SEATTLE, Dec. 10, 2018 (GLOBE NEWSWIRE) -- The global chloroacetic acid market was valued at US$ 1,403.2 million in 2017 and is projected to exhibit a CAGR of 6.8% over the forecast period (2018 – 2026), owing to increasing demand for chloroacetic acid from end-use industries across the globe.
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Key Trends and Analysis in the Chloroacetic Acid Market:
Chloroacetic acid is a colorless, crystalline solid, which is majorly categorized as monochloroacetic acid and trichloroacetic acid. Chloroacetic acid has high absorption property due to which it can absorb moisture from air and form a syrup, has high-purity and its monochloroacetic acid is used for the production of a range of cosmetics, plant protection products including herbicides and insecticides, and pharmaceuticals drugs. Moreover, it is soluble in water, methanol, ethanol, and acetone, and is only sparingly soluble in chlorinated hydrocarbons and hydrocarbons.
However, government regulations for chloroacetic acid are restraining growth of the chloroacetic acid market across the globe. For instance, according to the European Chemicals Agency, producers of monochloroacetic acid (MCAA), an organic chemical used as an intermediate in the manufacturing of various products, have been fined as it pollutes the environment and is toxic. This decision further led to an investigation regarding alleged arrangements affecting competition in certain markets for MCAA.
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Key Market Takeaways:
- Among product type, trichloroacetic acid segment accounted for a significant market share in the global chloroacetic acid market in 2017, owing to increasing demand for trichloroacetic acid in agriculture industry due to its application as a thickening agent in herbicides and insecticides. It is used in herbicides with sodium salt and formulation with 2, 4-D and 2, 4, 5-T. It is formulated as a water soluble liquid or powder. The main application of trichloroacetic acid is that it is used in the treatment of grass where it is known as grass killer for perennial grasses such as Bermuda grass, quack grass, and Johnson grass, and also common crops including sugar beet, sugar cane, and canola. Salts and esters of trichloroacetic acid are also called as trichloroacetates. Trichloroacetic acid is used in biochemistry for the precipitation of macromolecules such as DNA, RNA, and proteins.
- Europe accounted for the second largest market share in the global chloroacetic acid market in 2017, owing to increasing demand for chloroacetic acid in end-use industries including agriculture and pharmaceutical industries. In agriculture industry, herbicides are prepared by alkylation with chloroacetic acid. Monochloroacetic acid is an intermediate for manufacturing of herbicides such as 2, 4, 5-trichlorophenoxyacetic acid (2, 4, 5-T), 2, 4-dichlorophenoxyacetic acid (2.4-D), and 2-methyl-4-chlorophenoxyacetic acid (MCPA). In pharmaceutical industry, monochloroacetic acid is used in the production of ibuprofen, caffeine, dichlophenac sodium, vitamins (e.g. Vitamin B), glycine, N-(P-hydroxyphenyl)-glycine (METOL), and maleanates. Growing pharmaceutical industry is expected to positively impact growth of chloroacetic acid market in the region. For instance, according to European Federation of Pharmaceutical Industries and Associations, in Europe, the pharmaceutical production was valued at US$ 270.33 billion in 2014, which increased to US$ 275.22 billion in 2015.
- Key players operating in the global chloroacetic acid market include CABB GmbH, Arkema Group, Daicel Corporation, Niacet Corporation, and Akzo Nobel N.V.
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