Press release
Monochloroacetic acid market to hit US$1.2 Bn by 2024 | AkzoNobel, CABB, Daicel, Denak, Dow, PCC SE, Niacet, Merck KGaA, Alfa Aesar
Monochloroacetic Acid Market
It is used as food additives, in numerous ice cream products, and finds extensive application in detergents, paper products, paints, toothpaste, and textile sizing. Increasing application could create lucrative growth opportunities for monochloroacetic acid manufacturers.
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Speculating surging demand for cellulosics, studies suggest that cellulosics application segment may grow at a rate of almost 4.5% over the forthcoming years. Meanwhile, with extensive application in end-user industries such as textiles, paper, oil & gas, and food & beverages, the demand for monochloroacetic acid market is expected to propel at a substantial rate.
A study conducted by Global Market Insights., Inc., predicts the monochloroacetic acid market may surpass USD 1.2 billion by 2024.
Firms like Dow Chemical, Alfa Aesar, Merck KGaA, Abhishek Impex, Daicel, JUBILANT, Shandong Minji, Shiv Chem, Xuchang Dongfang, PCC SE, AkzoNobel, Niacet, Swati Chemical, CABB GmbH, Denak, and S.R. Drugs are currently holding a major share in the monochloroacetic acid industry.
Dynamic raw material prices may restrain monochloroacetic acid businesses
Raw materials used to produce monochloroacetic acids, such as ethanol and acetic acid, are derived from crude oil. As crude oil prices vary according to demand and supply, it can indirectly impact monochloroacetic acid rates. This aspect could restrain businesses operating in the monochloroacetic acid industry.
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Key trends boosting monochloroacetic acid industry outlook
Increasing adoption of chlorination process
Companies producing monochloroacetic acids are increasingly adopting chlorination process as the addition of chlorine helps to kill bacteria and microbes present in the procedure.
With its gaining traction, studies suggest that the chlorination process may hold a significant share in the overall monochloroacetic acid market over 2024.
Burgeoning demand across Asia Pacific
On the regional front, APAC is expected to offer lucrative growth opportunities for monochloroacetic acid manufacturers. Increasing product demand across end-user industries including textile, pharmaceutical, and personal care has favored their business growth.
Reports meanwhile estimate that APAC is expected to record a 60% market share through 2024. Countries like Indonesia, India, China, and Vietnam have been playing a pivotal role in boosting the revenue share of APAC monochloroacetic acid market.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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