Triazole Market

Triazole Market Analysis, By Form (Solid and Liquid), By Grade (<98%, and >98%), By End Use (Agrochemical, Pharmaceutical, Others), and Region - Global Market Insights 2023 to 2033

Analysis of Triazole Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Triazole Market Growth Outlook 2023 to 2033

The global triazole market is estimated to be valued at US$ 741.5 million in 2023 and grow at a CAGR of 4.5% over the forecast period from 2023-2033.

Over the past half-decade, demand for the triazole is increasing at a double rate because of its utility in various end-use industries such as pharmaceutical and agricultural industries.

Report Attributes

Details

Market Size (2022A)

US$ 709.5 Million

Estimated Market Value (2023E)

US$ 741.5 Million

Forecasted Market Value (2033F)

US$ 1,151.5 Million

Global Market Growth Rate (2023-2033)

~4.5 CAGR

North America Market Growth Rate (2023-2033)

~4.2% CAGR

Latin America Market Growth Rate (2023-2033)

~3.4% CAGR

Europe Growth Rate (2023-2033)

~3.8% CAGR

East Asia Market Growth Rate (2023-2033)

~5.1% CAGR

Key Companies Profiled

  • Ratnamani
  • Novasep
  • Arkema
  • Otto Chemie Pvt. Ltd.

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

Historic to Future Pathway Analysis

The biological property of triazole compounds including antimicrobial, antiviral, antitubercular, anticancer, anticonvulsant, analgesic, antioxidant, anti-inflammatory, and antidepressant help the utilization of compound in numerous industries. Efficacy against fungal diseases is also expected to increase the sales of the triazole during the forecast period.

  • Short-Term Growth Projection: Pullulating utilization of triazole for the production of anti-fungal creams and lotion will drive the market in the upcoming years.
  • Medium-Term Growth Projection: Asia Pacific and North America are expected to witness high demand for triazole due to the increasing population leading to an increase in agricultural activities.
  • Long-Term Growth Projection: The ability of triazole to protect crop against various fungal plant diseases and its pharmacological properties will increase the demand for the product during the designated period.

Over the 2018-2022 historical period, the global triazole market registered a CAGR of 3.1%, and according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 4.5% CAGR between 2023 and 2033.

Triazole Market Size, Share, Demand and Growth Forecast by Fact.MR

Market share analysis of triazole based on end use segment and country is provided in a nutshell in the above image. Under the end use segment, the agrochemical sub-segment is estimated to reach a market share of 56.4% in 2023.

“Applications of Triazole in Sports and Pharmaceutical Industry Drives the Growth”

In sports, analgesics are frequently used to relieve pain and inflammation brought on by injuries. The pharmacologic action of analgesics and their use in treating pain with and without an anti-inflammatory effect are well established. Athletes around the world frequently take analgesics to increase pain tolerance or to dull pain and reduce inflammation from injuries. the impact of analgesic medications on training adaptations and exercise performance is important for athletic development.

There is growing evidence that analgesic medications may temporarily enhance critical endurance parameters as well as performance factors, presumably through enhancing pain tolerance. As a result, the demand for triazole significantly increases.

Furthermore, its application in pharmaceutical industry, for instance, fluconazole which is a first-generation triazole antifungal medication which is used for the treatment of Candidiasis increases the sales of the product. Additionally, antimicrobial, anti-cancer, anti-HIV, and other biological properties of triazole compound increase its demand in medical research. Triazole antifungal cream such as Clotrimazole Anti-Fungal Cream used for the treatment of athlete’s foot, ringworm, and candidiasis subsequently increase the demand for triazole products.

“Environmental Concerns regarding Triazole May Hamper Market Growth”

Triazole products are sprayed directly onto plants in agricultural fields, where they penetrate the roots and impacts soil's fertility. This also effects the microorganism present in the soil that affects the plant growth. The irrigation or rainfall carries this chemical to rivers and oceans, thus causing water pollution and affecting aquatic life.

