Carbon Tetrachloride Market Trends

Growth Drivers

• Higher demand in the agricultural sector - The growing use of carbon tetrachloride in the agricultural industry for the manufacturing of insecticides, pesticides, and other agricultural products boosts market growth. Moreover, there is an increase in the production of grains and cereals as a growing demand for fertilizers and pesticides due to government initiatives promoting agricultural development that are also driving profitable growth in agriculture. According to a recent report, by 2025, India's agriculture sector is expected to reach USD 24 billion.  Furthermore, the demand for carbon tetrachloride to be used in grains, pesticides, fertilizers, and other applications is increasing as a result of strong agricultural production. In turn, the demand for carbon tetrachloride is rising and driving this industry.
• Rising demand for frozen food products - There are several benefits of frozen foods such as shorter cooking time, which can be obtained by freezing and perishable food products like vegetables and fruit. In addition, they are available year-round and in the off-season due to the freezing of individual seasons' vegetables and fruits. Furthermore, market players are trying to expand their frozen vegetable offerings through the introduction of new products and expanding geographical reach using mergers and acquisitions. The growth of the cold chain and refrigeration industry in China was driven by an increase in the consumption of meat and dairy products in the country. Moreover, the development of cold chain infrastructure, which is likely to support the growth of the global carbon tetrachloride market during the forecast period, will therefore, be stimulated by the growth in demand for perishable food products.

Challenges

• Various health hazards related to carbon tetrachloride- Carbon tetrachloride is highly hazardous to human health and has a dangerous impact on the environment. Moreover, this organic compound is responsible for the depletion of ozone levels due to high toxicity.  In addition, it is carcinogenic to human health and causes major health risks such as central nervous system issues, kidney and liver irritation, acute inhalation problems, nausea, and vomiting. Its growth is restricted by increasing concerns from different environmental authorities.
• Several safety concerns associated with carbon tetrachloride are expected to hamper the market growth in the upcoming period.
• The huge level of competition from alternative key players in the carbon tetrachloride market poses a challenge.