Newark, March 28, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 891.56 million monochloroacetic acid market will reach USD 1,269.84 million by 2032. Hydrolysis of trichloroethylene and chlorination of acetic acid produces mono-chloroacetic acid, a colourless crystalline compound with a pungent smell. A surge in agrochemical production to boost farm production capacity is a significant reason for the growth of the monochloroacetic acid market size in the present world. Due to the widespread use of MCA acid in several end-use industries, sales of monochloroacetic acid have been supplemented during the last couple of years.
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Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the most significant mono-chloroacetic acid market share. Rising demand for monochloroacetic acid (MCA) has led to increased consumption in China and India due to the personal care and pharmaceutical industries. Increasingly, people are concerned about cleanliness and hygiene, which has increased personal care products, detergents, and washing soaps. MCA is needed to create a range of unique care products, so demand is expected to increase.
Crystalline dominated the market with the most significant market revenue of USD 379.8 million.
Crystalline dominated the market with the most significant revenue of USD 379.8 million. Due to the easy manufacturing process and low expenses of crystalline form, the segment is expected to grow over the forecast period. Chemically it is known as chlorocaetic acid, It is widely used as a thickening agent and in organic synthesis.
Carboxymethylcellulose accounted for the largest share of the market, with a market revenue of USD 263.9 million.
Carboxymethylcellulose accounted for the largest share of the market, with a market revenue of USD 263.9 million. In addition to oil and gas, material, paints and coatings, food, and drink, carboxymethylcellulose (CMC) is the most significant user of monochloroacetic acid. It has the fastest-growing segment in the market, surfactants. The increasing use of this product in detergents, wetting agents, emulsifiers, and frothing agents, which are incorporated into a few individual concern products, is expected to drive market growth.
Advancement in Market
● In April 2021, In Gujarat, India, Atul Limited and Nouryon successfully opened a joint venture called Heaven to meet the rapidly growing requirements of agriculture, personal care, and pharmaceutical markets. As of today, the company produces 32,000 tons of monochloroacetic acid (MCA) at its production facility.
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Market Dynamics
Drivers: Rising demand in the oil & gas sector
In the oil & gas industry, this acid is used in drilling procedures requiring large quantities of carboxymethylcellulose. Considering such a wide range of applications, monochloroacetic acid is expected to experience a significant increase over the next seven years. The volatility in raw material prices may considerably threaten the market's growth. Ethanol is a petroleum product and is one of the most important raw materials used to produce this acid.
Restraint: Fluctuating raw material price
It is evident that the market is growing immensely, but a few factors are making it difficult to grow, such as fluctuating raw material prices and high transportation costs; these factors hamper the market growth.
Opportunity: Widely used in hair styling products
Thioglycolic acid is also used in hair care products, such as shampoos, conditioners, and hair masks. It is used in permanent hair styling formulations and can also be manufactured using mono chloroacetic acid (MCA).
Challenge: Direct contact with skin results in severe irritation
Health issues associated with monochloroacetic acid may pose a huge challenge to market growth. When it comes in direct contact with the skin, the person may develop severe irritation. Apart from this, coughing and sneezing are some of the side effects of monochloroacetic acid.
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Some of the major players operating in the monochloroacetic acid market are:
● IOL Chemicals And Pharmaceuticals
● Shijiazhuang Banglong Chemical
● CABB
● Chongqing Seayo Chemical Industry
● Dow
● Shri Chlochem
● Luzhou Hepu Chemical
● Daicel
● Gold Power
● Yichang Jinxin Chemical
● Meridian
● China Pingmei Shenma Group
● PCC SE
Key Segments cover in the market:
By Product Form:
● Flakes
● Crystalline
● Liquid
By Application:
● Agrochemicals
● Thioglycolic Acid
● Carboxymethylcellulose
● Surfactants
● Others
About the report:
The global monochloroacetic acid market is analyzed based on value (USD million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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