Monochloroacetic Acid Market Size, Share, Analysis & Forecast 2023 Global Leaders - Akzo Nobel, Daicel Corporation, The Dow Chemical Company, Shiv Chem Industries, Abhishek Impex, Merck KGaA, Jubilant Life Sciences, Alfa Aesar, Thermo Fisher Scientific

The Global Monochloroacetic Acid Market is segmented on the basis of the Form, Application, End-Use Industry and Region.

On the Basis of the Form, the Global Monochloroacetic Acid Market is segmented into crystalline, liquid, powdered, and flakes. The crystalline form is extensively used due to its ease of handling and operation. Low cost with abundant availability is an added advantage to the crystalline form Monochloroacetic Acid Market growth.

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Various application of Monochloroacetic Acid includes carboxyl methyl cellulose, thioglycolic acid, thickening agents, surfactants, and intermediates among others. The carboxyl methyl cellulose (CMC) and thioglycolic acid together hold a major market share due to their extensive use as a plant stabilizer. Furthermore, the conversion of the Monochloroacetic Acid to carboxyl methyl cellulose results in byproduct sodium chloroacetate, which is used in herbicides and fungicides for crop protection. This is expected to drive the demand from the agriculture sector due to lack of arable land and high crop yield. Moreover, the thickening agent segment is highly used in pharmaceuticals and cosmetics & personal care products such as toothpaste and laxatives to stabilize the emulsions. This acid is used as an intermediate for the fusion of indigo dye, which is likely to offer substantial opportunities to the product in the textile industry.

Based on the End-User Industry, the market is segmented into agrochemicals, pharmaceuticals, cosmetic & personal care, oil & gas, textiles, plastics, and others. The agrochemicals are leading the market growth owing to the lack of arable land and the increasing demand for food across the globe. The increasing demand for the product in pharmaceuticals and personal care products to offer proper texture is likely to drive the market growth over the assessment period, 2018-2023.

Regional Analysis

The Global Monochloroacetic Acid Market is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.

Asia Pacific was the leading region in 2016 on account of the high product demand from major end-use industries such as agrochemicals, pharmaceuticals, and textiles in the region.

North America accounted for the second largest region in the Global Monochloroacetic Acid Market due to the high demand from the pharmaceuticals and the cosmetic & personal care industry in the U.S. and Canada.

The European market is projected to witness a considerable growth on the backdrop of the growing pharmaceutical industry in the region.

The growing agriculture and personal care industries in the Latin American region are expected to drive the market growth during the forecast period.

The Middle East & Africa is expected to witness a significant market growth due to the product demand as a water retention agent, and viscosity modifier is owing to the oil exploration & drilling activities in the GCC countries.

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