by Market Overview:
Monochloroacetic acid is an important industrial chemical used in the production of glycine, polyacrylamide gels, and detergent builders. Glycine is used as an inhibitory neurotransmitter and in the manufacturing of gelatin. Monochloroacetic acid also finds applications as an herbicide for controlling weeds in food crops like potatoes and sugarcane.
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 key trends:
Growth in the pharmaceutical industry driven by increasing healthcare spending has boosted the use of monochloroacetic acid. It is used to synthesize glycine which is the main precursor used in the manufacture of cephalosporin antibiotics. Glycine also finds use as an inhibitory neurotransmitter and thus the growing demand from the pharmaceutical sector has spurred the monochloroacetic acid market. Demand from other end-use industries such as agrochemicals and personal care is also augmenting market expansion over the forecast period.
SWOT Analysis
Strength: Monochloroacetic acid has wide applications in several end use industries such as herbicide production, pharmaceutical manufacturing etc. It is widely used for production of carboxymethyl cellulose and thioglycolic acid.
Weakness: Stringent regulations and policies regarding the production, trade and usage of monochloroacetic acid due to its hazardous nature. High dependence on China for raw material supply.
Opportunity: Increasing demand for crop protection chemicals from emerging economies of Asia Pacific and Latin America. Growing pharmaceutical industry worldwide due to rising health awareness.
Threats: Availability of substitutes such as dichloroacetic acid and availability of alternatives for certain applications hinders the market growth. Fluctuations in raw material prices impact the overall production cost.
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 for carboxymethyl cellulose from various end use industries such as food & beverages, paper, personal care etc.
Regional analysis – Asia Pacific dominates the global monochloroacetic acid market and is expected to grow with highest CAGR during forecast period. China accounts for major shares in global production due to availability of raw materials. North America and Europe are other major markets driven by increasing demand from agrochemicals industry.
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 over 20% share owing to its integrated production facilities and long presence in the market. CABB group and Niacet corporation also have significant presence in European region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
