PUNE, India, February 27, 2018 /PRNewswire/ --
The report "Monochloroacetic Acid Market by Product Form (Crystalline, Liquid, And Flakes), Application (CMC, Agrochemicals, Surfactants, TGA), and Region (North America, APAC, Europe, Middle East & Africa, and South America) - Global Forecast to 2022" published by MarketsandMarkets™, the monochloroacetic acid (MCA) market is estimated at USD 762.6 Million in 2017 and is projected to reach USD 908.9 Million by 2022, at a CAGR of 3.6% between 2017 and 2022.
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The market growth is fueled by the increasing demand for MCA for various applications, such as carboxymethylcellulose (CMC), surfactants, and thioglycolic acid (TGA) from end-use industries, such as construction, detergent, textile, paper, cosmetic, paint, oil & gas, and pharmaceutical. This increase in demand is mainly due to the rising GDP, increasing urbanization, growing disposable income, and improved living standard of the global consumers. Moreover, the global population growth, which is expected to reach 8.5 billion by 2030, will lead to the increased demand for food thereby increasing the use of crop protection chemicals, such as herbicides and pesticides, which will, in turn, drive the demand for MCA. Crop protection chemicals safeguard crops and ensure higher yield. The demand for crop protection chemicals is high in the APAC and Latin American countries.
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Crystalline is projected to be the largest product form segment of the market during the forecast period.
Based on product form, the crystalline segment is projected to be the largest segment of the MCA market during the forecast period, in terms of both value and volume. Crystalline is the most widely used form of MCA, owing to its ease of transportation, handling, and operation. Additionally, due to its low cost and abundance, crystalline MCA is used in almost all the applications of MCA.
The CMC segment is projected to be the largest application segment of the market between 2017 and 2022.
The CMC segment is expected to be the largest application segment of the MCA market during the forecast period, in terms of both value and volume. This application segment accounted for about 50% of the market share in 2016. CMC is used in a wide range of end-use industries, such as construction, detergent, paper, agriculture, adhesive, cosmetic, paint, oil, plastic, ceramic, textile, pharmaceutical, food, and medicine. In the food & beverages industry, CMC is used as a thickening agent and to stabilize emulsions in various products. In the cosmetic industry, CMC is used in products such as toothpaste, laxatives, diet pills, water-based paints, detergents, and textile sizing. CMC is also used in the oil & gas industry as a thickening agent in drilling mud, where it functions as a viscosity modifier and water retention agent. The growth of these industries drives the demand for CMC, globally.
Asia Pacific is projected to be the largest MCA market between 2017 and 2022, in terms of both value and volume.
Asia Pacific is projected to be the largest market for MCA during the forecast period. The demand for MCA is high in this region due to the large industrial base and improving lifestyles of the population. In addition to this, the increasing use of MCA for applications such as CMC, agrochemicals, and surfactants in emerging economies, such as India, China, and Indonesia also drive the Asia Pacific MCA market.
Some of the key players in the Monochloroacetic Acid Market include AkzoNobel (Netherlands), CABB (Germany), Daicel Corporation (Japan), PCC SE (Germany), Niacet Corporation (US), Shandong Minji Chemical (China), Denak Co. (Japan), Kaifeng Dongda Chemical Company (China), and Meridian Chem-Bond (India). Joint venture and acquisition were the major growth strategies adopted by the market players between 2014 and 2017 to cater to the demand for MCA in emerging economies.
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