Global Monochloroacetic acid market growth Research Report: By Form (Crystalline, Liquid), Application (Intermediates, Agrochemicals, Thickening Agent, Surfactants), End-Use Industry (Agriculture, Pharmaceuticals, Cosmetic Personal Care) - Forecast Till 2030
Monochloroacetic acid (MCAA), also known as chloroacetic acid, is a specialty organochlorine compound. It is colorless, crystalline structured mass, highly soluble in water. The global monochloroacetic acid market growth is primarily driven by the rising demand for agrochemicals in the major agricultural countries such as India, Brazil, China, and others. Lack of cultivable land and infertility of soil are the major drivers of the global monochloroacetic acid market growth. Furthermore, monochloroacetic acid is used in the production of carboxyl methyl cellulose (CMC), which is required in bulk for oil drilling activities such as a viscosity modifier and water retention agent, which is likely to drive the market growth over the assessment period. Additionally, the product holds a vital place in the pharmaceutical industry and is used for producing drugs such as maleates, ibuprofen, diclofenac sodium, n-glycine, and others. The product is also used as a thickening agent and offers proper texture to the cosmetics and personal care products. The increasing demand for cosmetic personal care products across the globe due to increasing awareness amongst the consumer is expected to fuel the market growth further. Moreover, the product is used in the processing of PVC resins, which is likely to propel the product demand in the plastic industry. However, fluctuations in raw material prices may challenge the market growth over the assessment period. Depletion of oil gas reserves is another concern that may restrain the market growth.
Segmentation
The global monochloroacetic acid market growth is segmented on the basis of the form, application, end-use industry, and region.
Based on the form, the global monochloroacetic acid market growth is segmented into crystalline, liquid, powdered, and flakes.
The global monochloroacetic acid market growth is segmented on the basis of the application as carboxyl methyl cellulose, thioglycolic acid, thickening agent, surfactants, intermediates, and others.
On the basis of the end-user industry, the global monochloroacetic acid market growth is segmented into agrochemicals, pharmaceuticals, cosmetic personal care, oil gas, textiles, plastics, and others.
Competitive Analysis:
Notable players of the monochloroacetic acid market as profiled in the report of MRFR are Akzo Nobel N.V. (Netherlands), The Dow Chemical Company (U.S.), CABB GmbH (Germany), Denak Co., Ltd (Japan), Daicel Corporation (Japan), PCC SE (Germany), Niacet (U.S.), Xuchang Dongfang Chemical Co. Ltd. (China), Shiv Chem Industries (India), Abhishek Impex (India), Shandong Minji Chemical Co., Ltd. (China), Jubilant Life Sciences Ltd. (India), Merck KGaA (Germany), Alfa Aesar, Thermo Fisher Scientific (U.S.), and Anugrah IN-ORG(P) LIMITED (India).
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Regional Analysis
The global monochloroacetic acid market growth is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East Africa.
Asia Pacific accounted for a major share of the global monochloroacetic acid in 2016 owing to high demand from the various end-use industries such as agrochemicals, pharmaceuticals, and textiles. The sanguine demand for agrochemicals on the backdrop of increasing agricultural activities in Association of Southeast Asian Nations (ASEAN), China, and India is expected to boost the MCAA demand in Asia Pacific market.
North America was the second largest region in the global monochloroacetic acid market growth on account of high demand from the pharmaceuticals and cosmetic personal care industry. The rapid rise in the agriculture sector in the U.S. is an underlying driver of the market.
Europe is expected to grow at a considerable CAGR on account of the high production from the pharmaceutical industry in the region.
Latin America is expected to witness a significant growth due to the growing agriculture and personal care industries in the region.
Increasing product demand as a water retention agent and viscosity modifier in exploration drilling of oil deposits is likely to drive the market in GCC countries in the Middle East region.
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