Monochloroacetic acid (MCAA) is an important industrial chemical primarily used in the production of carboxymethylcellulose (CMC), thioglycolic acid, and other products. CMC is used in the food, agriculture, and oil drilling industries as a binding, thickening, and suspending agent. It is also used to manufacture cellulose esters and cellulose ethers that are extensively employed as protective colloids in photography and as viscosity-control additives in paints, certain foods, and cosmetics. Thioglycolic acid acts as depilatory active ingredients in hair removal treatments and is also used as a stabilizer in antioxidants, bleaches, and emulsion polymerization.
The global monochloroacetic acid market is estimated to be valued at US$ 1.2 billion in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand from the agrochemical industry is expected to drive the growth of the monochloroacetic acid market over the forecast period. Agriculture is the primary end-use sector of MCAA, accounting for more than 50% of global consumption. It is used as an active ingredient in the production of herbicides such as 2,4-D and mecoprop and is a key precursor in the manufacture of glyphosate, the most widely used herbicide globally. Glyphosate-resistant crop cultivation has led to a dramatic surge in the use of glyphosate herbicides worldwide in the last two decades. Additionally, the high efficacy, cost-effectiveness, and low toxicity of glyphosate have resulted in its widespread adoption globally in agricultural as well as non-agricultural applications like landscaping, forestry, and recreational areas.
Segment Analysis
The monochloroacetic acid market is dominated by the glycolic acid segment, which accounts for over 40% share. Glycolic acid is the most commonly used application as it is used as a precursor in numerous chemical processes. It finds wide usage as a building block for the production of other chemical compounds such as glycine and glycols.
PEST Analysis
Political: The government regulations regarding the storage and transportation of hazardous chemicals act as a restraint for the market. Different nations have different regulatory standards for manufacturing and export of MCA.
Economic: The demand for MCA is driven by the growth of the end-use industries such as herbicides, homecare products, oilfield chemicals, and surfactants. In the recent past, growing GDP and industrial activities in developing nations boosted the market.
Social: With rising health awareness, the demand for packaged consumer goods is growing rapidly. This increases theMCA usage in personal care and homecare products. The changing lifestyle and increasing disposable income also supports market growth.
Technological: Manufacturers are focusing on developing innovative and cost-effective production technologies to decrease manufacturing costs. Various technologies such as extractive distillation are being adopted to optimize the efficiency.
Key Takeaways
The Global Monochloroacetic Acid Market Share is expected to witness high growth on account of rising demand from industries such as agrochemicals, personal care, and homecare.
Regionally, Asia Pacific dominates the market and the trend is projected to continue owing to the expanding economies of China, India, and other developing Asian countries. The demand is increasing from agrochemical manufacturers to produce herbicides and pesticides.
Key players operating in the monochloroacetic acid market are Akzonobel, CABB, Daicel, Shandong Minji Chemical, and PCC SE.
For more insights, Read- https://www.ukwebwire.com/monochloroacetic-acid-market-demand-share-analysis/
Comments
0 comment