COVID-19 Impact on Tricresyl Phosphate Market
- The COVID-19 outbreak has hindered the demand for tricresyl phosphate in several applications. Governments of various countries across the globe enforced lockdown measures to curb the spread of the coronavirus. This resulted in slowdown and even halt in manufacturing operations, thus hampering the demand for tricresyl phosphate.
- One of the major end-use industries of the tricresyl phosphate market is the chemical industry. Biochemical industry is a major end-user of tricresyl phosphate. The industry was majorly hit by the COVID-19 lockdowns. This created a gap in the supply and demand for tricresyl phosphate, thereby restricting its demand.
- The COVID-19 outbreak directly affected the production and demand for tricresyl phosphate. Key players operating in the market are located in Asia Pacific and U.S. These regions accounted for large numbers of COVID-19 Infections, leading to long lockdowns. This hampered the supply of tricresyl phosphate polymers, thus negatively affecting the market.
Key Drivers of Tricresyl Phosphate Market
- Tricresyl phosphate, also called tri-o-cresyl phosphate, is an organic compound used as a plasticizer in nitrocellulose and acrylate lacquers and varnishes. It is also used in polyvinyl chloride. It is employed as a flame retardant in plastics and rubbers. It is also used as a gasoline additive and lead scavenger for tetra-ethyl lead in hydraulic fluids.
- It is also used as a heat exchange medium, for waterproofing of materials, as a solvent of extractions, and as a gasoline additive, which helps in preventing engine misfires.
- It is used as AW additive and EP additive in lubricants, and as a hydraulic fluid, which makes it fire resistant
Restraints of Tricresyl Phosphate Market
- Tricresyl phosphate is readily absorbed through the skin, lungs, and gastrointestinal tract; and accumulates in target organs, including the liver, kidneys, lungs, and the nervous system. Contact of tricresyl phosphate can cause skin and eye irritation. Inhalation can cause nausea, vomiting, diarrhea, stomach pain, and loss of appetite.
- Vegetable oils usually consist of higher unsaturated fatty acids and free fatty acids in varying amounts. Tricresyl phosphate is a toxic compound, which is used as an adulterant for edible oils by mixing in different oils such as groundnut, sunflower, and olive oil. This is hazardous in long run for human beings.
Asia Pacific to Constitute Significant Share of Global Tricresyl Phosphate market
- In terms of region, the global tricresyl phosphate market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global market in 2020. Asia Pacific is likely to be a prominent market for tricresyl phosphate in the near future due to the increase in demand for biofuels in the region.
- North America is also a key region of the global tricresyl phosphate market. Cresol is majorly manufactured in the U.S., which contributes to major share of total consumption in North America.
Competitive Landscape of Global Tricresyl Phosphate market
There is not much competition in the tricresyl phosphate market, as very few companies operate in the market. Key players are based in the U.S., Asia Pacific, and Japan; and all the production is based out of these countries. Key players are as follows:
- Qingdao Lianmei
- Jiangsu Victory Chemical
- Shandong Ruixing
- Jiangsu Victory Chemical
- Yangzhou Yangtai Chemical
- Tianjin Lyhai Chemical
Global Tricresyl Phosphate market: Research Scope
Global Tricresyl Phosphate Market, by Product Type
- General Grade
- Electrical Grade
- Food & Medical
Global Tricresyl Phosphate Market, by End-use Industry
- Fine Chemicals
Global Tricresyl Phosphate Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Tricresyl Phosphate Market Introduction
- Tricresyl phosphate is a mixture of three isomeric organophosphate compounds. It is notably used as a fire retardant and in manufacture of lacquers and varnishes as a plasticizer. Pure tricresyl phosphate is a colorless, viscous liquid. It is virtually insoluble in water, but easily soluble in organic solvents such as toluene, hexane, and diethylether.
- Tricresyl phosphate is non-combustible; the substance itself does not burn, but may decompose upon heating to produce corrosive and toxic fumes. Tricresyl Phosphate is susceptible to formation of highly toxic and flammable phosphine gas in the presence of strong reducing agents such as hydrides.
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