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The global monochloroacetic acid market exhibited moderate growth during 2015-2020. Also known as chloroacetic acid, monochloroacetic acid (C2H3ClO2) is a colorless crystalline compound that is produced by the chlorination of acetic acid. It is generally stored in the form of flakes and aqueous solutions for easy transportation. As it is soluble in water and organic solvents, it is widely used as an herbicide, preservative and bacteriostat. It is also utilized as an intermediate in the production of other chemicals, such as carboxymethylcellulose (CMC), phenoxyacetic acid and thioglycolic acid (TGA).
The market is being driven by the extensive utilization of monochloroacetic acid (MCA) in various end-use industries. Due to rapid industrialization, growing population and a decrease in the availability of arable land, there is a rise in the sales of agrochemicals to boost farm production. As MCA is utilized in the production of herbicides, fertilizers and pesticides, including CMC and TGA, this trend has spurred its demand in the agrochemical industry. It also finds applications in the pharmaceutical and cosmetics industries around the world. Moreover, as MCA is a potent keratolytic and caustic topical agent, it is utilized in the production of numerous drugs and the treatment of skin lesions and atherosclerosis. MCAA is also gaining preference as an alternative to cryotherapy for common and plantar warts in primary care as it effectively reduces pain during the treatment. Furthermore, it is employed as an intermediate in the textile industry; in the production of several hair products in the personal care industry; and in the manufacturing of polyvinyl chloride (PVC) resins in the plastics industry. These applications, along with the increasing research and development (R&D) activities to produce novel products, are expected to bolster the market growth in the coming years. Looking forward, IMARC Group expects the global monochloroacetic acid market to grow at a CAGR of around 6% during the forecast period (2021-2026).
IMARC Group provides an analysis of the key trends in each sub-segment of the global monochloroacetic acid market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, process type, product form, application and end-use industry.
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The report has also analysed the competitive landscape of the market with some of the key players being AkzoNobel N.V., CABB, Denak Co. Ltd, Daicel Corporation, Meridian Chem-Bond, Niacet Corporation, PCC, Archit Organosys, Shandong Minji Chemical, etc.
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