Benzyl Chloroformate Market: Highlights
- Benzyl chloroformate, also known as benzyloxycarbonyl chloride, is a clear light oily liquid. Its color varies from yellow to colorless. It is prepared by dropping benzyl alcohol into liquid phosgene at −20°C in the laboratory. Benzyl chloroformate has strong odor.
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- Benzyl chloroformate is widely used as a reactive chemical intermediate in plastic, pharmaceutical, and agrochemicals, especially for some carbamates that are used as herbicides, insecticides, sprout inhibitors, fungicides, and biocides. It is useful for the introduction of carboxybenzyl (cbz) protecting group for amines such as aniline in organic synthesis. Benzyl chloroformate is also employed in the synthesis of 1,2,4-oxadiazoles.
Key Drivers of Benzyl Chloroformate Market
- Rise in usage of fungicide in the agriculture industry is expected to drive the demand for benzyl chloroformate during the forecast period. Fungal infection is one of the major concerns for farmers, as it adversely affects the quality and productivity of the produce. Fungal infections are one of the leading causes of crop loss worldwide. Fungal diseases of vegetable plants are especially unfavorable for vegetable gardeners and farmers. Hence, vegetable gardeners and farmers use fungicide treatments, which are essential and more efficient in preventing the spread of fungal infections.
- Benzyl chloroformate is frequently used as a reactive chemical intermediate in fungicide. It is is extensively used on cereal crops, vegetables, and fruits. Thus, rise in usage of benzyl chloroformate as fungicide in agricultural applications is likely to boost the market during the forecast period.
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Benzyl Chloroformate Market: End-user Segment
- Based on end-user, the global benzyl chloroformate market can be segmented into agriculture, pharmaceutical, plastic, and others
- The agriculture segment is projected to account for significant share of the global benzyl chloroformate market during the forecast period. Global initiatives to improve agricultural productivity and rise in awareness about organic farming are expected to positively impact the benzyl chloroformate market during the forecast period.
- Expanding at a healthy growth rate, pharmaceutical and plastic segments are anticipated to create significant incremental opportunities during the forecast period
- In terms of demand, the others segment is estimated to expand at a moderate to high pace in the near future.
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Benzyl Chloroformate Market: Covid-19 Impact
- The COVID-19 pandemic has had a negative impact on the global economy. It has adversely affected various industrial sectors by hampering the supply chain. Purchase and consumption behavior have changed significantly across various sectors with months of consumer lockdown and closure of international supply chains and retail businesses. This has adversely impacted the global benzyl chloroformate market.
- The combination of extended lockdowns in developed market economies and domestic social distancing has deepened the adverse impact on emerging market economies. The agriculture industry has also been impacted by the extended lockdowns. This, in turn, has negatively affected the global benzyl chloroformate market.
Asia Pacific to be Key Region of Global Benzyl Chloroformate Market
- In terms of region, the global benzyl chloroformate market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In North America, the U.S. aims to promote investments in its end-use industries. This is estimated to boost the benzyl chloroformate market in the country.
- In terms of demand, Asia Pacific held major share of the market in 2019, followed by North America and Europe. Asia Pacific is a highly promising region of the global market. This trend is expected to continue in the next few years. This is due to the large consumption in agrochemical industry, particularly in China and India. Increase in demand for agrochemicals in various countries of Asia Pacific including China, India, Japan, Taiwan, and South Korea has made the region the largest consumer of benzyl chloroformate.
- The market in Latin America and Middle East & Africa is estimated to expand at a moderate pace during the forecast period. End-use industries in Mexico have been expanding steadily. The market in the UAE also exhibits significant growth. This is projected to drive the demand for benzyl chloroformate in Latin America and Middle East & Africa, respectively, during the forecast period.
Global Benzyl Chloroformate Market: Research Scope
Key Manufacturers in Market
The global benzyl chloroformate market was highly fragmented in 2019. Key manufacturers operating in the global benzyl chloroformate market include:
- Choice Organochem LLP
- BASF SE
- Tokyo Chemical Industry Co., Ltd
- Arab Potash Company
- MERYER CO., LTD
- Atul Ltd
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