Industrial Chloroacetic Acid Market Trends, Business Overview, Industry Growth and Forecast to 2028

The industrial chloroacetic acid market is anticipated to grow at a significant CAGR of 5.6% during the forecast period (2022-2028). Industrial chloroacetic acid, commonly known as monochloroacetic acid (MCAA), is a speciality organochlorine chemical. It is utilized in the manufacturing of numerous chemical compounds, medicines, and agrochemicals since it is a building block in organic synthesis. The synthesis of carboxymethylcellulose (CMC), thioglycolic acid, USP grade glycine, and technical grade glycine, which is a primary precursor to the manufacturing of glyphosate, consumes a significant quantity of MCAA. These favourable aspects suggest that the monochloroacetic acid market will grow significantly during the forecast period. The market for industrial chloroacetic acid is primarily driven by rising demand for CMC, thioglycolic acid, and glycine synthesis. The manufacturing of CMC, commonly known as cellulose gel, consumes a substantial quantity of chloroacetic acid. MCAA is used to enhance viscosity and stabilize emulsions. Furthermore, by using MCAA in CMC manufacturing enables changes in the product's flow and texture. CMC is used in the food and beverage sector for powdered drinks, alcoholic and non-alcoholic beverages, and ice cream because of these properties.

The global industrial chloroacetic acid market is segmented based on application. Based on application, the market is sub-segmented into chemical compounds, drugs, herbicides & insecticides, and others. Among these segments, the chemical compounds segment is expected to propel the growth of the market due to the rising demand for indigo dying agents and surface disinfectants.

The market players are also contributing significantly to the market's growth by adopting various strategies, including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in April 2021, Nouryon and Atul successfully started production of chloroacetic acid at Anaven, a new joint venture in Gujarat, India, that will help meet the rapidly growing demand in India's agricultural, personal care and pharmaceutical industries. Anaven is India's largest monochloroacetic acid (MCA) production site, with a current capacity of 32,000 tons of MCA per year, with the possibility of a rapid expansion of up to 60,000 tons per year.

Similarly, in April 2021, IOL Chemicals and Pharmaceuticals Ltd., through its ancillary unit (Vivachem Intermediates Pvt. Ltd.) announced that it will invest around $6.3 million for establishing a new manufacturing facility at the Industrial Focal Point, Raikot, (Punjab). The company is manufacturing Iso Butyl Benzene, Mono Chloro Acetic Acid, Acetyl Chloride within the Drug Intermediary segment.

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Market Coverage
•The market number available for - 2021-2028
•Base year- 2021
•Forecast period- 2022-2028
•Segment Covered-
•By Application
•Regions Covered-
•North America
•Europe
•Asia-Pacific
•Rest of the World

Competitive Landscape- AkzoNobel N.V., CABB Group, Jubilant Life Sciences Ltd., IOL Chemicals & Pharmaceuticals Ltd., Meridian Chem Bond Pvt. Ltd., and R.Drugs and Intermediates Pvt. Ltd., among others.

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Global Industrial Chloroacetic Acid Market Report by Segment
By Application
•Chemical Compounds
•Drugs
•Herbicides & Insecticides
•Others

Key questions addressed by the report
•What is the market growth rate?
•Which segment and region dominate the market in the base year?
•Which segment and region will project the fastest growth in the market?
•How has COVID-19 impacted the market?
•Deviation from the pre-COVID-19 forecast
•Most affected region and segment
•Who is the leader in the market?
•How players are addressing challenges to sustain growth?
•Where is the investment opportunity?

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This release was published on openPR.