3 vital trends impacting monochloroacetic acid market outlook
Accessed in the form of dry powder, liquid, and pellets, the acid constitutes ethanol and ascetic acid derived from crude oil. However, fluctuating crude oil prices attributed to lower demand and higher supply of oil will impact the manufacturing costs of the product.
The monochloroacetic acid market is likely to grow with the introduction of new manufacturing plants. For instance, PCC SE, in July 2018, extended its market by launching a monochloroacetic acid plant in Poland to raise the annual capacity at their Brzeg Dolny site. The high-purity MCAA produced from the novel plant has effective use in PVC, cosmetics, and plant protection products.
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Some of the prominent suppliers in the market include Denak, CABB GmbH, S.R. Drugs, Swati Chemical, AkzoNobel, Shiv Chem, Niacet, Xuchang Dongfang, JUBILANT, Daicel, Shandong Minji, Anugrah, Abhishek Impex, Dow Chemical, Merck KGaA, and Alfa Aesar. Enumerated below are some of the factors boosting the industry trends. Estimates have reported that the global monochloroacetic acid market size is likely to achieve more than USD 1.2 billion in annual figures by 2024.
Extensive applications of cellulosics
By application, the monochloroacetic acid market can be segmented into surfactants, cellulosics, agrochemical, and thioglycolic acid (TGA). Monochloroacetic acid chemical compound is generally employed to produce carboxymethyl cellulosics, that is consistently in demand for oil drilling activities. It also seeks applications in food industries for thickening, modifying viscosities, and emulsifying stabilizers, and is also widely used as a food additive in various ice-creams products, paper products, detergents, textile sizing, toothpaste, and paints.
This application diversity poses a substantial demand for cellulosics which is pegged to hit a growth rate of 4.5% up to 2024. The monochloroacetic acid market from surfactant applications is expected to exceed USD 175 million in annual valuation in the next few years owing to its rise in personal care and household applications.
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Lucrative benefits from chlorination
Based on process, the monochloroacetic acid market can be bifurcated into hydrolysis and chlorination. The chlorination process involves addition of chlorine for killing bacteria and other microbes in the process. It registers a larger market share compared to the other process. It is also primarily deployed by leading companies in mass production.
Pharmaceuticals to contribute to regional growth
Regionally, the Asia Pacific region is anticipated to gather over 60% of the monochloroacetic acid market revenues up to 2024, post the coronavirus industrial impact, due to growing application use of MCAA in pharmaceutical, textile, and personal care industries. Countries like China, Indonesia, India, and Vietnam make up this regional market.
Additionally, North America monochloroacetic acid market is likely to amass significant revenues for the development of pharmaceutical industries and its size is pegged to register a CAGR of 2.5% through 2024.
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