Overuse of triazole might leads to an increase in the resistance against this chemical in the target as well as non-target organisms. Many fungi are opportunistic pathogens and can be deadly for humans. The increased resistance towards triazole will make it difficult to treat fungal infections in humans.

These retarding factors is likely to hamper the growth of the market.

Country-wise Insights

Why is there an Increasing Demand for Triazole in US?

In the US, the market for triazole has expanded as a result of the rising demand for agricultural production, rising population, and changing dietary preferences toward fresh farm produce. Triazole is used to combat fungal infections because they pose a serious threat to crop growth and thus increases farm yield.

Additionally, growth in the agricultural sector and increased consumption of pesticide supplement the growth of the triazole market. The US market for triazole is expected to grow at a CAGR of 4.0% and is a highly profitable market for manufacturers.

Why Does the Chinese Market Increase its Demand for Triazole?

With the growing population, the need for more food supplies and the utilization of agrochemicals has been increasing to protect the crops from fungal infectious diseases subsequently increasing the demand for triazole in the near future.

Further, changing in farming practices, a rapid expansion of the agricultural industry, and a growing adoption of modern farming and protected agriculture in these regions, China holds the key to future market trends in the triazole market.

Furthermore, the Chinese market is anticipated to be very profitable throughout the projection period and is anticipated to increase at a CAGR of 5.3%. China is one of the world's top producers of fruits, vegetables, and grains, which helps to fuel the expansion of the triazole market in East Asia.

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Category-wise Insights

Will Market Growth Led by the Pharmaceutical Industry?

The growing pharmaceutical industry is witnessing high demand for the triazole because of the increase in the number of diseases on a global scale. The demand for the triazole from the pharmaceutical industry is dominantly increasing due to increase in the number of diabetic patient, tuberculosis, cancer and other patient.

Further, the rising chronic disease such as cancer is the second leading cause of death across the globe which further increases the sales of triazole. It is projected that the expanding agriculture sector across the globe increases the demand for pesticides and subsequently increases the growth rate of the product.

The demand for triazole from the pharmaceutical industry is expected to grow at a CAGR of 4.9% during the forecast period to reach a valuation of US$ 412.7 Mn by 2033.

High Purity Level to Lead the Market Growth During the Projected Period

Triazole compound comes in numerous grade forms such as >98%, and <98% but the >98% grade is more popular and, it has a low molecular weight and a high boiling point. Further, higher grade generally considers for use in many R&D laboratories and prefer to make cosmetic products.

It is projected that the triazole of grade >98% will grow at a compound annual growth rate of 5.0% during the forecast period and reach a valuation of US$ 453.7 million by 2033.

Key Stratagems by Market Players

Key players in triazole include Ratnamani, Novasep, Arkema, and Otto Chemie Pvt. Ltd., among others.

The world’s leading manufacturers of triazole are focusing on increasing their production capacity. Key players in the market are focusing on partnering with various end-use industries to sell their products directly to them. Further, capacity expansion and expanding global footprints by collaboration or acquisition drive the market's growth and provide lucrative opportunities to manufacturers.

Fact.MR has provided detailed information about the price points of key manufacturers of triazole positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Triazole Industry Research

  • By Form :

    • Solid
    • Liquid
  • By Grade :

    • <98%
    • >98%
  • By End Use :

    • Agrochemical
    • Pharmaceutical
    • Others
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

- FAQs -

Which regional triazole market accounts for a leading market share?

Europe tops the global triazole market accounting for 29.9% market share in 2023.

Which form of the triazole market accounts for the highest market share?

Powder form tops the global triazole market accounting for 71.7% market share in 2023.

How is the market for triazole expected to fare going forward?

Worldwide demand for triazole is anticipated to reach US$ 1,151.5 million by 2033-end.

What is the global triazole market size?

The global triazole market is valued at US$ 709.5 million in 2022.

How did the market perform over the last few years?

During 2018-2022, sales of triazole increased at 3.1% CAGR.