceutical industry in south asia
  Key Market Drivers   The demand for TFA anhydride in pesticides is led by shirking agricultural land and increase in demand for food.


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Frequently Asked Questions (FAQ) :

The global trifluoroacetic acid market would register a growth of 5.27Ā  %.

Stringent government regulations on mining activities

Notable players profiled in the trifluoroacetic acid market include Midas Pharma GmbH (Germany), Nantong Baokai Chemical Co., Ltd (China), Anhui Jin'ao Chemical Co., Ltd (China), Sinochem (China), Halocarbon Products Corporation (US), SRF Limited (India), and Solvay (Belgium).

Specific strategies that industry players have incorporated to create a niche in the trifluoroacetic acid market include joint ventures, product launches, and strategic alliances.