The Global Trifluoroacetic Acid (TFA) Market surpassed USD 271 million in 2017. TFA is an acetic acid derivate used as an intermediary product in the manufacturing of pesticides. The demand for TFA anhydride is primarily driven by the high demand for pesticides in the agricultural industry. With the growing population, the demand for food is expected to increase rapidly in the coming years. To meet this increasing demand, efficient crop production with better quality is necessary. However, rapid industrialization and urbanization have led to limited availability of cultivable land, which has resulted in an increase in the use of agrochemicals. The World Bank reported that the arable land in China declined to 118.9 million hectares in 2016 from 119.0 million hectares in 2015. In January 2018, Jubilant Life Sciences received an approval from the Indian government to establish a pesticide intermediate and technical grade pesticide plant in Gujrat, India, worth USD 36.09 crores. Such trends exhibit that the use of chemical pesticides and fertilizers has become essential for crop production. Thus, the rising demand for food, coupled with the limited availability of cultivable land is estimated to drive the demand for TFA.
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The Global Trifluoroacetic Acid (TFA) Market has been categorized based on type, application, and region. On the basis of type, the global market has been segmented into 99.5% trifluoroacetic acid, 99.9% trifluoroacetic acid, and others. By application, the global market has been segregated into medical intermediates, pesticide intermediates, and others.
- Midas Pharma GmbH
- Anhui Jin'ao Chemical Co. Ltd
- Halocarbon Products Corporation
- SRF Limited
- Nantong Baokai Chemical Co.,Ltd
The Global Trifluoroacetic Acid (TFA) Market, by region, has been segmented into Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The market in Asia-Pacific accounted for the largest share of the global trifluoroacetic acid (TFA) market in 2018 and is expected to showcase substantial growth during the review period. Most of the production in the region is in China, India, Thailand, Vietnam, Myanmar, and Indonesia owing to increasing demand for pesticides in the agricultural industry.
The North American market held the second-largest share of the global trifluoroacetic acid (TFA) market in 2018. The growth is driven by increasing production of TFA the US and Canada. The region is witnessing high demand for crops due to growing population which has positively impacted the consumption of pesticides, thus the use of TFA.
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The increasing investment is expected to be the prime driver for the growth of the pharmaceutical industry in Europe. TFA is significantly used in the pharmaceutical industry. Thus, the growing healthcare expenditure in the European countries is projected to increase the demand for TFA for use in medicinal products.
The Middle East & African and Latin American markets are projected to grow with the rising demand for TFA in the pharmaceutical industry.