According to a study published by Insure Insights, the global hexafluoroacetone derivative market is estimated to grow at a CAGR of 4.8% during the forecast period. Hexafluoroacetone derivatives are colorless, nonflammable, and hygroscopic chemical compounds. They are derived from hexafluoroacetone, which possess highly reactive properties with water, forming corrosive acids. These derivatives are generally used for organic synthesis and as a chemical reagent in several manufacturing processes, especially in applications such as pharmaceuticals, textile coating, solvents, adhesives, other agrochemicals. Hexafluoroacetone derivatives are used as intermediaries in a range of chemical processes.
Top Driver: Distinctive Physical Properties and Extended Application in Various Industries
Hexafluoroacetone derivatives are water-soluble and most organic solvent-soluble, which has resulted in their increasing employment into the pharmaceutical and agrochemical industries. They possess the strong ability to dissolve in various polymers such as hydrolyzed polyvinyl esters, polyesters, polyamides, polyacrylonitriles, and polyacetals. Major chemical firms are focusing on developing products such as hexafluoroacetone to protect the plant, thereby driving the market. In addition to this, hexafluoroacetone derivatives are considered building blocks for manufacturing synthetic pharmaceutical products. They increase the bioavailability of drugs due to their hygroscopic nature and improve the medical power of the drug and its anti-inflammatory effects.
Industrial Grade Segment Holds the Largest Market Share
The global hexafluoroacetone derivative market is segmented into industrial grade, reagents, and others based on the type of product. Among these, Industrial grade hexafluoroacetone derivatives segment dominate the market as they are used in bulk quantity due to extensive applicability in the polymer industry. Market players are focusing on reducing the overall hexafluoroacetone derivatives production cost to gain more profit. Production in bulk quantity reduces the production costs and also contributes significantly to better sourcing strategies. Based on the type of application, the market is segmented into textile coating, solvents, adhesives, and others.
Increasing Urbanization and Expanding the Establishment of Chemical Manufacturing Organizations to Benefit Asia Pacific Market
The Asia Pacific’s hexafluoroacetone derivatives industry is estimated to grow significantly in the forecast period. This growth rate can be attributed to increasing urbanization and expanding the establishment of chemical manufacturing organizations across the region. In addition to this, the proliferating population and requirement to improve agricultural productivity is estimated to drive the industry across the region. Emerging countries such as India and China are characterized by a rising population, expanding chemical industry, increasing industrial expenditures, and low cost of labor, thus providing a favorable environment to the overall hexafluoroacetone derivatives industry growth.
Players to Focus on Product Development in Various Applications
The global hexafluoroacetone derivative market is anticipated to stay fragmented due to the possible new entrants. The major key players operating in the market are Halocarbon Products Corporation, Hangzhou Dayangchem Co. Ltd., Leap Labchem Co., Ltd, Parchem Fine & Specialty Chemicals, Solvay S.A., Sigma-Aldrich Corporation, Central Glass Co., Ltd., Sinochem Lantian Co., Ltd., E. I. du Pont de Nemours and Company, and Zhejiang Sanhe Pharmachem Co., Ltd.
Solvay S.A.: In April 2019, Solvay stated that it is optimistic on the China’s green growth due to upgrading chemical industry and estimated it to expand steadily. This growing optimism about China will further drive the market growth during in the near future.
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