Monochloroacetic Acid Market Estimated to Witness High Growth Owing to Rising Demand from Carboxymethylcellulose Production
Monochloroacetic acid (MCAA) is an important industrial chemical that finds key applications in the production of carboxymethylcellulose (CMC), herbicides, and drugs. It is a colourless crystalline solid and acts as a building block in various chemical production processes. CMC derived from MCAA finds wide usage in food & beverages, pharmaceuticals, cosmetics, paper processing among others as a viscosifier and stabilizer.
The global monochloroacetic acid Market is estimated to be valued at US$ 941.62 Mn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The monochloroacetic acid market is driven by rising demand from carboxymethylcellulose production globally. CMC is majorly consumed in food & beverages industry for its thickening and stabilizing properties. Growing processed food industry worldwide has augmented the demand for CMC over the years. Additionally, increasing population and rise in disposable income in developing economies is positively impacting the growth of ready-to-eat and packed food market which in turn is driving the production of CMC and MCAA. Another factor fueling the MCAA market growth is its increasing usage in herbicides manufacturing. Rapid growth of agricultural sector across the globe along with growing requirement for high crop yields is propelling the demand for herbicides. This will subsequently boost MCAA consumption over the next few years.
SWOT ANALYSIS
Strength: Monochloroacetic acid has wide applications in production of carboxymethyl cellulose and thioglycolic acid which are crucial components in Personal care products. Its usage reduces corrosion in oilfields and acts as herbicide. It is also used as building block for synthesis of numerous agrochemicals and pharmaceuticals.
Weakness: Monochloroacetic acid is highly corrosive and toxic in nature. Improper handling during transportation and storage can lead to accidents. Stringent regulations regarding its production and disposal may increase cost of operations for manufacturers.
Opportunity: Rising demand for crop protection chemicals and increasing need for effective herbicides from agriculture industry provides growth opportunities. Expanding personal care and pharmaceutical sectors also demand monochloroacetic acid and its derivatives.
Threats: Volatility in raw material prices especially caustic soda and chlorine can impact profit margins. Presence of substitute products and easy availability of smuggled variants pose competition challenges.
KEY TAKEAWAYS
The global Monochloroacetic acid market size is expected to witness high growth. The global monochloroacetic acid Market is estimated to be valued at US$ 941.62 Mn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030.
Asia Pacific dominates the global market and is projected to maintain its lead position during the forecast period. Abundant raw material availability and presence of major manufacturing companies have strengthened Asia Pacific's position.
Key players related content comprises Key players operating in the Monochloroacetic acid market are AkzoNobel N.V., CABB Group GmbH, Niacet Corporation, and Denak Co. Ltd. AkzoNobel dominates the global market with largest production capacity and market share. CABB Group holds significant share in European region. Niacet and Denak have extensive presence in North American market.
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