Analysis of Monochloroacetic Acid market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The monochloroacetic acid market is predicted to grow at a fair CAGR of 6.6%. It is estimated to be worth around US$ 1.46 Billion in 2032, rising up from US$ 860.6 Million in 2021.
Monochloroacetic Acid Market Size (2021)
US$ 860.6 Million
Monochloroacetic Acid Market Value (2022)
US$ 899.3 Million
Monochloroacetic Acid Market Value (2032)
US$ 1.46 Billion
Monochloroacetic Acid Market Growth Rate (2022-2032)
Market Share of Top 5 Countries
Monochloroacetic Acid Market Key Players
Research and innovations carried out in the field of manufacturing sectors for different types of products has come up with some new uses for MCA acid and is anticipated to boost the global market further.
Most of the demand for monochloroacetic acid comes from the chemical industry, where it is used as an intermediate substance for the production of other chemicals. The global monochloroacetic acid market is expected to enlarge in the coming days with the growth in the production of these resultant chemicals.
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Demand for chloroacetic acid has grown impressively, which has been analysed and marked in the report published by Fact.MR. During the historical period (2015-2021), the chloroacetic acid market recorded a CAGR of 4.1%. However, during the forecast period, the sales of chloroacetic acid is predicted to record a CAGR of 5%.
The increase in the CAGR value is on account of the growing demand for cosmetic products. Since the consumption patterns of cosmetics are shifting, the retail landscape is changing in the developing countries such as Vietnam, Thailand, and India. As a result, demand for chloroacetic acid is also rising in developing countries alongside the growth in sales for chloroacetic acid in the developed regions, which creates a conducive environment of growth for the global chloroacetic acid market.
“Discovery of new application of MCA acid in various other sectors to favor chloroacetic market growth.”
The widespread use of MCA acid in numerous end-use industries has supplemented the sales of monochloroacetic acid during the last couple of years. A surge in the production of agrochemicals to boost the farm production capacity is a major reason for the expansion of the monochloroacetic acid market size in the present world.
Most types of surfactants, notably mild betaine amphoteric surfactants, are produced out of MCA acid, while thioglycolic acid is produced by heating MCA with sodium or potassium hydrogen sulfide. Its derivatives are utilized for the production of different types of body products, secondarily boosting the monochloroacetic acid market growth.
It is also used as an ingredient in many pharmaceutical and cosmetic products used all over the world, making the pharmaceutical industry one of the important supporting factors for the monochloroacetic acid market opportunities.
Due to its characteristic as a potent keratolytic and caustic topical agent, the demand for monochloroacetic acid is rising day by day. It has also emerged as a more popular alternative for cryotherapy that is used in the treatment of a variety of ailments and rendering the monochloroacetic acid market opportunities more than ever before.
Stringent regulations by the government for controlling the use of pesticides or herbicides in agricultural fields due to the concern of its environmental effects can be regarded as a challenge for the monochloroacetic acid market future trends. Growing emphasis on using alternative and natural remedies for weeds and pests may limit the sales of monochloroacetic acid to some extent.
As per the global market study on monochloroacetic acid market, restrictions on the import and export of chemical goods among various economies resulting from a trade war or safety issues are hampering the market. Regulations for the safety of laborers working in Chemical factories are also known to be limiting the production capacity of most of the monochloroacetic acid manufacturers in the developed economies.
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Increasing agricultural spending in the United States has been shaping the demand for chloroacetic acid in North America.
During the pandemic years, the agricultural produce supply chain got disrupted due to a shortage of labor and restraints on transportation. The outbreak of Covid-19 has had a severe impact on the agrochemicals market, consequently negatively impacting the overall monochloroacetic acid market size that continued even during the post-pandemic years.
During the years following the Covid-19 lockdown, many international organizations and regional governments have brought in reforms to revamp the failing economy. Efforts in the direction of strengthening the agricultural sector and basic industries such as chemicals have all played in favor of monochloroacetic acid market growth.
The downfall of the personal care and cosmetics industries during the lockdown years also had some detrimental effects on the global chloroacetic acid market that is observed to be residing with the gradual uplifting of restrictions. Contrastingly, the demand for monochloroacetic acid in the pharmaceutical industry heightened during the Covid-19 waves for the production of different medicines.
