Global chloroacetic acid market is expected to grow at a CAGR above 2% from 2015 to 2022. Growing application of this chemical in end-use industries such as healthcare, petrochemical, textiles, and personal care is expected to be a promising factor for the market.
Increasing use of the product and its derivatives in tin stabilizers for processing polyvinyl chloride, in oil field applications and surfactants is expected to be a favorable factor. In addition, it constitutes industrial applications for manufacturing cellulose ethers, herbicides, and thioglycolic acid.
Chloroacetic acid is a halogenated derivative of acetic acid which is used in manufacturing drugs, drilling fluids, pesticides, and dyes. Growing agriculture industry in Brazil, India, and China on account of favorable government regulatory support coupled with raw material access is expected to promote demand for pesticides which in turn will promote industry growth. EPA and the European Commission have framed regulatory norms aimed at reducing volatile organic compounds (VOC) emissions, which has resulted in increasing demand for bio-based chemicals and will hamper the industry.
The product is a strong keratolytic and caustic topical agent, and hence finds application scope in various medicines for treating veruccae, atherosclerosis, and skin lesions. Rising cases of demographic aging in countries such as Japan and the U.S. are expected to have a positive impact over the forecast period.
Asia Pacific will be a lucrative industry over the forecast period on account of rising agricultural industry in India and China amid regulatory inclination to increase production output at domestic level. Development of pesticides, dyes, pharmaceutical, and chemical industries in China owing to low manufacturing cost and easy raw material access is expected to drive the market. In February 2014, the Government of India announced the “Draft National Chemical Policy” aimed at increasing chemical output at domestic level from 3% to 6% by 2020. This policy will provide new opportunities for the manufacturers.
North America is expected to be a potential industry on account of introduction of hydraulic fracturing which has led to increasing production of natural gas and crude oil at a domestic level. Rising exploration and drilling of shale deposits in the U.S. for production of natural gas at domestic level is expected to augment the market for drilling fluids which in turn will propel the chloroacetic acid demand over the forecast period.
Europe is expected to be a lucrative industry owing to the presence of dominant cosmetic manufacturers. Growing application scope of chloroacetic acid for manufacturing betaines and imidazolines, which are used for making personal care products, is expected to be a favorable factor for the industry. In addition, this compound finds application in iron ore and taconite mining industry. Robust metal mining base in South Africa is expected to keep manufacturers in the vicinity.
Positive construction outlook in Brazil in vague of upcoming Summer Olympics 2017 is expected to increase demand for drilling fluids and thus propel the products’ demand over the next seven years. In 2015, Government of Brazil announced infrastructure projects aimed at improving country’s productivity with construction of airports, ports, railways, and roads. This announcement is expected to open new market avenues for manufacturers over the forecast period.
Major players in this sector include Akzo Nobel, CABB GmbH, Daicel, Solvay, Niacet, Dow Chemical Company, Denak Co. Ltd and MCAA SE. In 2015, Shell announced their Appomattox deepwater project intended for constructing largest deepwater platform in the Gulf of Mexico which will increase the production growth of crude oil. This project is likely to open new opportunities for exploration and drilling activities, thereby providing novel market prospects for chloroacetic acid players over the next seven years.
Avail customized purchase options to meet your exact research needs:
Get your queries resolved from an industry expert.
Design an exclusive study to serve your research needs.
A testimonial for service in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.
"The quality of research they have done for us has been excellent..."