Rockville, April 13, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global trifluoroacetic acid market is expected to reach US$ 405 million by 2033, increasing at a CAGR of 2.9% from 2023 to 2033.
Strong carboxylic acids like trifluoroacetic acid (TFA) are frequently employed in organic chemistry. TFA is a crucial ingredient in the creation of agrochemicals, medicines, and performance goods. TFA is a liquid with a strong odor that ranges from colorless to pale yellow.
Trifluoroacetic acid is a popular catalyst for many reactions because of its low cost, high acidity, quick elimination, and high solubility in water and organic solvents. As a result, the TFA market is predicted to grow at a rapid rate. Trifluoroacetic acid is most frequently used in the production of organic compounds. The market is predicted to be driven by its widespread use in the agriculture and pharmaceutical industries.
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Demand for trifluoroacetic acid is also rising from important end users such as pharmaceutical and agrochemical industries. On the other hand, the market for trifluoroacetic acid may be constrained by issues such as the acid's toxicity and environmental effects, as well as rising maintenance and disposal expenses.
Key Takeaways from Market Study
- As of 2023, the global trifluoroacetic acid market is valued at US$ 304.5 million.
- Worldwide demand for trifluoroacetic acid is projected to increase at a CAGR of 2.9% from 2023 to 2033.
- The market is estimated to touch US$ 405 million by the end of 2033.
- Europe accounts for a little over 31% share of the global market in 2023.
- Asia Pacific holds a market share of 39% in 2023.
“Trifluoroacetic acid producers will benefit greatly from the rising need for solvents in the pharmaceutical sector, which is anticipated to be a key trend driving market expansion over the coming years,” says a Fact.MR analyst.
Trifluoroacetic Acid Industry Segmentation
- By Type :
- 99.5% Trifluoroacetic Acid
- 99.9% Trifluoroacetic Acid
- By Application :
- Medical Intermediates
- Pesticide Intermediates
- Others
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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| Report Attributes | Details |
| Trifluoroacetic Acid Market Size in 2022 | US$ 296 Million |
| Estimated Market Value (2023) | US$ 304.5 Million |
| Projected Market Value (2033) | US$ 405 Million |
| Global Market Growth Rate (2023 to 2033) | 2.9% CAGR |
| No. of Pages | 170 Pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
Market Competition
Trifluoroacetic acid producers may anticipate lucrative opportunities as a result of rising healthcare costs and technical improvement in developing economies. Trifluoracetic acid producers are expected to focus on underserved areas to market their products and boost the likelihood of revenue generation throughout the coming years. The trifluoroacetic acid industry will face challenges due to the high cost of trifluoroacetic acid and the lack of competent employees to operate these complex systems.
- June 2020: To sell its petrochemical division to Ineos Group Ltd., BP plc reached an agreement. Aromatics and acetyls are two of the company's petrochemical products, and both have cutting-edge manufacturing facilities. It consists of 10 joint ventures and 15 distinct production facilities around the globe.
Key Companies Profiled
- Sinochem
- Anhui Jinao
- Midas Pharma GmbH
- Shandong Xingfu
- Bluestar
- Solvay
- SRF
- Halocarbon
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global trifluoroacetic acid market, presenting historical demand data from 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights on the market based on type (99.5% trifluoroacetic acid, 99.9% trifluoroacetic acid) and application (medical intermediates, pesticide intermediates, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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