The global monochloroacetic acid market is expected to witness significant growth over the next seven years. Surge in demand from major end-use industries is expected to drive the overall market demand. A halogenated derivative of acetic acid which is used for producing a variety of compounds and its intermediates is known as monochloroacetic acid. Monochloroacetic acid is used for producing carboxy methyl cellulose (CMC) and thio glycolic acid (TGA), which are extensively used as plant stabilizers. Less arable land, increasing population and increasing need for agricultural products is anticipated to be beneficial for the overall market growth. The agriculture industry has witnessed brisk rise over the past few years in North America. These acids are most significantly used in fertilizers as well as insecticides. Its byproducts include 2, 4-dichloro phenoxy acetic acid, n-phosphono methyl glycine, dimethoate, 2-methyl 4- chloro phenoxy acetic acid, chloroacetyl chloride2, 4, 5 - trichloro phenoxy acetic acid and trichloroacetyl chloride.
The pharmaceutical industry holds immense use for monochloroacetic acid. It is used for the production of maleanates, ibuprofen, n-glycine, dichlophenac sodium, and vitamins. Monochloroacetic acids are an extremely strong keratolytic and caustic topical agent that is used in various medicines for the treatment of skin lesions, veruccae and atherosclerosis. Growing cases of demographic aging in countries such as the U.S. and Japan is expected to result in the growth of the medical industry and thereby benefit the overall monochloroacetic acid market growth. This acid is also used in various chemical industries. Monochloroacetic acid is converted to sodium chloroacetate and then reacted with alkali cellulose to produce carboxy methyl cellulose (CMC). Sodium chloroacetate which is a byproduct of monochloroacetic acid is used in herbicides. Growing herbicides demand is expected to benefit the global monochloroacetic acid market growth. Other chemicals, which requires this acid in their manufacturing include mercapto acetic acid, carcosines, glycolic acid, chloro acetamides, substituted guar-gums, chloroacetic acid esters, coumarin, phenoxy acetic acid, barbituric acid, cyano acetic acid, ethylene diamine etetra acetic acid, malonic acid, amino acetic acids, malono nitrite.
Growing population in emerging and change in fashion sense resulted in surge in demand for clothing and the textile industry. This also expected to have a positive impact on the overall monochloroacetic acid industry. The textile industry uses this acid as an intermediate for the fusion of indigo dyes. Betaine amphoteric surfactant which is a byproduct of monochloroacetic acid is used in the production of various hair products. The plastic industry uses monochloroacetic acid for processing PVC resins. The oil & gas industry includes this acid in drilling purposes, which requires carboxy methyl cellulose in bulk. Such diverse range of applications is expected to drive the overall monochloroacetic acid demand over the next seven years. However, volatile raw material prices may emerge as a major concern for the market growth. Ethanol which is one of the most important raw materials used in the production process of this acid is a petroleum product.
North America monochloroacetic acid market dominated the overall market share. High agriculture spending in the U.S., Canada, and Mexico played a critical role in shaping the regional market demand. Asia Pacific is expected to witness the highest demand for this acid over the next seven years. Increase in textile industry in countries such as India, Thailand, China, Vietnam, Malaysia, Bangladesh, and Indonesia has dominated the regional market growth. Europe is expected to observe considerable market growth over the forecast period.
Global monochloroacetic acid industry participants include AkzoNobel NV, Daicel Corporation, CABB Gmbh, Denak Co. Ltd., The Dow Chemical Company, MCAA SE, and Niacet Corporation. There are numerous small to medium scale business partners present in the industry and they account for a major section in the overall market revenue share. The market is fragmented. There are large numbers of suppliers resulting in low switching costs for the companies. This phenomenon gives the industry participants an upper position and gain revenue share. R&D investments to start up with innovative technology and means to avoid volatile raw material prices are expected to create ample opportunities for the market participants.
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