Monochloroacetic Acid (MCAA) Market size will surpass USD 1.2 billion by 2024; according to a new research report.
Monochloroacetic acid is the key component in the manufacturing of carboxymethyl cellulose (CMC). CMC finds application in the food industry as a thickener, viscosity modifier, and emulsion stabilizer, and is considered as a key driver for monochloroacetic acid (MCAA) market. This cellulose finds extensive usage in ice creams, and other food products. Apart from this, it is also used in non-food items such as toothpastes, paper products, textile sizing, detergents, and water-based paints. Rising demand for ready-to-eat food products as well as personal hygiene products will catalyze the CMC demand, hence propelling the monochloroacetic acid (MCAA) market largely in the forecast timespan.
Around 30% of the total monochloroacetic acid (MCAA) production in the world is used for the manufacturing of CMC, which also finds extensive usage in the oil & drilling industry. CMC is used as a viscosifier in drilling muds that help in the drilling of boreholes for extraction of oil & gas. Moreover, it also balances the physical parameters such as adjustment of viscosity, reduction of water loss, and increase in oil thixotropy. CMC also helps in preventing fungal growth in drilling mud, thereby avoiding need for addition of other preservatives and pH level indicators to it. Rising production of CMC to meet the demand from the booming oil & gas sector will also augment the monochloroacetic acid (MCAA) market demand in coming years.
Ethanol is a petroleum product and a primary raw material component used for the production process of monochloroacetic acid. Variation in the petroleum prices due to the fluctuation in the demand and supply ratio, and depleting global crude oil reserves will result in volatile raw material prices for the monochloroacetic acid (MCAA) market. This will be one of the primary restraining factor for the monochloroacetic acid (MCAA) market growth in upcoming years.
Based on the manufacturing procedure, monochloroacetic acid (MCAA) market is segmented into hydrolysis and chlorination process. Hydrolysis consists the use of sulfuric acid for the production process which acts as a catalyst. Chlorination is more prominent and involves the use of acetic anhydride in the process as a catalyst.
The monochloroacetic acid (MCAA) market is bifurcated on the basis of product as pellets, liquid, and dry powder forms. These forms of the product are used for different manufacturing processes which include medical, personal care products, textiles, and other industrial activities.
Thioglycolic acid (TGA), surfactants, agrochemicals, and cellulosics are the four major segments of monochloroacetic acid (MCAA) market based on their application. Other minor application segments include phenoxyacetic acid and cyanoacetic acid production. Cellulosics will grow at a substantial rate of around 4.5% in the forecast span to hold a major market share by 2024. The surfactants segment will foresee considerable growth due to increasing industrial, sanitary, and home care applications. The segment will grow to over USD 175 million by 2024.
Geographically, Asia Pacific will hold in excess of 60% of the worldwide monochloroacetic acid (MCAA) market share by 2024 due to a number of supporting industries including medical, personal care, and textiles in countries such as India, China, Indonesia and Vietnam. Also, the region has major agrarian economies such as China and India, which substantially contribute to the agrochemicals market. Industrial development in Asia Pacific is likely to further augment the regional monochloroacetic acid (MCAA) market in future years. North America MCAA market will witness growth with more than 2.5% CAGR in the forecast years due to major expansion in the pharmaceutical sector.
Key players involved in the entire monochloroacetic acid (MCAA) market are The Dow Chemical Company, Denak, Daicel Corporation, CABB GmbH, AkzoNobel N.V., Niacet Corporation, PCC SE, Shiv Chem Industries, Shandong Minji Chemical, Xuchang Dongfang Chemical, Jubilant Life Sciences, Merck KGaA, Abhishek Impex, Anugrah In-Org, Alfa Aesar, Swati Chemical Industries, and S.R. Drugs and Intermediates to name some.
Monochloroacetic Acid (MCAA) Market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons & revenue in USD million from 2013 to 2024, for the following segments:
Monochloroacetic Acid (MCAA) Market by Process
Monochloroacetic Acid (MCAA) Market by Product
Monochloroacetic Acid (MCAA) Market by Application
Thioglycolic Acid (TGA)
The above information is provided on a regional and country basis for the following: