Monochloroacetic Acid Market Size was USD 893.0 Million in 2020 and is Expected to Reach USD 1,169.3 Million in 2028: Reports and Data

NEW YORK, Sept. 9, 2021 /PRNewswire/ -- Reports and Data has published its latest report titled "Monochloroacetic Acid Market Size, Share & Analysis, By Process Type (Hydrolysis, Chlorination), By Product Type (Dry Powder, Liquid, Pellets, Others), By Application (Cellulosics, Agrochemicals, Surfactants, Thioglycolic Acid), And By Region, Forecast To 2028."

Monocholoroacetic acid is a critical intermediate in chemical industry owing to its extensive use in numerous organic synthesis processes due to its high reactivity. Monocholoroacetic acid is majorly used in manufacturing of Carboxymethylcellulose (CMC) and over 30% of the monocholoroacetic acid produced globally is used in the production of CMC. Monochloroacetic acid is also widely used in the agriculture industry as an intermediate in the production of agrochemicals and plant products. Monocholoroacetic acid is also a crucial intermediate in cosmetic and personal hygiene industry and is widely used in the production of betaines that are used in hair shampoos. Increasing demand for monochloroacetic acid from various end-use industries such as chemicals, agriculture, and pharmaceutical, among others, is a key factor expected to drive market revenue growth over the forecast period.

Monocholoracetic acid is also extensively used in the manufacturing of important organic chemicals and pharmaceuticals such as ibuprofen, glycine, EDTA, and as raw material for various other products. Increasing demand for home cleaning products, development of eco-friendly chemicals, and increasing use of carboxymethylcellulose in the food and beverages industry for alcoholic and non-alcoholic beverages, powdered drinks, and ice cream, among others, are some other key factors contributing to revenue growth of the market.

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Monochloroacetic acid is acidic in nature and can cause skin irritation upon direct contact among some individuals. In addition, negative effects of monochloroacetic acid on the environment and risks to humans are some key factors that can restrain market revenue growth to a certain extent over the forecast period. However, rapid advancements in manufacturing processes and improved safety of monocholoroacetic acid are expected to create lucrative growth opportunities for players in the market going ahead.  

COVID-19 Impact Analysis

• Social distancing and restrictions severely disrupted businesses and operations
• Lockdowns caused disruptions in transportation and logistics
• Impacted manufacturing activities and mining operations globally
• Took a toll on economy of various countries
• Caused sudden and drastic downturn in economic activity
• Disrupted agriculture, fisheries, dairy, and other sectors
• Caused loss of employment and financial crisis
• Supply impacts were further compounded owing to reduced disposable income
• Emergence of variants continue to cause concerns and impact normal routines

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Hydrolysis segment to dominate other process type segments:

Hydrolysis segment is expected to register a robust revenue CAGR over the forecast period, attributed to increasing use of hydrolysis process to produce monocholoroacetic acid. Hydrolysis process produces a highly pure product and this has further increased use of hydrolysis in production of monochloroacetic acid.

Dry Powder segment to register significant revenue growth:

Dry powder segment is expected to account for largest revenue share in the global market, attributed to increasing use of dry powder in various manufacturing processes such as pharmaceuticals, textiles, and other industrial applications, among others.

Surfactants segment to register steady revenue CAGR:

Monocholoroacetic acid is widely used in the manufacturing of surfactants such as mild betaine amphoteric surfactants. Increasing demand for mild and high-foaming surfactants from various end-use industries such as textiles, healthcare, and food & beverage, among others have further contributed to rising use of monochloroacetic acid, in turn, driving revenue growth of this segment.

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North America accounts for a significantly large revenue share:

North America is expected to account for a significantly large revenue share over the forecast period, attributed to increasing demand for monochloroacetic acid from various end-use industries such as agriculture, medical and pharmaceuticals, and chemical for manufacturing agrochemicals, ibuprofen, and vitamins, and as an ingredient in topical creams. In addition, presence of key manufacturers in the region is also a key factor contributing to revenue growth of the market.

Asia Pacific to register significant revenue growth:

Asia Pacific is expected to register significantly rapid revenue growth over the forecast period owing to increasing demand for and use of monochloroacetic acid for cellulosis, agrochemicals, high-foaming surfactants, and personal care products, among others. In addition, rapid progress of the chemical and materials industry and rising demand for monocholoracetic acid from other end-use industries have contributed significantly to revenue growth of the market in the region. Increasing advancements and developments in the textile industry in countries in Asia Pacific such as Indonesia, India, and China, among others, is further boosting demand for monochloroacetic acid and is expected to fuel revenue growth of the market in the region.

Major Companies in the Market:

• AkzoNobel N.V.
• CABB GmbH
• Daicel Corporation
• Denak Co. Ltd.
• The Dow Chemical Company
• PCC SE
• Niacet Corporation
• Xuchang Dongfang Chemical Co. Ltd.
• Shandong Minji Chemical Co. Ltd.
• Shiv Chem Industries

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Market Segmentation:

For the purpose of this report, Reports and Data has segmented into the global monochloroacetic acid market on the basis of process type, product type, applications, and region:

Process Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)

• Chlorination
• Hydrolysis

Product Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)

• Dry Powder
• Liquid
• Pellets
• Others

Applications Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)

• Cellulosics
• Agrochemicals
• Surfactants
• Thioglycolic Acid
• Others

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Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Italy
• BENELUX
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East & Africa
• Saudi Arabia
• U.A.E.
• South Africa
• Rest of MEA

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Some points on how the report benefits stakeholders:

• The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
• Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
• The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
• The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
• Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
• The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.

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