Benzotrifluoride Worldwide Market Size 2022-2031: Business Share Analysis, Development Trends, Significant Growth Outlook, Regional Demand, Robust Industry Expansion

Kenneth Research recently added a report on Benzotrifluoride Worldwide Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that, Europe is the second largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years. In the year 2018, out of the top 10 chemical producing countries in the world, two countries belonged to Europe that generated a sales revenue of 19.1% of the total sales revenue globally. Moreover, the sales of chemicals in Europe grew from 2017 by 2.8% in 2018.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Benzotrifluoride Worldwide Market products.

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Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.

The Benzo trifluoride Worldwide Market is predicted to grow with a robust CAGR during the forecast period. Some of the significant factors that are anticipated to drive the market are the growing investments from the multinational companies in several nations worldwide to develop production facilities that can promote the production growth, backed by the rising need for chemicals from several end-user industries for different end-use purposes. According to the statistical report titled “Global Chemicals Outlook II”, published by the United Nations Environment Programme, the global chemical industry’s production capacity almost doubled to reach 2.3 billion tonnes in the year 2017 from 1.2 billion tonnes in the year 2000. Moreover, increasing spending on research and innovation (R&I) for the development of advanced chemicals is also anticipated to drive the growth of the market over the forecast period.

The global benzotrifluoride market reached USD 382.5 Million in 2018 by registering a CAGR of 3.8% across the globe. Additionally, the market is expected to garner USD 537.5 Million by the end of 2027.

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“The CAGR value Could change due to COVID-19 Pandemic on Global Industry”

The global demand for benzotrifluoride is increasing on the back of rapid industrialization across the globe. Further, increasing discoveries of new applications of benzotrifluoride and its derivatives in expanding end-user industries is majorly driving the benzotrifluoride market over the forecast period.

Leading Players of Global Market

Mitsubishi International, Navin Fluorine International Ltd., Zhejiang Weihua Chemical Co. and TCI Co., Ltd. are some of the prominent players of benzotrifluoride market.

Asia Pacific is slated to account for a share of 40.6% in 2018 in the benzotrifluoride market. The growth in the region can be attributed to growing chemical and coatings industry. Increasing adoption of pesticides is also expected to impel the growth of benzotrifluoride market in Asia Pacific. China is the prominent market driving the growth in the region.
Additionally, China benzotrifluoride market reached USD 61.2 Million in 2018 and is expected to reach USD 91.3 Million by the end of 2027, expanding at a CAGR of 4.7% over the forecast period i.e. 2020-2027.

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

The European market is expected to expand at CAGR of 3.1% during the forecast period of 2020-2027. Europe benzotrifluoride market is projected to reach to a valuation of USD 153.1 Million by the end of 2027 from USD 107.9 Million in 2018. Germany is the major country driving the growth of the market in the region.

Germany accounted for 27.1% market share in Europe benzotrifluoride market in the year 2018. Moreover, Germany benzotrifluoride market is expected to grow at a CAGR of 4.6% over the forecast period.

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

Download Sample of This Strategic Report-: https://www.kennethresearch.com/sample-request-10166490

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Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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