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WILMINGTON, Del. , Sept. 22, 2022 /PRNewswire/ -- Owing to its incredibly versatile nature, monochloroacetic acid finds applications in various end-use industries. This water soluble, crystalline, and colorless solid compound is used as a building block of several organic synthesis procedures. Rising demand for monochloroacetic acid for manufacturing of various industrial products is generating significant demand in the market. According to a latest research report, the monochloroacetic acid market is estimated to cross the value of US$ 1.2 Bn by the end of forecast period in 2031.
The monochloroacetic acid compounds are predominantly used for synthesizing CMC or carboxymethyl cellulose. Rising demand for this water-soluble cellulose from a wide range of end-use industries, including oil drilling, detergents, and food and non-food products is driving the growth of monochloroacetic acid market.
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Monochloroacetic Acid Market – Key Findings of the Report
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Monochloroacetic Acid Market – Growth Drivers
Monochloroacetic Acid Market – Key Players
The leading participants operating in the monochloroacetic acid market are CABB Group GmbH, Denak Co. Ltd., Jubilant Life Sciences Ltd., Archit Organosys Limited, IOL Chemicals & Pharmaceuticals Limited, AkzoNovel N.V., Niacet Corporation, Shandong Minji Chemical Co. Ltd., PCC SE, Meghmani Organics Ltd., and Meridian Chem Bond Pvt. Ltd. Market players are focused on increasing their production capacities in a bid to meet the rising demands from various end users. To achieve this, certain market players are also entering into joint ventures with chemical industry players.
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Monochloroacetic Acid Market – Regional Growth Dynamics
In 2021, Asia Pacific accounted for 60 % of the total volume share of the monochloroacetic acid market. Key drivers stimulating growth of this regional market include increasing demand for agrochemicals from leading countries like India and China . Furthermore, large capacities for CMC manufacturing in these countries is also favoring the rise of Asia Pacific monochloroacetic acid market.
Presence of technologically strong and well-established healthcare infrastructure and growing utilization of CMC in bio-sensing, drug delivery, and wound dressing applications are key drivers supporting the growth of Europe and North America regional markets. Latin America and Middle East and Africa combined, accounted for less than 10 % of the total market share in 2021. However, the rising research and development initiatives for energy production using CMC, are creating worthwhile growth opportunities in these regions.
Monochloroacetic Acid Market: Market Segmentation
Monochloroacetic Acid Market, by Product
Monochloroacetic Acid Market, by Application
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