Segmentation By Derivative (Aminobenzotrifluoride, Chlorobenzotrifluoride, Bromobenzotrifluoride, and Hydroxybenzotrifluoride); and By End User (Chemical, Pharmaceutical, Agriculture, Coating and Others) – Global Demand Analysis & Opportunity Outlook 2027
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The global benzotrifluoride market is segmented by regions into North America, Latin America, Europe, Asia – Pacific and Middle East and Africa. Among these regions, the market of Asia – Pacific held the top rank in the global BTF market during 2018 with a market share of 41% in the year 2018 and is anticipated to hold its dominance by expanding at a CAGR of 4.2% over the forecast period. Owing to factors, such as, increasing consumption of fertilizers and pesticides in agriculture in under-developed and developing nations, for instance, China and India, coupled with the rising healthcare spending in the Asian countries, which is also accumulating to greater medicine consumption, and greater application of BTF in the manufacturing of dyes, as well as in ionic, transition-metal catalyzed and thermal reactions, all of these factors are anticipated to contribute significantly towards the growth of the global BTF market in the region.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The growth of the global BTF market is 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. Further, increasing discoveries of new applications of BTF and its derivatives in expanding end-user industries is majorly driving the BTF market.
The global benzotrifluoride market reached USD 382.5 Million in 2018 and is anticipated to register a CAGR of 3.8% over the forecast period, i.e. 2020-2027. Additionally, the market is expected to garner USD 537.5 Million by the end of 2027.
By Derivative
The global BTF market has been segmented by derivative into aminobenzotrifluoride, chlorobenzotrifluoride, bromobenzotrifluoride, and hydroxybenzotrifluoride, out of which, chlorobenzotrifluoride is anticipated to project a highest market share by crossing 50% in 2027 owing to the wide array of application in pharmaceutical, industrial, chemical, and infrastructure. Additionally, chlorobenzotrifluoride also finds greater application in adhesive compounds used in clothing, building material, and retail adhesives, and also in the production of dyes, paint additives & coating, additives plasticizers, processing aids, solvents in cleaning, and degreasing agents among others. Chlorobenzotrifluoride is also used as an element in ink, toner, colorants, lubricants, greases and automotive care products and also as an intermediate in the production of pesticides for the protection of crops and plants.
By End User
The global BTF market has been segmented by end user into chemical, pharmaceutical, agricultural, coating and others. Among these segments, chemical industry segment is anticipated to hold largest market share of around 44% owing to wide application of BTFs as an intermediate to obtain a number of compounds, such as dyes, chemicals, and cleansers. It is also widely used as solvents for organic compounds and fluorous synthesis. In addition, its major application is in paints as moisture cure and alkyd resins. It is also used in the production of epoxy, polyester, acrylic, silicone, ethyl silicate, phenolic varnish, vinyl butyral, melamine/urea formaldehyde, and nitrocellulose resins. The chemical industry segment was estimated with a market value of USD 157.8 Million in the year 2018 and is further forecasted to reach USD 236.4 Million by the end of 2027 with a growth rate of 1.50x.
Growth Indicators
Increasing application of BTF as an intermediate in pesticides and in other agricultural products in the growing agriculture industry so as to increase the crop yield, coupled with the growing pharmaceutical industry, where BTF plays a major role in various manufacturing processes in the production of drug formulations, especially synthetic drugs, is estimated to drive the growth of the global BTF market throughout the forecast period. Additionally, increasing application of BTF in automotive industry, as an intermediate material or component in the mixture which is used for automotive finishing, are some of the factors estimated to drive the growth of the global BTF market.
Barriers
Benzotrifluoride is a hazardous substance on account of its flammability and can be easily ignited by heat, sparks or flames. The chemical is also known to cause many health hazards, for instance, irritation in the lungs, added with bronchitis with the development of cough, phlegm and shortness of breath on repeated exposure. It is also banned in many nations around the globe owing to high toxicity, which might also affect the aquatic life. Another greater challenge observed with BTF is that it is not susceptible to direct photolysis, which restricts its utilization in the various chemical reactions within the agriculture and pharmaceutical industries. All of these factors are expected to act as a barrier to the growth of the global BTF market during the forecast period.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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