by Monochloroacetic acid (MCAA) is an important intermediate chemical used in the production of carboxymethyl cellulose, thioglycolic acid, detergents and herbicides. It is known for its strong stimulant and defoliant properties. The global monochloroacetic acid market is gaining traction owing to the increasing demand for detergents, herbicides and other household products. MCAA acts as a key starting material in manufacturing a wide range of chemicals with multiple industrial and commercial applications. The global monochloroacetic acid Market is estimated to be valued at US$ 1.2 billion in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The surging demand from the end-user industries such as agrochemicals, pharmaceuticals, personal care products, etc. is accelerating the growth of the monochloroacetic acid market. MCAA is prominently used for manufacturing herbicides which are extensively deployed in agriculture sector. With the growing population worldwide, agricultural production is rising rapidly to meet the increasing food demand which in turn is boosting the sales and consumption of herbicides containing MCAA. Besides, it also finds multiple applications in pharmaceutical industries for synthesizing vitamins, hormones and antibiotics. Expanding pharmaceutical industry is thereby auguring well for the market growth over the next decade.
Segment Analysis
The global monochloroacetic acid market is dominated by the solvent segment. Monochloroacetic acid is primarily used to manufacture carboxymethyl cellulose (CMC), which is a versatile chemical primarily used as thickeners, surfactants, and emulsifiers across various industries such as food and beverages, personal care, painting and coating etc. Within the solvent segment, CMC accounts for more than 70% of the demand for monochloroacetic acid. This is because CMC requires monochloroacetic acid as a raw material for its production. Other major application segments include herbicides, cyanuric chloride, and chlorinated solvents among others.
Key Takeaways
The Global Monochloroacetic Acid Market Share is expected to witness high growth.
Regional analysis: Asia Pacific region is expected to dominate the global monochloroacetic acid market during the forecast period. This is attributed to the presence of emerging economies like China and India with strong manufacturing sectors. China, being the global leader in CMC production, accounts for over 50% of the global monochloroacetic acid demand.
Key players operating in the monochloroacetic acid market are Akzonobel, CABB, Daicel, Shandong Minji Chemical, PCC, Archit Organosys, Denak, Kaifeng Dongda Chemical Company, Meridian Chem-Bond, Niacet.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
