Monochloroacetic acid, also known as MCA, is an important organic compound used in the production of herbicides and other agrochemicals. It is a white, water-soluble solid with a melting point of 165°C. MCA possesses disinfectant and antibacterial properties thereby finding application in pharmaceutical, personal care, and other industries. Regulatory bodies worldwide have imposed stringent environment protection laws which boost the demand for eco-friendly agrochemicals produced using MCA.
The global Monochloroacetic Acid Market size is estimated to be valued at US$ 941.62 Mn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Environmental regulations have been increasingly stringent in major markets across regions. Authorities are promoting the use of sustainable agrochemicals to reduce toxins in soil, water, and surrounding environment. Many farmers and agrochemical producers are opting for MCA based herbicides and agricultural inputs in compliance with the rising ecological standards. The demand for eco-friendly agrochemical formulations is driving heavy investments in MCA production facilities around the world.
Segment Analysis
The global monochloroacetic acid market is bifurcated into food grade and industrial grade. The industrial grade segment currently dominates the market due to extensive use of monochloroacetic acid in the production of carboxymethyl cellulose and thioglycolic acid. Industrial grade monochloroacetic acid has properties such as high solubility and less susceptibility to hydrolysis which makes it ideal for chemical synthesis applications.
Key Takeaways
The global monochloroacetic acid market is expected to witness high growth over the forecast period. The global Monochloroacetic Acid Market is estimated to be valued at US$ 941.62 Mn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030.
Regional analysis Western Europe currently dominates the global market owing to the presence of major producers and consumers in the region. The Asia Pacific region is poised to register highest CAGR during the projected timeframe supported by expanding end-use industries in countries like China and India.
Key players operating in the monochloroacetic acid market are AkzoNobel N.V., CABB Group GmbH, Niacet Corporation, and Denak Co. Ltd. AkzoNobel dominates the global market share due to its widespread product portfolio and global production facilities. The company has been focusing on capacity expansion and forward integration by investing in downstream product facilities. CABB Group has a strong presence across Europe and has collaborated with various regional companies for raw material supply and technology development. .
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