Market Definition:
Monochloroacetic Acid (MCAA) Market is having a prolific run at present and can expect a safe passage growth-wise is owing to its popularity in the agricultural sector. Monochloroacetic acid is a specialty organochlorine compound that is colorless, crystalline structured mass, and highly soluble in water. The product is becoming widely popular in all the major agricultural countries where the cultivability and infertility of land are perturbing issues. The component is also required in the production of carboxyl methyl cellulose (CMC), a necessary water retention agent and viscosity modifier for oil drilling activities. The global monochloroacetic acid market is expecting robust growth with which it can exceed the expected market valuation during the forecast period (2019-2023), explains Market Research Future (MRFR). This extensively studied report encompasses segmental analysis depending on various parameters, drivers that can impact the global market significantly in the coming years, and the latest updates of different market players.
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Market Scenario and Growth Factors:
Monochloroacetic Acid Market is becoming popular among pharmaceutical manufacturers where its use as a component in the production of maleates, ibuprofen, diclofenac sodium, n-glycine, and others. Personal care and cosmetics industry is also having significant use of the component as a thickener. In the production of PVC resins, the component is gaining traction as well. As a by-product of monochloroacetic acid, sodium chloroacetate is garnering accolades as herbicide which can propel the monochloroacetic acid market growth. In the textile industry, monochloroacetic acid finds use as an intermediate in the production of indigo dyes. The demand is burgeoning as the fashion industry is finding it challenging to maintain the pace with the constantly changing trends of fashion. But the monochloroacetic acid market can find it difficult to stay apace as the price of the raw materials fluctuates quite often.
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.)
- Anugrah IN-ORG (P) LIMITED (India).
In 2019, PCC SE declared their plan to expand their monochloroacetic acid plant in Poland to keep up with the demand generated by various end-user industries. The production capacity would increase from 42,000 metric tons to 100,000 metric tons.
AkzoNobel and Atul agreed on setting up a production unit in Gujarat in 2019. AkzoNobel plans to expand their incremental investments through this tie-up. Both the companies would benefit from their plans. Atul’s growing popularity would be substantiated by the production.
Segmentation:
MRFR segments the Monochloroacetic Acid Market by form, application, and end-use industry for a better understanding of the market prospect in the coming years.
Based on the form, the monochloroacetic acid market can be segmented into crystalline, liquid, powdered, and flakes.
Based on the application, the monochloroacetic acid market includes carboxyl methyl cellulose, thioglycolic acid, thickening agent, surfactants, intermediates, and others. As a thickening agent, its utility in food & beverage industry is quite substantial.
The end-user segment of the monochloroacetic acid market comprises agrochemicals, pharmaceuticals, cosmetic & Personal care, textiles, plastics, oil & gas, and others. The component is witnessing significant traction from the agrochemicals sector and having a great run in the pharmaceuticals.
Regional Analysis:
MRFR report region-specifically segments the monochloroacetic acid market into North America, Europe, Latin America, Asia Pacific (APAC), and the Middle East & Africa (MEA).
Growing demand from agriculture, textile, and pharmaceuticals are boosting the APAC market, riding on which the region is fetching the maximum market share. Furthermore, a lot of major companies are based out of India, China, and Japan which is substantially assisting the market in having unprecedented growth.
North America has the second largest market. The regional market is getting driven by the pharmaceutical industry and the personal care & cosmetic industry. Europe and Latin America are also going to register a significant hike in terms of revenue.
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