Sodium Monochloro Acetate Market Projected to Gain Significant Value by 2029
Sodium Monochloro Acetate also known as Chloroacetic acid is the derivative of monochloroacetic acid which is produced by naturalization with alkali. Sodium monochloro acetate is a white coloured with a pungent smell. Sodium monochloro acetate is highly toxic due to which it is used as a raw material in the production of herbicides, Glycolic acid and defoliant etc. Hydrolysis of aqueous solutions of sodium monochloro acetate very rapidly leads to the formation of sodium glycolate and hydrochloric acid, Sodium Monochloro Acetate is used in several applications such as thickening agents, textile etc.
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Sodium Monochloro Acetate Market: Dynamics
Agrochemicals such as herbicides and fertilizers incorporate sodium monochloro acetate as a key ingredient which has thus been the primary driver of its market growth. Sodium monochloro acetate is also used in the production of glycolic acid & carboxymethyl cellulose which are majorly used in plant stabilizers, which is likely to create a positive impact on the market development of sodium monochloro acetate. Immense consumption of sodium monochloro acetate in pharmaceutical for the production of n-glycine, maleanates, dichlophenac sodium and vitamins is also propelling the demand of sodium monochloro acetate. Furthermore, sodium monochloro acetate is extensively used in the caustic topical agent which is used in different medicines for the cure of verrucae, skin lesions and atherosclerosis. While, sodium monochloro acetate is also widely consumed in chemical industries as well for the production of numerous chemicals such as barbituric acid, amino acetic acid, chloroacetic acid etc. which results in escalating the demand of sodium monochloro acetate from chemical industries. On the other hand change in fashion trend for clothing among consumer which results to increase in the demand of sodium monochloro acetate from textile industries pertaining to strong demand of sodium monochloro acetate as sodium monochloro acetate is used as an intermediate for the fusion of indigo dye.
The future growth opportunities for Sodium Monochloro Acetate is expected to receive from the continued demand for product penetration in an agrochemicals i.e. crop protection application as well as from robust growing pharmaceuticals industry. However, due to fluctuation in the price of raw material for the production of Sodium Monochloro Acetate which may hamper the market growth where end users may prefer cheaper substitutes to fulfil their requirements.
The global Sodium Monochloro Acetate Market is considered to be an extremely fragmented market due to the presence of international and small scale regional business partners having established their presence in particular or multi-regional markets. Due to the presence of a large number of suppliers has resulted in high degree of competitive pricing by the companies.
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Sodium Monochloro Acetate Market: Segmentation
The Market of Sodium Monochloro Acetate can be segmented into two factors on the basis of its grade and end use
Sodium Monochloro Acetate Market can be segmented on the basis of its grade
Sodium Monochloro Acetate Market can be segmented on the basis of its end use
Sodium Monochloro Acetate Market: Regional Overview
Rising cases of demographic aging in various countries such as Japan and The U.S. is anticipated to result in growth of the medical industry which results in propelling the market growth of sodium monochloro acetate. Significant spending of capital in agriculture activities in Mexico, Canada plays a major in fueling the market of sodium monochloro acetate. While, increasing textile industries in countries of the Asia Pacific such as India, Thailand, Malaysia, Indonesia and Bangladesh results in growing the demand of sodium monochloro acetate in market. While the Middle East and other region shows moderate growth for sodium monochloro acetate market owing to rising pharmaceutical and chemical industries.
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Sodium Monochloro Acetate Market: Key Market Participants
Some of the key market participants in the market of Sodium Monochloro Acetate are as follows:
Akzo Nobel N.V
Swiss Salt Works AG
China National Salt Industry Corporation
Wacker Chemie AG
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