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.
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 25°C in H2O), high dielectric constant (= 42.1 at 25°C), miscibility with water and most organic solvents, and relativity low boiling point (71.8°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. .
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.
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 USD 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, 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.
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 profiles—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
|Market Size||2030: USD 467.7 Million|
|CAGR||5.27% CAGR (2022-2030)|
|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.|
The global trifluoroacetic acid market would register a growth of 5.27 %.
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.