The global trichloroisocyanuric acid market is estimated to garner a revenue of USD 420 million by the end of 2031 by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 230 million in the year 2021. Trichloroisocyanuric acid is used as bleaching and shrinking agent, industrial disinfectant, and reagent in textile industry. The recent boom in textile industry is expected to fuel the sales of trichloroisocyanuric acid and propel the market growth in the forecast period. In 2018, the global textile industry was estimated approximately USD 920 billion, which is further projected to reach around USD 1,230 billion by 2024, with a steady CAGR of nearly 5%.
The chemical formula of trichloroisocyanuric acid is C3Cl3N3O3, which is a type of organic chemical compound. Trichloroisocyanuric acid appears to be white crystalline solids with a heavy pungent odor and is highly inflammable that can cause a fire. This chemical compound can be synthesized from cyanuric acid when reacted with sodium hydroxide and chlorine gas. When close to moisture, water, acids, reducing agents and oxidizing agents, trichloroisocyanuric acid may be incompatible. Further, the prevalence of high number of textile manufacturers is anticipated to bolster the demand of trichloroisocyanuric acid in the industry for the increased preference for organic chemical in the upcoming years. In 2021, the number of textile and cloth manufacturing companies in the European Union was estimated to be around 143,000.
The trichloroisocyanuric acid market is segmented and analyzed for demand and supply by end-use industry into water & wastewater treatment, food, sports & recreation, textile, dye, agriculture, and others. Out of these, the textile segment is anticipated to garner the highest revenue by 2031. The expansion of the textile industry across the world along with the increased demand of textile by the ever growing population are some of the key factors that are expected to drive the market growth in the forecast period. As per recent statistics, the global textile consumption was approximately 87 million tons in 2020, with an annual growth rate of 4%.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global trichloroisocyanuric acid market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in Asia Pacific is projected to hold the largest market share by the end of 2031, owing to the diseases caused by untreated water in the region and the increased demand of trichloroisocyanuric acid for water treatment. In India, around 2,400 people died due to four major water-borne diseases i.e. cholera, acute diarrheal disease (ADD), typhoid and viral hepatitis in 2018. Further, in the same year, more than 1.3 million people were diagnosed with water-borne diseases. Further, the development of chemical industry in the region is an another expected growth driver for the market expansion. In 2020, Asia accounted for the largest share of the world’s chemical industry i.e., 58.6%. Additionally, the presence of largest textile exporters is anticipated to augment the production of trichloroisocyanuric acid. In 2020, China was leading the chart of global textile exporters with a value of USD 154 billion.
The global trichloroisocyanuric acid market is further classified on the basis of region as follows:
Our in-depth analysis of the global trichloroisocyanuric acid market includes the following segments:
By End-Use Industry
Top Featured Companies Dominating the Global Trichloroisocyanuric Acid Market
FREQUENTLY ASKED QUESTIONS
The expansion in the utilization of the chemical across different end-use industries are expected to drive the market growth in the forecast period.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.
Low adoption rate along with easy availability of alternative chemicals and stringent government rules are expected to hamper the market growth.
The market in Asia Pacific is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Kraton Corporation, Croda International Plc, Tokyo Chemical Industry Co., Ltd., Oleon NV, Wilmar Group, Occidental Petroleum Corporation, Nissan Chemical Corporation, Ercros, S.A., FMC Corporation, Olin Corporation and more.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by form, application, end-use industry and by region.
The textile segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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