The monochloroacetic acid market assures to grow as the most leading market as it has been playing a crucial role in impressing positive impacts on the economy across the world. Market Research Future has published a new report stating that global monochloroacetic acid market is proliferating remarkably and will continue with the same pace of growth during the forecast period. Monochloroacetic acid (MCAA) is also known by another name of chloroacetic acid, which is a specialty organ chlorine compound. It is, in general, colorless, crystalline structured mass and highly soluble in water.
Key Market Players
The key manufacturers functioning in the global monochloroacetic acid market are named as Akzo Nobel N.V. (Netherlands), CABB GmbH (Germany), Daicel Corporation (Japan), Denak Co., Ltd (Japan), The Dow Chemical Company (U.S.), PCC SE (Germany), Niacet (U.S.), Xuchang Dongfang Chemical Co. Ltd. (China), Shandong Minji Chemical Co., Ltd. (China), Shiv Chem Industries (India), Abhishek Impex (India), Merck KGaA (Germany), Jubilant Life Sciences Ltd. (India), Alfa Aesar, Thermo Fisher Scientific (U.S.), and anugrah IN-ORG(P) LIMITED (India).
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Market Drivers & Trends
The global monochloroacetic acid market is mostly driven by the factor such as intensifying demand for agrochemicals in the foremost agricultural countries such as India, Brazil, China, and many others. It has also been studies that lack of cultivable land and infertility of soil are the primary drivers of the global monochloroacetic acid market. The monochloroacetic acid is used in the production of carboxyl methylcellulose (CMC), which is essential in bulk for oil drilling events such as a viscosity modifier and water retention agent, which is possible to drive the market growth over the assessment period.
Additionally, the monochloroacetic acid grabs an essential place in the pharmaceutical industry, and majorly is used for producing drugs, namely maleates, ibuprofen, diclofenac sodium, n-glycine, and many others. The monochloroacetic acid is also used widely as a thickening agent that offers proper texture to the cosmetics and personal care products. Apart from this, factors such as the escalating demand for cosmetic & personal care products across the globe, owing to rising awareness amongst the consumer is probable to fuel the market growth during the assessment period.
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Moreover, monochloroacetic acid is also used in the processing of PVC resins, which is probable to thrust the product demand in the plastic industry. However, on the flip side, factors such as fluctuations in raw material prices may stand as a challenge to the market growth over the assessment period. On the other hand, depletion of oil & gas reserves is another concern that may hold back the global monochloroacetic acid market growth.
On the contrary, the key market players are also focusing on significant developments such as mergers, joint ventures, acquisition, and others to reinforce their business position in the market. In this support, the study mentions that CABB, a German-based manufacturer of MCAA, came into a joint venture with Jining Gold Power, China in April 2016 to fortify their foothold in the Asian market. In May 2017, AkzoNobel and Atul Ltd permitted for a joint venture partnership for the production of monochloroacetic acid in India by launching a new plant at Atul’s facility in Gujarat. These developments have taken the global monochloroacetic acid market to greater heights over the years and expected to surge at a rapid pace in the years to come.
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Market Segmentation
The global monochloroacetic acid market is segmented by the form, application, end-use industry, and region.
In terms of the form, the global monochloroacetic acid market has been segmented into crystalline, liquid, powdered, and flakes.
The global monochloroacetic acid market is segmented in terms of the application as carboxyl methylcellulose, thioglycolic acid, thickening agent, surfactants, intermediates, and others.
In terms of the end-user industry, the global monochloroacetic acid market is segmented as agrochemicals, pharmaceuticals, cosmetic & personal care, oil & gas, textiles, plastics, and many others.
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Regional Outlook
The global monochloroacetic acid market is covered across crucial regions, namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The Asia Pacific led after having a significant share of the global monochloroacetic acid in 2016 owing to rising demand from various end-use industries such as agrochemicals, pharmaceuticals, and textiles. The optimistic demand for agrochemicals for mounting agricultural activities in the Association of Southeast Asian Nations (ASEAN), China, and India is expected to enhance the MCAA demand in the Asia Pacific market.
North America positioned to be the second-largest region in the global monochloroacetic acid market in support of rising demand from the pharmaceuticals and cosmetic & personal care industry. The swift rise in the agriculture sector in the U.S. is also an essential driver of market growth. Europe is anticipated to nurture at a considerable CAGR due to the high production from the pharmaceutical industry in the region. In the last, Latin America has projected to eyewitness a remarkable growth owing to the mounting agriculture and personal care industries. Apart from this, the increasing product demand as a water retention agent and viscosity modifier in exploration & drilling of oil deposits are probable to drive the global monochloroacetic acid market in countries in the Middle East region.
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