Benzotrifluoride Market To Expand On The Back Of Increasing Application In End User Industries By A CAGR Of 3.8% Throughout 2020-2027

Research Nester has released a report titled “Benzotrifluoride (BTF) Market – Global Demand Analysis & Opportunity Outlook 2027” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
Benzotrifluoride (BTF) is extensively used in the agriculture, pharmaceuticals and automotive industries. Riding on the back of the factors, such as, application of BTF in the manufacturing of pesticides and other agricultural products as it increases crop yield, added with the formulation of synthetic drugs in pharmaceuticals and in the component mixture of automotive finishing goods, the growing consumption of BTF amongst the industry verticals is anticipated to contribute significantly towards the growth of the global BTF market.
BTF or benzotrifluoride, is a fluorocarbon of the benzene family and has the molecular formula C7H5F3. With chemical characteristics, such as being a colorless liquid with an aromatic odor, along with being insoluble in water, the chemical finds various application across industries. The market is anticipated to record a CAGR of 3.8% over the forecast period, i.e. 2020-2027 and is further thriving on the back of rapid industrialization across the globe, rising demand for increasing crop yield in developing regions and increasing pharmaceutical applications of BTF

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The global BTF market is segmented by derivative into aminobenzotrifluoride, chlorobenzotrifluoride, bromobenzotrifluoride, and
hydroxybenzotrifluoride. Among these segments, chlorobenzotrifluoride is anticipated to hold the largest market share of around 50% by 2027, on account of growing consumption across its wide array of application in industries and being a key component for the manufacturing of adhesive compounds used in clothing, building materials and others.
The market is also segmented by end user into chemical, pharmaceutical, agricultural, coating and others. Among these segments, the chemical industry segment is anticipated to hold largest market share of around 44%, on account of increasing application to manufacture chemical solvents for organic compounds and fluorous synthesis, in paints for moisture cure and alkyd resins and to obtain chemical compounds such as dyes, chemicals and cleansers. The chemical industry segment is further anticipated to grow at a growth rate of 1.50x and is estimated to achieve USD 236.4 Million by the year 2027 from USD 157.8 Million in the year 2018.

Geographically, the BTF market is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region. Among all the regions, Asia-Pacific is anticipated to hold largest market share of around 41% in the year 2018, and is further anticipated to record a CAGR of 4.2% over the forecast period, on account of increasing demand amongst farmers for fertilizers and pesticides in agriculture focused nations, such as India and China. Additionally, rise in the healthcare spends by the government of the nations in the region is also anticipated to contribute significantly towards the growth of the market during the forecast period.

However, increasing concerns observed with the toxicity and negative health effects of the chemical compound to both human and aquatic life, as well the hazardous inflammable nature of the chemical are some of the factors estimated to act as a barrier to the growth of the global BTF market during the forecast period.

This report also studies existing competitive scenario of some of the key players of the global BTF market, which includes profiling of Navin Fluorine International Limited (NSE: NAVINFLUOR), Mitsubishi International PolymerTrade Corporation, Zhejiang Weihua Chemical Co., Ltd., Kingchem Life Science LLC, Jiangsu Fenghua Chemical Industrial Co., Ltd., Tokyo Chemical Industry Co., Ltd., Wylson-Chem Co., Ltd., Haihang Industry Co., Ltd., UNIQUE Laboratories, Inc., and HE Chemical.

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The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Benzotrifluoride (BTF) Market – Global Demand Analysis & Opportunity Outlook 2027”, analyses the overall BTF industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global BTF market in the near future.

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This release was published on openPR.