Growth in Oil and Gas Activities Generates Promising Demand Opportunities in Monochloroacetic Acid Market

ALBANY, N.Y., March 1, 2021 /PRNewswire/ -- Monochloroacetic acid refers to a monochrome crystalline material produced with chlorination of acetic acid using catalyst. Apart from this, the product can be manufactured by trichloroethene hydrolysis using sulfuric acid. Monochloroacetic acid is popular as an intermediate for a wide range of chemical products. It is soluble in water and majority of organic solvents, excluding carbon tetrachloride.

Analysts at Transparency Market Research are of the opinion that the global monochloroacetic acid market will expand at a moderate CAGR of around 4% throughout the forecast period 2019–2027. The market was accounted for around US$ 815.74 Mn in 2018.

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Monochloroacetic Acid Market: Key Findings

• Carboxymethyl cellulose finds extensive application in the oil and gas drilling activities. The demand for natural gas and crude oil is increasing day by day. Owing to this scenario, there is notable growth in the oil and gas drilling activities. On the grounds of this factor, the global monochloroacetic acid market is experiencing upward curve of revenues.
• Players in this market are experiencing rising demand for their products. As a result, they are growing focus toward advancing their production capabilities. Apart from this, several market enterprises are indulging into mergers and acquisitions, collaborations, new product launches, and geographical expansion activities. On the back of all these activities, the market is expected to expand at rapid pace in the years to come.

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Monochloroacetic Acid Market: Growth Boosters

• Monochloroacetic acid is utilized in the production of carboxymethyl cellulose, which is widely employed as a viscosifier in drilling muds for drilling of boreholes at the time of oil and gas extraction activities. One of the key advantages of using carboxymethyl cellulose is its ability to balance diverse physical parameters including viscosity, which helps in decreasing the water loss and boosting the thixotropy of the oil. Apart from this, carboxymethyl cellulose helps in preventing the fungus growth during mud drilling. This assists in eliminates the requirement of pH level indicators as well as preservatives in the mud.
• Besides oil and gas industry, carboxymethyl cellulose is extensively utilized in various applications including pharmaceutical, food, detergents, and cosmetics. Thus, growing acceptance of carboxymethyl cellulose as stabilizer, thickener, dispersant, and binder is fueling demand opportunities in the market.
• Monochloroacetic acid finds wide application in the manufacturing of herbicides, carboxymethyl cellulose, and thioglycolic acid, which are further employed in the production of pharmaceuticals, plastics, cosmetics, flavors, and other organic chemicals. Thus, growing demand for all these products is likely to work as a driver for monochloroacetic acid market growth.

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Monochloroacetic Acid Market: Geographical Analysis

On regional front, the global monochloroacetic acid market is classified into five important parts, namely, North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Among all regions, Asia Pacific is one of the prominent market regions. It is expected that the enterprises in this market will gather lucrative avenues in the Asia Pacific during the assessment period 2019–2027. This market expansion can be attributed to increased demand for agrochemicals and remarkable growth in oil and gas exploration activities in this region.

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Monochloroacetic Acid Market: Well-Established Participants

The report profiles key participants working in the monochloroacetic acid market. This list includes following names:

• CABB GmbH
• AkzoNobel N.V.
• PCC SE
• Shandong Minji Chemical Co., Ltd.
• Niacet Corporation
• Jubilant Life Sciences Limited
• Denak Co. Ltd

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