Analysis of Chloroacetic Acid Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global sales of the Chloroacetic Acid Market in 2021 were held at US$ 1.6 Bn. With 6%, the projected market growth during 2022-2032 is expected to be significantly higher than the historical growth. Chloroacetic Acid is expected to be the highest revenue-generating category, projected to register an opportunity of 5.8% CAGR during 2022 – 2032.
Global Market Size (2022)
US$ 1.7 Bn
Global Market Size (2032)
US$ 3.8 Bn
Global Market CAGR (2022-2032)
US$ 1.4 Bn
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As per the Chloroacetic Acid Market research by Fact.MR - a market research and competitive intelligence provider, historically, from 2015 to 2021, market value of the Chloroacetic Acid Market increased at around 6.7% CAGR.
The need to maintain uninterrupted growth in the chemical industry has increased the demand for chloroacetic acid in the global market. Because of the implementation of novel compounds and chemicals, the last few years were the most significant period for the chemical industry.
As a result, the importance of chloroacetic acid in the chemical industry has increased. The global demand for chloroacetic acid is expected to experience massive revenue growth in the coming years. Because there is a huge market for chloroacetic acid in several regional pockets, the production process must be accelerated.
The increased use of derivative products in tin stabilizers for polyvinyl chloride processing, oil field applications, and surfactants are expected to be the key factors for market growth. Furthermore, chloroacetic acid has industrial applications in the production of ethyl cellulose, herbicides, and thioglycolic acid.
Because of the rising demand for chloroacetic acid in the production of glycine, the global chloroacetic acid market is anticipated to grow significantly over the forecast period. Chloroacetic acid amination with ammonia yields glycine, which is used as a stabilizing agent in antacids, analgesics, antiperspirants, and toiletries.
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Regulatory requirements on chloroacetic acid are a key factor impeding the chloroacetic acid industry's growth. Chloroacetic acid can be toxic if swallowed or applied to the skin, according to the European Union's harmonized categorization and labeling (ATP01). If inhaled, it also causes eye and skin irritation damage.
Moreover, the classification provided by companies to the European Chemicals Agency (ECHA) in Registration, Evaluation, Authorisation, and Restriction of Chemicals (REACH) registrations aided in determining that chloroacetic acid is toxic to aquatic life and may be corrosive to metals. These factors limit its usage and restrain market growth.
The use of chloroacetic acid in the stabilization of PVC and the production of a variety of cosmetics has also contributed to the rise of the global chloroacetic acid market. Over the last decade, the global market for chloroacetic acid has grown at a significant rate. The widespread use of this carboxyl group in the industrial sector is one of the primary drivers of chloroacetic acid market growth.
Moreover, chloroacetic acid is a necessary element in the development of organic synthesis, which has increased its demand. The rising popularity of thickening agents such as carboxymethyl starch and carboxymethyl cellulose is expected to create new opportunities in the global market for chloroacetic acid.
Over the forecast period, Asia Pacific will be a profitable chloroacetic acid market due to rising agricultural industries in India and China, as well as regulatory incentives to increase domestic production output.
The advancement of the pesticide residues, dyes, pharmaceutical, and petrochemical industry in China is anticipated to propel the market due to low manufacturing costs and easy raw material access. The Government of India constituted the "Draft National Chemical Policy" in February 2014, with the goal of increasing domestic chemical output from 3% to 6% by 2020. This policy will open up new avenues for manufacturers.
Due to the introduction of hydraulic fracturing, which has resulted in increased domestic manufacturing of natural gas and crude oil, North America is anticipated to be a potential market for chloroacetic acid. Because of the existence of dominant cosmetic manufacturers, Europe is also expected to be a profitable market.
The expanding application scope of chloroacetic acid for the production of betaines and imidazolines, which are used in the production of personal care products, is expected to be a positive factor for the chloroacetic acid industry. Furthermore, this compound is used in the iron ore and taconite mining areas.
The United States is expected to have the highest chloroacetic acid market of US$ 1.4 Bn by the end of 2032. Rising investigation and drilling of shale deposits in the United States for domestic natural gas production is expected to boost the market for drilling fluids, propelling the chloroacetic acid market in the country during the forecasted period.
Chloroacetic acid is a halogenated acetic acid derivative that is used in the production of drugs, drilling fluids, pesticides, and dyes. Growing agriculture industries are further expected to drive pesticide demand, which will drive chloroacetic acid market growth due to favorable government regulatory support and raw material access.
The Environmental Protection Agency (EPA) and the European Commission have developed regulatory standards targeted at decreasing volatile organic compound (VOC) emissions, which has led to growth for bio-based chemicals and will harm the industry.
The Chloroacetic acid market in the U.K. is projected to expand at a CAGR of 5.8% during 2022 – 2032. The market in the country is expected to reach US$ 159 Mn by 2032, registering an absolute dollar opportunity of US$ 80.5 Mn.
In Japan, the Chloroacetic acid market is expected to reach US$ 228 Mn by 2032. The market in the country is projected to garner an absolute dollar opportunity of US$ 116 Mn, growing at a CAGR of 7.4% during 2022 – 2032.
The Chloroacetic acid market in South Korea is projected to reach US$ 137 Mn by 2032, growing at a CAGR of 6.9% during the forecast period. The market is expected to register an absolute dollar opportunity of US$ 66.4 Mn.
Revenue through chloroacetic acid is expected to be the largest, accounting for a CAGR of 5.8% during 2022 - 2032. As chloroacetic acid is a key element in the development of organic synthesis, its demand is increasing in the global market. The rising popularity of thickening agents such as carboxymethyl starch and carboxymethyl cellulose is expected to fuel the growth of the global market for chloroacetic acid.
Monochloroacetic acid is the next fastest growing market after Chloroacetic Acid. Monochloroacetic acid is used to make carboxymethylcellulose, herbicides, thioglycolic acids and cellulose ethers. MCA and SMCA are used in the synthesis of a variety of agricultural inputs such as herbicides and pesticides. MCA is being used as a precursor in the production of a variety of agrochemicals, including 2, 4-D, and glyphosate.
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Some of the key companies like Akzo Nobel, CABB GmbH, Daicel, Solvay, Niacet, Dow Chemical Company, Denak Co. Ltd., and PCC MCAA Sp. z o.o.
Some of the recent developments in the Chloroacetic Acid Market are :
Similarly, the team at Fact.MR has tracked more recent developments related to companies in the Chloroacetic Acid Market, which are available in the full report.
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The Global Chloroacetic Acid Market is worth more than US$1.6 Bn at present.
The value of the Chloroacetic Acid Market is projected to increase at a CAGR of around 6% during 2022 – 2032.
The market for Chloroacetic Acid Market in the US is projected to expand at a CAGR of around 8.1% during 2022 – 2032.
The value of the Chloroacetic Acid Market increased at a CAGR of around 6.5% during 2015 – 2021.
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