Trichloroisocyanuric Acid Market revenue to cross USD 420 Billion by 2035, says Research Nester
The global market for trichloroisocyanuric acid is predicted to grow at a rate of approximately 5% between 2023 and 2035. By the end of 2035, it is estimated that the market will generate a revenue of $420 billion, an increase from approximately $230 billion in 2022. Trichloroisocyanuric acid is utilized in the textile industry for various purposes such as bleaching and shrinking, disinfection, and as a reagent. The recent expansion in the textile industry has resulted in higher sales of trichloroisocyanuric acid, which is expected to drive the market growth during the projected period. In 2018, the global textile industry was valued at around $920 billion and it is projected to reach approximately $1.23 trillion by 2024, growing steadily at a CAGR of almost 5%.
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Trichloroisocyanuric acid is an organic compound. Its chemical formula is C3Cl3N3O3. It is a white crystalline solid with a strong, unpleasant smell and is highly flammable, which means it can easily catch fire. This substance can be made by reacting cyanuric acid with sodium hydroxide and chlorine gas. It is not compatible with moisture, water, acids, reducing agents, or oxidizing agents. In the future, the demand for trichloroisocyanuric acid is predicted to increase because many textile manufacturers prefer organic chemicals. In 2021, there were approximately 143,000 textile and fabric manufacturing companies in the European Union.
Important Points to Note from the Global Trichloroisocyanuric Acid Market Analysis
Increasing Presence of Agriculture Sector Worldwide to Drive Market Expansion
The increase in global demand for food and energy is often cited as the main reason for the expansion of agriculture. This expansion has negative effects on non-agricultural ecosystems, leading to habitat loss, soil degradation, overfishing, and other problems. Tropical regions will be particularly impacted by the intensified production of food and biofuels. The current agriculture practices, which heavily rely on intensive methods and focus on a few high-yield crops, have already caused significant loss of biodiversity worldwide. Given the ongoing and potential environmental impacts, there is an urgent need for sustainable practices. According to the Food and Agriculture Organization (FAO), global agricultural land use is projected to continue increasing from 1.58 billion hectares in 2014 to 1.66 billion hectares by 2050. The agricultural industry has a significant impact on the economy, with the agriculture, food, and related industries contributing about USD 1.55 trillion to the U.S. gross domestic product (GDP) in 2020. Furthermore, American farms saw an increase of about USD 135 billion in production during the same period. Therefore, it is expected that the expansion of the agricultural industry will greatly influence the growth of the global trichloroisocyanuric acid market in the future.
Overview of the Trichloroisocyanuric Acid Market around the World: In this blog section, we will discuss various regions and countries that have a significant presence in the global trichloroisocyanuric acid market. The trichloroisocyanuric acid market is an essential segment of the chemical industry and has a vast geographical scope. This chemical compound is extensively used across various industries, such as water treatment, agriculture, and healthcare. When it comes to regional analysis, North America holds a prominent position in the trichloroisocyanuric acid market. This can be attributed to the increasing demand for disinfectants and sanitizers in the region. The United States and Canada are major players in this market, with several key manufacturers operating in these countries. Moving on to the Asia Pacific region, countries like China and India show significant growth potential due to the expanding industrial sector and increasing need for clean water. These countries have a substantial demand for trichloroisocyanuric acid, making them important contributors to the overall market share. Europe also holds a significant share in the trichloroisocyanuric acid market, with countries like Germany, France, and the United Kingdom driving the growth. The stringent regulations regarding water treatment and hygiene in Europe have contributed to the high demand for trichloroisocyanuric acid in this region. The rest of the world, including Latin America, the Middle East, and Africa, is also witnessing growth in the trichloroisocyanuric acid market. Factors such as urbanization, increasing population, and focus on water conservation have led to the rising demand for trichloroisocyanuric acid-based products in these regions. In conclusion, the trichloroisocyanuric acid market has a global presence, with different regions and countries driving its growth. North America, Asia Pacific, Europe, and other regions all contribute to the overall market share, making it an important industry within the chemical sector.
