Trityl Chloride Market - Forecast(2023 - 2028)

Trityl Chloride Market Overview

Trityl Chloride Market size is forecast to reach US$1.7 billion by 2027, after growing at a CAGR of 8.1% during the forecast period 2022-2027. Trityl chloride is an alkyl halide prepared using acetyl chloride, or by alkylation of benzene with carbon tetrachloride. Silver hexafluorophosphate reaction is utilized as a reagent in trityl chloride to replace halide ligands with the weakly coordinating hexafluorophosphate anion. In various organic chemicals, it is utilized as a protective agent or as a position blocking agent. The trityl chloride market is primarily driven by the growth of the pharmaceutical industry. Moreover, the growth of the chemicals industry is anticipated to fuel the demand for trityl chloride. This, in turn, will drive the market growth in the projected forecast period. 

Trityl Chloride Market COVID-19 Impact 

The Covid-19 pandemic caused ripples in the growth of the trityl chloride market because major economies across the world were under lockdown, owing to this the production activities were halted. The production of pharmaceuticals, chemicals, and more declined in the starting months of 2020 because federal government-led stringent measures resulted in restrictions on the labor movement, supply chain, and others. For instance, according to the Government of Japan Ministry of Health, in 2020 the pharmaceuticals production in Japan was US$84.6 million, a decline of about 3.2% over 2019. Hence, the decline in such production activities resulted in revenue losses for the trityl chloride market. However, the ease of the Covid-19 related regulations in 2021 resulted in a surge in the production of pharmaceuticals and other such industries, which in turn resulted in revenue growth for the trityl chloride market growth. Also, during the upcoming years, it is projected that the restraining impact of the Covid-19 pandemic will be phased out. This will result in the trityl chloride industry growth scenario similar to pre-Covid time. 

Report Coverage 

The report: "Trityl Chloride Market–Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Trityl Chloride Market. 

The pharmaceutical segment held the largest share in the trityl chloride market in 2021 and is forecasted to grow at a CAGR of 9.1% during the forecast period 2022-27. In the pharmaceutical industry, trityl chloride is employed to ensure superior chemical synthesis. The surging demand for pharmaceutical products is fueling the growth of the pharmaceutical industry. For instance, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA), in 2020, the total production of pharmaceuticals in Europe was EURO 310,000 million (approximately US$354,080.76 million), an increase of 5.7% over 2019. Hence, the growing pharmaceutical industry is projected to drive the demand for trityl chloride. This in turn will fuel the market growth during the projected forecast period.

Trityl Chloride Market Segment Analysis – By Geography 

Asia-Pacific region is the dominating region as it holds the largest share in the trityl chloride market in 2021 up to 41%. The economic growth of the Asia-Pacific countries is expanding due to the growth of the various industries such as pharmaceuticals, chemicals, and other such sectors in the region. The growth of the pharmaceuticals sector in the Asia-Pacific region is attributed to various factors such as surging production, new facility developments, and government initiatives related to the pharmaceutical industry. For instance, according to the International Trade Administration, the pharmaceuticals market in Vietnam is expected to grow by a 10% annual rate from 2017 to 2028, with revenues per capita virtually tripling in ten years from 2017 to 2027. Moreover, according to the Government of Japan Ministry of Health, Labor and Welfare (MHLW), in 2019, the production of pharmaceuticals in Japan was US$87.03 million, an increase of 39% over the previous year. Moreover, according to the United Nations Children's Fund (UNICEF), the highest rates of pneumonia are in South Asia which is 2,500 cases per 100,000 children. Therefore the increasing pharmaceuticals industry in the Asia-Pacific region is anticipated to accelerate the market growth.