Size of Chloroacetic Acid Market Predicted to Hit US$1,054.7 Billion By 2030, Reports Insights

New York, May 04, 2023 (GLOBE NEWSWIRE) -- According to the report by Reports Insights, the chloroacetic acid market was valued at USD 879.5 billion in 2022 and is projected to reach USD 1,054.7 billion by 2030, growing at a CAGR of 3.7%. The global chloroacetic acid market is expected to see significant growth in the coming years, driven by rising demand from various end-use industries such as pharmaceuticals, personal care, and agrochemicals.

Key Market Highlights

• Globally, chloroacetic acid is divided based on types into dichloroacetic acid and trichloroacetic acid.
• Based on the application, the market is divided into chemical intermediate, alkylating agent, herbicide, bacteriostat, preservative, metal derivatives, and others. Sample Request Now
• On the basis of end-user, the market is classified into personal care, pharmaceuticals, agrochemicals, geological drillings, the chemical industry, dyes and detergents, and others.
• The market is geographically divided into five regions: Europe, Latin America, Asia-Pacific, North America, and the Middle East and Africa.
• North America is estimated to support the market growth during the forecast period due to the growing pharmaceutical industry particularly in the U.S. combined with increasing investments by market players in R&D to develop new sustainable production processes in the region.

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Chloroacetic acid is industrially identified as monochloroacetic acid and is a colorless, crystalline organic compound with the chemical formula ClCH₂CO₂H. Industrially monochloroacetic acid is prepared by two methods including chlorinating acetic acid using a catalyst known as acetic anhydride and by hydrolyzing trichloroethylene using sulfuric acid. Chloroacetic acid is a highly corrosive substance that is used as a chemical intermediate for the production of various pharmaceuticals and insecticides.

Moreover, in the pharmaceutical industry, chloroacetic acid is used as a key intermediate in the production of a variety of drugs such as antibiotics, antiviral agents, and anesthetics. For instance, as per the report published by Statista, the revenue in the pharmaceuticals market amounted to USD 1,163 billion in 2023 and is expected to reach USD 1,435 billion by 2027. Hence, the growing pharmaceutical industry is proliferating the demand for chloroacetic acid.

In addition, chloroacetic acid is used in the production of dyes, surfactants, and textile auxiliaries, and as a reagent in the organic synthesis of photographic film. Further, they are used in the large-scale production of thickening agents including carboxymethyl cellulose and carboxymethyl starch. Thus, the aforementioned factors are driving the demand for the chloroacetic acid market.

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Global Chloroacetic Acid Market Segmentation Details:

Based on Types, in 2022, the dichloroacetic acid segment accounted for the largest market share in the chloroacetic acid market owing to low toxicity and better solubility in water making them suitable for cosmetic treatments including tattoo removal and chemical peels. Additionally, they are used as a chemical intermediate in pharmaceuticals and as a medication for the chemoablation of warts, including genital warts. As a result, the aforementioned applications are proliferating the segment growth.

Based on Application, in 2022, the herbicide segment accounted for the largest market share in the chloroacetic acid market due to the widespread use of chloroacetic acid in the manufacturing of herbicides including glyphosate and dimethoate. Further, the growing adoption of herbicides in the agricultural industry to improve the moisture content of the soil and protect the crops from different kinds of weeds is bolstering the demand for chloroacetic acid. For instance, as per the report published by Statista, the global herbicides market amounted to be USD 39.4 billion in 2021 and forecasted to reach USD 48.9 billion in 2027. Hence, the increasing demand for high-quality food is bolstering the need for herbicides, in turn, driving the demand for chloroacetic acid.

Based on End-User, the personal care segment is anticipated to offer substantial shares to the global chloroacetic acid market growth during the forecast period. In the personal care industry, chloroacetic acid is used in the manufacturing of amphoteric surfactants that are used in hair shampoos. Further, chloroacetic acid is used in permanent hair styling formulations and in the production of hair care products including conditioners and hair masks due to foaming property, in turn, expected to drive the segment growth.

Based on region, in 2022, Asia Pacific accounted for the largest market share in the chloroacetic acid market due to increasing investment in the healthcare sector, particularly in countries including India and Malaysia. For instance, as per the report published by Statista, in 2022, the revenue in the health care segment is amounted to be USD 543.80 million in 2023 and is expected to reach USD 827.50 million by 2027. Thus, the growing healthcare sector is driving the need for chloroacetic acid for the production of various drugs.

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Recent Developments

• In April 2021, Nouryon Chemicals Holding B.V. and Atul Ltd. successfully commenced production at Anaven, which has the largest monochloroacetic acid (MCA) production site in India with a current capacity of 32,000 tons of monochloroacetic acid per year. The MCA produced is used variety of products, such as adhesives, pharmaceuticals, and crop protection chemicals.
• In September 2022, Nouryon signed a definitive agreement to acquire ADOB Fertilizers. The acquisition will enable Nouryon to expand its product portfolio and broaden its offerings for customers in the crop nutrition market.

List of Major Global Chloroacetic Acid Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —

• • CABB Group GmbH
  • PCC Group
  • Denak Co. Ltd
  • VWR International, LLC.
  • Nouryon Chemicals Holding B.V.
  • Merck KGaA
  • Alfa Aesar (Thermo Fisher Scientific)
  • TerraTech India Pvt. Ltd.
  • IOL Chemicals & Pharmaceuticals Limited
  • Meridian Chem Bond Pvt. Ltd.

Global Chloroacetic Acid Market Segmentation: 

• By Type
  • Dichloroacetic Acid
  • Trichloroacetic Acid
• By Application
  • Chemical Intermediate
  • Alkylating Agent
  • Herbicide
  • Bacteriostat
  • Preservative
  • Metal Derivatives
  • Others
• By End User
  • Personal Care
  • Pharmaceuticals
  • Agrochemicals
  • Geological Drillings
  • Chemical Industry
  • Dyes and Detergents
  • Others

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