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Trifluoroacetic Acid Market Growth Projections and Opportunities
The worldwide market for trifluoroacetic acid was worth $293.30 million in 2020 and is predicted to grow at a rate of 4.80% to reach $417.74 million by the end of 2028. In terms of quantity, it was 11,549.42 tons in 2020 and is expected to reach 15,062.35 tons by 2028.
The main reason for this growth is the increasing demand from important users like pharmaceuticals and the agrochemical industry. Factors such as higher spending on healthcare, government support, and a growing elderly population are also contributing to market growth. The positive outlook for the pharmaceutical industry in South Asia is expected to create good opportunities in the future. However, concerns about toxicity and the environment, along with potential substitutes, may hinder market growth. The COVID-19 pandemic initially had a negative impact on the industry due to factory closures and travel restrictions, but with the easing of lockdowns and trade restrictions, demand is expected to pick up.
The trifluoroacetic acid market is divided by type, application, and region. The "above 99.5% trifluoroacetic acid" type made up 85.64% of the market in 2020, valued at $251.21 million, and is expected to grow to $361.32 million by 2028. In terms of applications, pesticide intermediates had the largest share at 41.23% in 2020, valued at $120.95 million, and are expected to reach $177.66 million by 2028.
Regionally, Asia-Pacific dominated the market with a 38.37% share in 2020, and it is expected to grow the fastest at a rate of 5.65% during the forecast period. This growth in Asia-Pacific is driven by factors like increased industrialization, urbanization, foreign investments, government support, and rising demand from countries like India, Thailand, and Indonesia
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 0.32 Billion |
| Market Size Value In 2023 | USD 0.33 Billion |
| Growth Rate | 5.27% (2023-2032) |
Trifluoroacetic Acid Market Highlights:
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