COVID-19 Impact on Trifluoromethanesulfonic Acid Market
- The COVID-19 outbreak is hampering the demand for trifluoromethanesulfonic acid in many applications. Governments of various countries across the globe enforced lockdown measures to curb the spread of the coronavirus. This has resulted in slowdown and even halt in manufacturing operations, thus hampering the demand for trifluoromethanesulfonic acid.
- Key players operating in the trifluoromethanesulfonic acid market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these players are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of trifluoromethanesulfonic acid.
- The COVID-19 outbreak has directly affected the production and demand for trifluoromethanesulfonic acid. The industrial shutdown caused by the COVID-19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials is projected to hamper full-scale operations of companies operating in the market.
Key Drivers of Trifluoromethanesulfonic Acid Market
- Rise in demand for trifluoromethanesulfonic acid in the pharmaceutical industry is a significant factor projected to fuel the global trifluoromethanesulfonic acid market during the forecast period. Demand for trifluoromethanesulfonic acid is high in various applications such as chemicals and pharmaceutical ingredients. Synthetic biology may enable firms to achieve better performance and lower cost.
- Pharmaceutical companies are facing pressure to produce more medicines and chemicals to stay competitive in the market. Demand for medicines and synthetic proteins is high among consumers. This is driving the trifluoromethanesulfonic acid market.
Restraints of Trifluoromethanesulfonic Acid Market
- Unfriendly to the nature as well as human beings, difficult to handle and store, and dependence on various parameters such as resources of raw materials and configuration of processes are hampering the trifluoromethanesulfonic acid market
- Availability of substitutes is also likely to restrain the trifluoromethanesulfonic acid market during the forecast period
North America to Constitute Significant Share of Global Trifluoromethanesulfonic Acid Market
- In terms of region, the global trifluoromethanesulfonic acid can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global market in 2020. It is expected to account for the leading share of the global trifluoromethanesulfonic acid market during the forecast period owing to growth in urbanization and rise in spending power of countries in the region. The trifluoromethanesulfonic acid in North America is expected to expand at a rapid pace throughout the forecast period.
- Europe is also one of the key consumers of trifluoromethanesulfonic acid. The region is expected to account for large share of the global trifluoromethanesulfonic acid market during the forecast period, owing to the increase in number of manufacturers and rise in sales of electronic products in the region.
Competitive Landscape of Global Trifluoromethanesulfonic Acid Market
Major players operating in the global trifluoromethanesulfonic acid market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. The market is currently witnessing fierce competition among several leading players. Key players operating in the market include:
- Central Glass Co., Ltd
- Merck KGaA
- Time Chemical Co., Ltd
- Oakwood Products, Inc.
Global Trifluoromethanesulfonic Acid Market
Global Trifluoromethanesulfonic Acid Market, by Technology
- Fermentation by Microbes
- Supercritical Carbon Dioxide Extraction
- Microwave Radiation
- Spinning Cone Column
Global Trifluoromethanesulfonic Acid Market, by Application
Global Trifluoromethanesulfonic Acid, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Trifluoromethanesulfonic Acid Market: Introduction
- Trifluoromethanesulfonic acid, also known as triflic acid, is used for the production of pharmaceuticals, agriculture chemicals, and polymers. Trifluoromethanesulfonic acid is hygroscopic liquid, which is soluble in polar solvents and is a valuable superacid. It is used in the pharmaceutical industry to manufacture nucleosides, antibiotics, steroids, proteins, and glycosides with some other medication families.
- Trifluoromethanesulfonic acid, due to its ability to behave as a strong acid in various solvents, is sometimes used as an acidic titrant in non-aqueous acid-base titration. In the absence of sulfonate substrates, it can be used in place where other acids such as sulfuric and fluorosulfuric acid cannot be used.
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