Trichloroisocyanuric Acid Market Trends

Growth Drivers

• Expansion of Agricultural Industry – The U.S. Department of Agriculture estimated that agriculture, food, and related industries contributed around USD 1.055 trillion to the total U.S. Gross Domestic Product (GDP) in 2020. Further, the output generated by America’s farms added approximately USD 135 billion in the same period.

• Boom in Chemical Industry – As per recent estimates, the revenue generated by the global chemical industry in 2021 was 4.7 trillion.

• High Investment in Research and Development (R&D) Activities – The World Bank released the data stating that the global research and development expenditure rose from 2.13% of total Gross Domestic Product (GDP) in 2017 to 2.63% in 2020.

• Soaring Expenditure on Advanced Materials and Chemicals – In 2019, the global research and development expenditure spending on advanced materials and chemicals was estimated to be USD 41 billion.

Challenges

• Increasing Number of Government Restrictions
• Easy Availability of Alternative Chemicals
• Low Consumption Due to Its Toxic Nature

The trichloroisocyanuric acid market is segmented and analyzed for demand and supply by end-use industry into water & wastewater treatment, food, sports & recreation, textile, dye, agriculture, and others. Out of these, the textile segment is anticipated to garner the highest revenue by 2031. The expansion of the textile industry across the world along with the increased demand of textile by the ever growing population are some of the key factors that are expected to drive the market growth in the forecast period. As per recent statistics, the global textile consumption was approximately 87 million tons in 2020, with an annual growth rate of 4%.