Trichloroisocyanuric Acid Market revenue to cross USD 420

August 16, 2023 10:03 ET | Source: Research Nester Research Nester

New York, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The global trichloroisocyanuric acid market size is projected to expand at ~5% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 420 billion by the end of 2035, up from a revenue of ~USD 230 billion in the year 2022. Trichloroisocyanuric acid is used in the textile industry as a bleaching and shrinking agent, industrial disinfectant, and reagent. A recent boom in the textile industry boosts sales of trichloroisocyanuric acid and is expected to drive market growth over the forecast period. In 2018, the global textile industry was valued at around USD 920 billion and is expected to reach around USD 1.23 trillion by 2024, with a constant CAGR of almost 5%. Water Germicidal Tablets

Trichloroisocyanuric Acid Market revenue to cross USD 420

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The chemical formula of trichloroisocyanuric acid is C3Cl3N3O3, which is an organic compound. Trichloroisocyanuric acid appears to be a white crystalline solid with a strong pungent odor and is highly flammable, making it a potential fire hazard. This compound can be synthesized from cyanuric acid by a reaction with sodium hydroxide and chlorine gas. Trichloroisocyanuric acid may not be compatible in the presence of moisture, water, acids, reducing agents, and oxidizing agents. Moreover, the growing preference for organic chemicals in the coming years owing to the prevalence of numerous textile manufacturers is expected to increase the demand for trichloroisocyanuric acid in the industry. In the year 2021, the number of textile and fabric manufacturing companies in the European Union was estimated to be around 143,000.

Global Trichloroisocyanuric Acid Market: Key Takeaways

Expansion of Agricultural Industry across the Globe to Boost Market Growth

Agricultural expansion is frequently explained as a direct result of increasing global demand for food and energy at the end of the century (both attributed to agricultural expansion itself). Most of the world's non-agricultural ecosystems (terrestrial and aquatic) are projected to be adversely affected by habitat loss, land degradation, overfishing, and other issues. An intensification of food (and biofuel) production will especially hit tropical regions. Most of modern agriculture relies on intensive methods. Further expansion of major forms of agriculture based on a small number of highly productive crops has already led to considerable loss of biodiversity around the world. With the large-scale environmental impacts already occurring and their potential, the need for sustainable practices is more urgent than ever. The Food and Agriculture Organization (FAO) states that global agricultural land use will continue to increase from 1.58 billion hectares (3.9 x 109 acres) in 2014 to 1.66 billion hectares (4.1 x 109 acres) by the year 2050. The U.S. Department of Agriculture estimates that agriculture, food, and related industries contributed approximately USD 1.55 trillion to U.S. gross domestic product (GDP) in the year 2020. In addition, production generated on American farms increased by about USD 135 billion over the same period. Hence, the expansion of the agricultural industry is highly expected to influence the growth of the global trichloroisocyanuric acid market over the forecast period.

Global Trichloroisocyanuric Acid Market: Regional Overview

The global trichloroisocyanuric acid market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.

Increased Need for Trichloroisocyanuric Acid to Drive Market Growth in the Asia Pacific Region

The trichloroisocyanuric acid market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The regional growth can majorly be attributed to the local diseases caused by untreated water and the increased need for trichloroisocyanuric acid for water treatment. About 2,400 people died in India in the year 2018 from its four major waterborne diseases: cholera, acute diarrhea (ADD), typhoid fever, and viral hepatitis. In the same year, more than 1.3 million people were diagnosed with water-borne diseases in the region. Moreover, the development of the chemical industry in the region is another expected growth driver for market expansion. In the year 2020, Asia accounted for the largest share of the global chemical industry with a percentage of 58.6. In addition, the presence of the largest textile exporters is expected to increase the production of trichloroisocyanuric acid. Textile is an umbrella term that encompasses various fiber-based materials, including fibers, yarns, filaments, yarns, various types of fabrics, and others. Initially, the word "textile" referred only to woven fabrics. As of the year 2020, China is worth USD 154 billion, making it the top textile exporter in the world.

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Increased Prevalence of Water-Borne Diseases to Drive Growth in North America

The trichloroisocyanuric acid market in the North American region is estimated to garner the highest CAGR by the end of 2035. The growth of the market in this region can primarily be attributed to the increasing prevalence of waterborne diseases in the region. The Center for Disease Control and Prevention (CDC) estimates that 1 in 44 people in the United States suffers from a water-related illness each year. CDC epidemiologists have released the first comprehensive estimate of the burden of water-borne disease in the United States. This indicates that waterborne diseases cause 7.15 million cases of illness and 6,630 deaths each year. This data sheds light on the waterborne disease challenges we face in the 21st century and the actions public health professionals can take to reduce the threat of waterborne diseases. Common diseases such as otitis externa (swimmer's ear), norovirus infection, giardiasis, and cryptosporidiosis account for 95% of all waterborne illnesses. However, 94% of all deaths are caused by diseases (non-tuberculous mycobacterial infection [NTM]; legionellosis; pseudomonas pneumonia; and pseudomonas sepsis) caused by pathogens living in biofilms. Hence, this is estimated to fuel regional market growth significantly.

Global Trichloroisocyanuric Acid Market, Segmentation by End Use Industry

Amongst these seven segments, the textile segment is anticipated to hold the largest share over the forecast period. During the forecast period, the segment's growth can be attributed to the global expansion of the textile industry as well as increasing demand for textiles by the world's ever-growing population. According to the latest statistics, the global textile consumption in 2020 will be about 87 million tons, with an annual growth rate of 4%. The textile industry is primarily concerned with the design, production, and distribution of textiles. threads, fabrics, and clothing. Starting materials can be natural or synthetic, using products of the chemical industry. Textiles are materials made from fibers, such as natural or synthetic fine threads or filaments, or a combination of both. Textile fibers can be divided into natural (organic) and synthetic (synthetic, industrial) fibers, and there is a huge variety of textile fibers. Textile production is a booming industry in many countries around the world. The addition or loss of the textile industry may create or reduce savings, which in turn may affect people's ability to support their families and provide the basic necessities of life.

Global Trichloroisocyanuric Acid Market, Segmentation by Application

Amongst these five segments, the sericulture & aquaculture segment is anticipated to hold a significant share over the forecast period. Aquaculture is a term that describes the production or breeding of useful aquatic animals such as fish, shrimp, lobsters, and mollusks. Breeding silkworms to obtain silk is called sericulture. Sericulture is a very old profession in India. The term aquaculture generally refers to the cultivation of aquatic organisms in controlled aquatic environments for commercial, recreational, or public purposes. Aquaculture is the new name for what used to be called "fish farming." Aquaculture today includes not only fish farming but also a wide variety of plants and animals that are farmed in water. Aquaculture is practiced in all three types of aquatic environments: freshwater, brackish water, and seawater. The sericulture industry employs approximately 8.7 million people in rural and semi-urban India. Hence, huge employment in the field is expected to contribute to segmental growth.

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Global Trichloroisocyanuric Acid Market, Segmentation by Form

Few of the well-known market leaders in the global trichloroisocyanuric acid market that are profiled by Research Nester 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 other key market players.

Recent Development in the Global Trichloroisocyanuric Acid Market

Trichloroisocyanuric Acid Market revenue to cross USD 420

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