Benzotrifluoride Worldwide Market SWOT Analysis, Size, Share, Growth Rate, Application, Types, Future Demand, Business Opportunity, Key Indicators, and Forecast 2030

In a recent published report, Kenneth Research has updated the market report for Benzotrifluoride Worldwide Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

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).”

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