Owing to its robust healthcare sector and higher living standards of its citizens, the U.S. in North America stands to be the most dominating region in the monochloroacetic acid market analysis. The net worth of the US market is estimated to be around US$ 307.7 Million in the current fiscal year 2022.
With the highest CAGR of nearly 4.9%, the US monochloroacetic acid market share is predicted to be worth around US$ 495.7 Million by the end of this forecast period in 2032.
China and Japan are among the significant economies for the construction industry. Rising need for industrialization and urbanization in these regions are triggering the demand for chloroacetic acid for the manufacturing of surfactants and CMC.
In addition to this, the waves of the beauty industry are fast-reaching the shores of the emerging regions. Hence, increasing awareness about grooming products among males and females is paving a solid road of growth for the personal care products, which is generating an impressive demand for monochloroacetic acid in these countries.
The increased need for different types of agrochemicals in the major agricultural producer countries like India, Brazil, China, and others is expected to drive the monochloroacetic acid market key trends and opportunities in the coming years. Lack of cultivable land and soil fertility capacity is the primary factor, growing the need for MCA acid in the agricultural fields.
The impact of globalization on the lifestyle of people in most countries has boosted the demand for personal care products. Along with it, the rise in living standards and disposable income has translated into greater sales of such items made out of potassium and sodium monochloroacetate chemicals and is expected to influence the monochloroacetic acid market future trends across all the economies.
The use of MCA acid as a suitable intermediary in the textile industry as well has resulted in some upward traction of the monochloroacetic acid market outlook during the last couple of years. These numerous applications, combined with increased research and development activities on this front, have brought down the chloroacetic acid price substantially down. With the discovery of some new applications in the coming days, the monochloroacetic acid market size is expected to increase further during the projected years of 2022 to 2032.
By the current estimation, the Asia Pacific region accounts for above 20% of sales of monochloroacetic acid, with China leading at US$ 65 Million. This region also promises a higher growth of the market as most South Asia and Southeast Asian countries are intensive agriculture regions.
“Household consumption of detergents and foaming type products predicted to be major propeller for the monochloroacetic acid market.”
The crystalline product form had the maximum market share as it uses simple manufacturing techniques and results in low cost monochloroacetic acid required in bulk for industrial purposes. It is predicted to continue as the most popular segment in the coming years as per the monochloroacetic acid market demand analysis by witnessing the highest CAGR of 4.7% for the projected years 2022 to 2032.
Moreover, as miscibility is an important characteristic of chemicals used in industrial operations, so the liquid segment is gaining market demands higher than before. This segment is anticipated to develop remarkably throughout the forecasted time.
Based on various applications of the MCA acid, the carboxymethylcellulose, or CMC segment, is the largest category in the global monochloroacetic acid market. Carboxymethylcellulose is utilized in several end-use industries, namely material paints & coatings, food & beverages companies, and even oil & gas companies, which makes it the highest contributing segment to the global monochloroacetic acid market.
According to this market report, this segment is predicted to grow at a rate of approximately 4.7% during the forecasted years, which is highest than any other segment.
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As per the new market research report on monochloroacetic acid market, there are many small scale and medium sized business partners contributing a significant portion of the entire market revenue. Most of the monochloroacetic acid using industries benefit from the wide number of suppliers present in the market since switching costs are minimal.
The key players in the chloroacetic acid market include Akzonobel N.V., CABB, Daicel Corporation, Shandong Minji Chemical, PCC, Architorganosys, Denak Co. Ltd., Kaifeng Dongda Chemical Company, Meridian Chem-Bond, and Niacet.
What are the Recent Developments in the Field of Monochloroacetic Acid Market?
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The global monochloroacetic acid market is estimated to record a CAGR of 5% during the forecast period.
The global monochloroacetic acid market is predicted to be valued at US$ 1.46 Billion by 2032.
The global monochloroacetic acid market was valued at US$ 860.6 Million in 2021.
North America accounts for the largest revenue share in the global monochloroacetic acid market.
Asia Pacific region is predicted to emerge as the most promising region for the global monochloroacetic acid market.
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