Monochloroacetic Acid is Estimated to Witness High Growth Owing to Demand for Production of Carboxymethyl Cellulose (CMC)

 

Monochloroacetic Acid Market

Monochloroacetic acid (MCAA) is an organic compound primarily used in the production of carboxylmethyl cellulose (CMC) and glyphosate. CMC finds wide applications in detergents, food products, oil drilling muds, ceramics manufacturing, and pharmaceuticals among others. Glyphosate is the active ingredient in many popular herbicide formulations. 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:

 

Growing demand from chemical industries is one of the key drivers propelling the monochloroacetic acid market growth. Monochloroacetic acid serves as an important chemical intermediate for synthesizing glyphosate and carboxylmethyl cellulose. Widescale utilization of these chemicals across various end use industries such as food & beverage, oil & gas, detergents, and agriculture has created high demand for monochloroacetic acid. Furthermore, expansion of agrochemical industry in developing regions of Asia Pacific and Latin America is also boosting the consumption of glyphosate herbicide which in turn is benefitting the monochloroacetic acid market.

 

SWOT Analysis

Strength: Monochloroacetic acid has wide application in various end use industries like herbicides, home & personal care products, chemical intermediates etc. which ensures stable demand. Production of MCA requires basic raw materials and technology which are easily available. The established production facilities and supply chains of key players provide reliable supplies.

 

Weakness: Fluctuations in raw material prices especially of ethylene and chlorine can impact production costs. Stringent environmental regulations regarding its production and disposal may increase compliance costs. concerns have been raised about possible health effects of occupational exposure to MCA.

 

Opportunity: Growing demand for carboxymethyl cellulose (CMC) used in oil drilling applications and pharmaceutical excipients offers opportunities for MCA consumption. Increasing demand for home and personal care products in developing countries presents an avenue for volume growth.

 

Threats: Availability of substitutes like other chloroacetic acid derivatives can pose competition over time. Environmentally safer alternatives being developed for end use applications may impact future acceptance of MCA. Trade policies or geopolitical issues can disrupt supply chains.

 

Key Takeaways

The Global Monochloroacetic Acid Market Size is expected to witness high growth.

Regional analysis comprises- Asia Pacific currently dominates and is expected to maintain its leading position during the forecast period. China accounts for over half of global MCA capacity owing to presence of large production facilities and availability of raw materials.

 

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 is one of the largest producers with integrated production facilities located at multiple sites globally.


Get More Insights Here

https://www.newswirestats.com/monochloroacetic-acid-market-size-share-growth-outlook-2023/

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