The trichloroisocyanuric acid market worldwide is divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Demand for Trichloroisocyanuric Acid to Propel Market Expansion in the Asia Pacific Region
The market for trichloroisocyanuric acid in the Asia Pacific region is projected to generate the highest revenue by the end of 2035. The primary reasons for this regional growth are the prevalence of local diseases caused by untreated water and the growing demand for trichloroisocyanuric acid for water treatment. In 2018, approximately 2,400 individuals in India lost their lives due to four major waterborne diseases: cholera, acute diarrhea (ADD), typhoid fever, and viral hepatitis. Additionally, over 1.3 million people in the region were diagnosed with waterborne diseases in the same year. Furthermore, the expansion of the chemical industry in the region is expected to drive market growth. In 2020, Asia held the largest share of the global chemical industry at 58.6%. Moreover, the presence of prominent textile exporters in the region is anticipated to boost the production of trichloroisocyanuric acid. The term "textile" encompasses a range of fiber-based materials, including fibers, yarns, filaments, different types of fabrics, and more. Initially, the term "textile" only referred to woven fabrics. As of 2020, China holds the top position as the world's leading textile exporter, with a market value of USD 154 billion.
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Rise in Water-Borne Illnesses to Propel Advancement in North America
The trichloroisocyanuric acid market in North America is projected to have the highest compound annual growth rate (CAGR) by the end of 2035. The main reason for this growth is the increasing prevalence of waterborne diseases in the region. According to the Center for Disease Control and Prevention (CDC), approximately 1 in 44 people in the United States experience a water-related illness every year. Recently, CDC epidemiologists have provided the first comprehensive estimate of the impact of waterborne diseases in the United States. This data reveals that waterborne diseases cause around 7.15 million illnesses and 6,630 deaths annually. This information highlights the challenges posed by waterborne diseases in the 21st century and emphasizes the role of public health professionals in reducing the threat. Among all waterborne illnesses, common diseases like swimmer's ear, norovirus infection, giardiasis, and cryptosporidiosis account for 95% of cases. However, it is important to note that the majority of deaths (94%) are caused by diseases such as non-tuberculous mycobacterial infection (NTM), legionellosis, pseudomonas pneumonia, and pseudomonas sepsis, which are caused by pathogens that reside in biofilms. Therefore, this factor is expected to significantly contribute to the growth of the market in the region.
Traversing the realms of the worldwide trichloroisocyanuric acid market, we shall now delve into its division based on the various end use industries it caters to.
Out of these seven categories, the textile category is expected to have the largest share during the predicted timeframe. This growth is due to the worldwide expansion of the textile sector and the rising demand for textiles from the continuously increasing global population. According to the most recent data, the global consumption of textiles in 2020 is projected to reach approximately 87 million tons, with an annual growth rate of 4%. The textile industry primarily focuses on the creation, manufacturing, and distribution of textiles, including threads, fabrics, and clothing. The raw materials used can be either natural or synthetic, utilizing products from the chemical industry. Textiles are materials made from fibers, which can be either natural or synthetic threads or filaments, or a combination of both. These fibers are categorized into natural (organic) and synthetic (man-made) fibers, and there is a wide variety available. Textile production is a thriving sector in numerous countries across the globe. The presence or absence of the textile industry can impact savings, which in turn affects people's ability to provide for their families and fulfill basic necessities of life.
Trichloroisocyanuric Acid Market on a Global Scale: Divided by its Utilization
Out of these five categories, the sericulture & aquaculture category is projected to have a significant portion during the expected time frame. Aquaculture refers to the production or breeding of helpful aquatic creatures, such as fish, shrimp, lobsters, and mollusks. The act of breeding silkworms to acquire silk is known as sericulture and has been a longstanding profession in India. In general, aquaculture refers to the cultivation of aquatic organisms in controlled aquatic settings for commercial, recreational, or public purposes. Aquaculture, previously known as "fish farming," now includes a wide range of plants and animals that are farmed in water. Aquaculture is practiced in three types of aquatic environments: freshwater, brackish water, and seawater. The sericulture industry provides employment to approximately 8.7 million individuals in rural and semi-urban areas of India. As a result, the substantial employment opportunities are expected to contribute to the growth of this segment.
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The worldwide market for Trichloroisocyanuric Acid, classified based on its form
Research Nester has provided profiles of some of the prominent players in the international trichloroisocyanuric acid market. These market leaders include 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 various other key players in the market.
Latest Advancements in the Trichloroisocyanuric Acid Market Worldwide
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