PROPYL CHLOROFORMATE MARKET ANALYSIS

Propyl Chloroformate MarketSize and Trends

Market Dynamics

• Propyl chloroformate is used in the synthesis of dipropyl 3, 6-diphenyl-1, 2-dihydro-1, 2, 4, 5-tetrazine-1, 2-dicarboxylate and as an intermediate in the production of crop protection agents and pesticides. Insecticides and fungicides are critical factors of agrochemical industry and hence agrochemical can be considered as an important application of propyl chloroformate.
• Usage of some agrochemicals pose some environmental damages as well as threat to human health. Stringent regulation of use of pesticides due to their toxic characteristics may restrain growth of the market, as industry and government of various economies are focused on adopting environmentally safe pesticides. For instance, with financial assistance of United Nations Development Programme (UNDP), the department of chemicals has initiated has started a nationwide programme for ‘Development and production of neem products as Environment Friendly Pesticides’.

Propyl Chloroformate Market Outlook

• The necessity of high production within limited land in the region to better serve increasing population is boosting demand for agrochemicals in Asia Pacific. According to Federation of Indian Chambers of Commerce and Industry, in 2016, Japan, China and India are the largest producer of agrochemicals worldwide, followed by U.S. Therefore, increasing demand for agrochemicals such as pesticides and insecticide is projected to create positive environment for propyl chloroformate market growth over the forecast period.
• North America is projected to witness significant growth in the global propyl chloroformate market over the forecast period, owing to favorable growth of pharmaceutical industries in the region. According to International Trade Association report, the worldwide market for pharmaceuticals is expected to reach US$ 1.3 trillion by the end of 2020. Total sales of pharmaceuticals in the U.S. was US$ 333 billion in 2015, which was triple the size of sale in China. Total US exports in the personal care and cosmetics subsector totaled US$ 10.4 billion in 2015. Total U.S. exports in the industry grew at an average rate of 15% over the past three years.
• According to global propyl chloroformate market analysis, agrochemicals segment dominated in the global market in 2017, and the segment is projected to retain its dominance over the forecast period. Key factors such as technological advancement in agriculture sector, increased research and development activities, and increasing adoption of eco-friendly bio-pesticide is expected to boost growth of agrochemical industry.