The Monochloroacetic Acid Market is set to grow from its current market value of more than $900 million to over $1.2 billion by 2024; as reported in the latest study by Global Market Insights, Inc.
Monochloroacetic acid chemical compound is primarily used for producing carboxymethyl cellulosics. Growing demand for carboxymethyl cellulosics in oil drilling activities, is increasing the market growth for monochloroacetic acid. Carboxymethyl cellulosics several applications in food industry for the purpose of thickening, modifying viscosity, and emulsifying stabilizer is driving the monochloroacetic acid (MCAA) market growth.
Further cellulosics is also used as food additives and in various ice-creams products with wide range of application in items other than food such as paper products, detergents, textile sizing, toothpastes, and paints will likely to foster (MCAA) market growth.
Rapidly growing application in end-user industries such as pharmaceutical, paper, textiles, personal care, food & beverages and oil & gas is fueling the market growth. Growth in textile and food industry owing to shift in consumer fashion trend and consumption pattern towards packaged food products respectively is boosting the monochloroacetic acid market in the forecast timespan.
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Ethanol and ascetic acid are major component for producing monochloroacetic acid, these component are derived from crude oil. Fluctuation in crude oil prices owing to lower demand and greater supply of oil will adversely affect the manufacturing prices of the Monochloroacetic acid. This factor may pose as a challenge for the growing MCAA market in forecast period.
Among the two processes, chlorination process holds significant share of the monochloroacetic acid market. This includes adding up of chlorine in the process for killing particular bacteria and other microbes. Prominent companies use the chlorination process for manufacturing their product.
The monochloroacetic acid market products are in a form of dry powder, liquid and pellets. The products have various application in the end-user industry such as personal care, oil & drilling, textiles, pharmaceutical and textiles.
The major application for this market are surfactants, cellulosics, agrochemical and thioglycolic acid(TGA). There is a substantial demand for cellulosics in the market which will promote growth at the rate of 4.5% over the forecast period. The market will be dominated by surfactants segment owing to increasing application in personal care and household products. Moreover, surfactants segment is projected to cross USD 175 million by 2024.
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Asia Pacific region is likely to hold 60% share of the global monochloroacetic acid market by 2024. This region is dominated by China, Indonesia, India and Vietnam which support’s various application of the product in the end-user industry such as pharmaceutical, textile and personal care industries. Further, North America market will witness an increase by CAGR of 2.5% owing to development of pharmaceutical industry.
The leading companies in monochloroacetic acid market are S.R. Drugs, Denak, CABB GmbH, Swati Chemical, AkzoNobel, Niacet, PCC SE, Xuchang Dongfang, Shiv Chem, Shandong Minji, JUBILANT, Daicel, Abhishek Impex, Merck KGaA, Alfa Aesar, , Anugrah and Dow Chemical.
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