In 2020, the trifluoroacetic acid market value is registered as USD 290.5 million and is projected to grow at a significant CAGR of 3.1% with the trifluoroacetic acid market size of USD 348.9 million during the forecast period.
Trifluoroacetic acid is a perfluoro organic compound that is a colorless liquid with a sharp odor like vinegar. Its chemical formula is CF3CO2H. It is a halogenated derivative of acetic acid that acts as an acid catalyst or solvent. It has superior characteristics like high dielectric constant, strong acidity, miscibility with water & high organic solvents, and relatively low boiling point (71.8 degrees celsius). In a reaction, the end-products allow better manipulations by using highly acidic compounds in organic synthesis. This acid is used as a chemical intermediate in pharmaceuticals and pesticides.
Worldwide, this material is one of the most widely used fine chemicals. The trifluoroacetic acid is manufactured using the Simons process. It has several benefits like high acidity, low cost, easy elimination, and high solubility in both water and organic solvents of TFA that make it an ideal choice as a catalyst for various reactions.
The COVID-19 pandemic has spread all over the world and the number of people affected by coronavirus is increasing day by day. Few of the affected people cause death. To curb the spread of the virus, various countries’ governments have imposed strict regulations like lockdowns, transportation bans, industry shutdowns, and many more. Due to the lockdowns, the supply chains are disrupted, manpower was shorted, and lack of raw materials are the major challenges to the manufacturing industries.
The trifluoroacetic acid manufacturing industry has also faced these issues and leading to the halt of production. Thus the demand for the product declines. As the lockdown and to maintain social distance, people stay in their homes which reduces the sales of pesticides. Hence, the trifluoroacetic acid market declines due to these factors. But the trifluoroacetic acid in the pharmaceuticals industry is raising the demand for the product even in the pandemic situation as the medical requirement is more in the pandemic situation. The key players also taking necessary steps to raise the market growth. Hence rapidly, the TFA market growth increases in the coming years.
The prominent key players in the trifluoroacetic acid market outlook are the following:
The shirking agricultural land and increasing demand for food lead to a demand for trifluoroacetic acid (TFA) anhydride in pesticides which propels the growth of the market. Moreover, compared to other crops, the application of pesticides in cotton crops is very high. According to the Organic Trade Association report in 2014, nearly USD 3.3 billion worth of pesticides is used for only growing cotton. Hence the increase in demand for cotton in various products like baby care, textiles, home furnishing, feminine care, nonwovens, and healthcare applications is anticipated to increase the use of pesticides and thus further boosts the trifluoroacetic acid market growth in the forecast period.
In addition to that, TFA is highly used as an intermediary in medical products. The growing prevalence of various diseases, awareness about different treatment options, and favorable government policies are rising the need for pharmaceuticals which further leads to accelerating the growth of the TFA market.
This acid is not biodegradable and is toxic which is slightly harmful to aquatic life. Due to this reason, environmental concerns may raise while used in the manufacturing sector that act as a restraint for the market growth in the coming years.
Rising government support for increasing the medical industry growth in India by approving the 100% FDI in the medical industry, approvals and special incentives to citizens, and set up of medical parks are the factors driving the medical industry growth which is an opportunity to escalate the growth of the global TFA market.
The availability of alternative substitutes to the trifluoroacetic acid is limiting the growth of the market which is the major challenge to the key players.
The global trifluoroacetic acid market has been divided into four segments based on type, application, end-use industry, and region.
Based on Type
The trifluoroacetic acid types are classified into 99.5% trifluoroacetic acid, 99.9% trifluoroacetic acid, and others. Out of these types, the 99.9% trifluoroacetic acid segment is anticipated to exhibit a significant CAGR due to its wide application in medical products.
Based on Application
The trifluoroacetic acid applications are analyzed into a few types as medical intermediates, pesticide intermediates, and others. The recent applications of Trifluoroacetic acid have proved its efficiency as a good ligand in metal-mediated reactions in organometallic chemistry.
Based on End-Use Industry
The trifluoroacetic acid market by end-use industry is segmented into the pharmaceutical industry, agricultural industry, and others. TFA is used in organic compounds in CF3 substitution for various applications mostly in biologically active compounds like marketed pharmaceuticals fluoxetine, mefloquine, celecoxib, efavirenz, and tipranavir.
Based on Region
Region-wise, the trifluoroacetic acid market is divided into four main geographies such as North America, Europe, Asia-Pacific, and the Rest of the world. Among them, the Asia-Pacific region is dominating the largest market share due to the rise in demand for pesticides in emerging countries like China, India, and Japan.
Geographically, the trifluoroacetic acid market based on regions is categorized into four major regions like Asia-Pacific, Europe, North America, and the Rest of the World. Out of these regions, the Asia-Pacific region is holding the maximum trifluoroacetic acid market share for its rise in demand for pesticides in the countries India, China, and Japan. The two major organizations The United Nations Statistics Division and Food and Agriculture Organization states that these emerging countries are highly dependable on the agriculture output as the agriculture sector in Asia-Pacific is contributing 56.4% of GDP globally. Due to the high dependency on the agriculture industry, there is an increase in the consumption of pesticides. As trifluoroacetic acid is used as an agricultural intermediate in pesticides, the demand for the product market is boosted in this region.
Due to the growing prevalence of chronic diseases, there is an increase in the expenditure in the pharmaceutical industry in Europe. In 2015, European Healthcare spent nearly USD 1,645.7 billion and it is estimated that this value will be increased with an increase in the geriatric population. As TFA is used as a medical intermediary product, the demand for the market of trifluoroacetic acid is accelerated in this European region. In the US, owing to the increase in the number of chronic diseases like cancer, respiratory diseases, heart diseases, diabetes, and kidney diseases which are affected by changing lifestyle, rise in environmental pollution, and geriatric population, there is an increase in the medical spending which escalates the TFA market growth in this region.
This global trifluoroacetic acid market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the trifluoroacetic acid market drivers, restraints, challenges, and opportunities. The trifluoroacetic acid market forecast segments into four forms as type, application, end-use industry, and region.
The trifluoroacetic acid market trends have been segmented into four forms globally based on the type, application, end-use industry, and region.
99.5% trifluoroacetic acid, 99.9% trifluoroacetic acid, and others are the few types of the market.
Medical intermediates, pesticide intermediates, and others are a few applications.
By End-Use Industry
The pharmaceutical industry, agricultural industry, and others are the few end-use industries.
Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in the global market.
|CAGR||Substantial CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|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, and Rest of the World (RoW)|
|Key Vendors||Solvay (Belgium), SRF Limited (India), Halocarbon Products Corporation (US), Sinochem (China), Anhui Jin'ao Chemical Co., Ltd (China), Nantong Baokai Chemical Co., Ltd (China), Midas Pharma GmbH (Germany),|
|Key Market Opportunities||The increase in demand for cotton in textile, baby care, feminine care, home furnishing, nonwovens, and healthcare application|
|Key Market Drivers||The demand for TFA anhydride in pesticides is led by shirking agricultural land and increase in demand for food.|
Frequently Asked Questions (FAQ) :
It finds extensive applications in pesticide intermediates, medical intermediates, and others.
The Asia Pacific is expected to lead the trifluoroacetic acid market.
Favorable government policies and rising prevalence of various diseases is boosting market growth.
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.