The global benzyl chloroformate market is expected to exhibit a strong CAGR over the forecast period from 2016 to 2023, according to the latest research report from Market Research Future (MRFR).
— Market Definition:
The global benzyl chloroformate market is expected to exhibit a strong CAGR over the forecast period from 2016 to 2023, according to the latest research report from Market Research Future (MRFR). The global benzyl chloroformate market is studied in extensive detail in the report, which provides a clear overview of the global market’s past growth trajectory, present status, and future prospects. The leading drivers and restraints affecting the global benzyl chloroformate market are studied in the report to provide readers with a clear idea of what is driving the market. The key players operating in the global benzyl chloroformate market are also assessed in the report to provide readers with a complete overview of the competitive landscape of the market.
Market Overview and Growth Factors:
Benzyl chloroformate is a clear, oily liquid with the chemical formula ClCO2CH2C6H5. It is slightly yellowish in color, though different variants may present with slightly different coloration. Benzyl chloroformate is also known as benzyloxycarbonyl chloride, carbobenzoxy chloride, and z-chloride, among other names, and is majorly used for the production of protective agricultural chemicals. The global benzyl chloroformate market is mainly driven by the growing agriculture industry in emerging regions such as Asia Pacific as well as the growing demand for technologically advanced solutions for enhancement of agricultural output in developed regions such as North America and Europe. Benzyl chloroformate is a key ingredient in insecticides, fungicides, herbicides, biocides, and other crop protection chemicals and is likely to witness a steady growth in demand over the forecast period due to the growing agriculture industry around the world.
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Leading players in the global benzyl chloroformate market include:
J&K Scientific Ltd.,
Wako Pure Chemical Industries Ltd.,
Thermo Fisher Scientific Inc.,
MERYER Co. Ltd.,
Chemlin Chemical Industry Co. Ltd.,
Tokyo Chemical Industry Co. Ltd.,
BASF SE, Nacalai Tesque,
Choice Organochem LLP.
In May 2019, the China Crop Protection Industry Association came up with findings showing an increase of 11.5% in the accumulated sales of China’s top 100 agrochemical companies year on year. This suggests strong growth prospects for the benzyl chloroformate market in the region over the forecast period.
The global benzyl chloroformate market is majorly segmented on the basis of application, end users, and region.
Based on application of benzyl chloroformate, the global market is segmented into insecticides, fungicides, herbicides, sprout inhibitors, biocides, and others.
Based on end user, the benzyl chloroformate market is segmented into agriculture, pharmaceuticals, plastic, and others.
Asia Pacific is likely to dominate the Global Benzyl Chloroformate Market over the forecast period due to the growing agriculture industry in countries such as India and China. The growing population of these countries has driven the demand for increased agricultural output, thus driving the demand for crop protection chemicals, among other solutions. The increasing production of crop protection chemicals in these countries is also likely to drive the benzyl chloroformate market in Asia Pacific over the forecast period.
The agrochemical industry in countries such as China, India, Taiwan, South Korea, and Japan has prospered in the last few years, with the improving local output taking up a major share in the market beside international imports. This is likely to be a major driver for the benzyl chloroformate market in Asia Pacific over the forecast period. The Asia Pacific market accounted for 35% of the global benzyl chloroformate market in 2016 and is likely to remain similarly dominant over the forecast period.
North America holds the second largest share in the global benzyl chloroformate market and is likely to retain a dominant market share over the forecast period due to the growing use of benzyl chloroformate in the agrochemicals, pharmaceuticals, and plastic industries.
Europe is also a leading regional market for benzyl chloroformate due to the growing demand for technically advanced agricultural solutions in the region.
Emerging regions such as Latin America and the Middle East and Africa are also likely to witness steady growth in the benzyl chloroformate market over the forecast period due to the steady advancement of the agriculture industry in these regions and the growing production of insecticides and herbicides in these regions.
Name: Abhishek Sawant
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Organization: Market Research future
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Release ID: 88920991