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Monochloroacetic Acid Market Size 2024 Evolution Opportunities, Demands and Growth Revenue

Author : Ronak Bora | Published Date : 2019-05-27 

The monochloroacetic acid market size is bifurcated on the basis of product as pellets, liquid, and dry powder forms. These forms of the product are used for different manufacturing processes which include medical, personal care products, textiles, and other industrial activities.

Thioglycolic acid (TGA), surfactants, agrochemicals, and cellulosics are the four major segments of monochloroacetic acid (MCAA) market based on their application. Other minor application segments include phenoxyacetic acid and cyanoacetic acid production. Cellulosics will grow at a substantial rate of around 4.5% in the forecast span to hold a major market share by 2024. The surfactants segment will foresee considerable growth due to increasing industrial, sanitary, and home care applications. The segment will grow to over USD 175 million by 2024.

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Global monochloroacetic acid market involves the participation of biggies such as AkzoNobel N.V., Daicel Corporation, The Dow Chemical Company, Daicel Corporation, Shandong Minji Chemical Co., CABB GmbH, PCC SE, Niacet Corporation, and, Xuchang Dongfang Chemical Co. Ltd. The strategies of alliances and product innovations are quite rampant across the competitive landscape of the monochloroacetic acid industry. The recent announcement of Atul Ltd. and AkzoNobel entering a partnership agreement with regards to production of MCCA in India is again a substantiation of how monochloroacetic acid market giants are deeply ingrained in collaborative approaches. The partnership was rather an appreciable step by both the firms to further exploit the potential of monochloroacetic acid market. Global Market Insights, Inc., claims monochloroacetic acid industry to surpass a revenue of USD 1.2 billion by 2024, with a projected CAGR of 4% over 2017-2024.

Monochloroacetic acid, often termed chloroacetic acid is recognized as one of the most halogenated forms of acetic acid. Being reactive in nature, this compound can form a number of intermediates by undergoing reactions. In fact, this fundamental aspect further expands the application horizon of monochloroacetic acid market. For instance, this organochlorine compound is an integral component in carboxymethyl cellulose (CMC) manufacturing, which finds extensive application across diversified domains, such as food and beverage, paints & coating, textile, paper & pulp etc.  It is therefore no surprise that the growth of all these aforementioned domains will leave a perpetual impact on monochloroacetic acid industry dynamics as well. As per the estimates, approximately 30% of the globally produced MCCA is used in the manufacturing of CMC.

A sizable chunk of the overall monochloroacetic acid industry share is obtained from agrochemical application, which is why the growth potential of the market is forecast to be remarkably high in agrarian countries, particularly in the United States and BRICS nations. As per a recent estimation, in the year 2016, 45% of the total land in America and 60% of the total land in India were under cultivation. The population curve of China and India is exponentially increasing, a factor that is subsequently necessitating increased crop production to address the rising food demand curve. Enhancement of soil fertility has thus become a requirement of late, which is quite evident from the increased consumption of pesticides, fungicides, insecticides, and other chemical aggregates across APAC belt. Since MCAA and its derivatives are extensively deployed in these agrochemicals manufacturing, the aforementioned aspects are expected to upscale monochloroacetic acid industry demand.

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Geographically, Asia Pacific will hold in excess of 60% of the worldwide monochloroacetic acid market size by 2024 due to a number of supporting industries including medical, personal care, and textiles in countries such as India, China, Indonesia and Vietnam. Also, the region has major agrarian economies such as China and India, which substantially contribute to the agrochemicals market. Industrial development in Asia Pacific is likely to further augment the regional monochloroacetic acid (MCAA) market in future years. North America MCAA market will witness growth with more than 2.5% CAGR in the forecast years due to major expansion in the pharmaceutical sector.

Key players involved in the entire monochloroacetic acid market are The Dow Chemical Company, Denak, Daicel Corporation, CABB GmbH, AkzoNobel N.V., Niacet Corporation, PCC SE, Shiv Chem Industries, Shandong Minji Chemical, Xuchang Dongfang Chemical, Jubilant Life Sciences, Merck KGaA, Abhishek Impex, Anugrah In-Org, Alfa Aesar, Swati Chemical Industries, and S.R. Drugs and Intermediates to name some.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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