Monochloroacetic Acid Market Is Estimated To Witness High Growth Owing To Expanding End-Use Applications
Market Overview:
Monochloroacetic acid is an important intermediate compound widely used in the manufacturing of carboxymethyl cellulose (CMC), thioglycolic acid, vitamin B1, and herbicides. CMC has major applications in the food, cosmetics, pharmaceutical industries and oil drilling industries as a viscosifier and thickener. Thioglycolic acid is used in permanent waving and straightening of hair. Monochloroacetic acid based herbicides are also used extensively in agriculture.
The Monochloroacetic Acid market is estimated to be valued at US$ 941.62 Mn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The expanding end-use applications of monochloroacetic acid in industries such as pharmaceutical, personal care & cosmetics, and agriculture is expected to drive the market growth over the forecast period. Monochloroacetic acid is a key intermediate in manufacturing several vitamins such as riboflavin (vitamin B2), pantothenic acid (vitamin B5), and pyridoxine (vitamin B6). The rising demand for vitamins from the pharmaceutical industry is thus expected to boost the monochloroacetic acid market. Furthermore, the increasing demand for personal care products such as shampoos and hair colors where thioglycolic acid is used is also projected to fuel the market growth of monochloroacetic acid.
SWOT Analysis
Strength:
- Monochloroacetic acid is used as an important chemical intermediate in production of agrochemicals and pharmaceuticals which drives its high demand.
- Established production facilities of key manufacturers ensures consistent supply of monochloroacetic acid.
- Availability of raw materials and advanced technologies allows efficient production of monochloroacetic acid.
Weakness:
- Stringent environmental regulations regarding production and disposal of monochloroacetic acid increases compliance costs for manufacturers.
- Volatility in prices of raw materials such as chlorine can negatively impact profit margins of manufacturers.
Opportunity:
- Growing demand for carbadox pre-mixes as livestock feed additives in Asia Pacific provides opportunities for increased consumption of monochloroacetic acid.
- Increasing usage of monochloroacetic acid in production of thioglycolic acid used in permanent waves and hair relaxer products offers scope for market growth.
Threats:
- Availability of substitutes such as dichloroacetic acid poses competition to monochloroacetic acid.
- Fluctuations in foreign currency exchange rates can influence pricing and supply of imported raw materials.
Key Takeaways
The Global Monochloroacetic Acid Market Size is expected to witness high growth, exhibiting CAGR of 3.6% over the forecast period, due to increasing demand from agrochemical and pharmaceutical industries.
Asia Pacific region currently dominates the MCA market and is expected to grow at fastest rate during forecast period owing to rapid industrialization and increasing population in China and India.
Key players operating in the Monochloroacetic Acid market are AkzoNobel N.V., CABB Group GmbH, Niacet Corporation, and Denak Co. Ltd. AkzoNobel N.V. is the global leader and supplies over 30% of world's demand for MCA. CABB Group is another major producer based in Germany. Niacet focuses on specialty niche segments in North America, while Denak is a leading domestic producer in Japan.
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