Monochloroacetic Acid Market to Surpass USD 1,517 Million in 2032 - Growing Demand from Pharmaceutical and Personal Care
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Rising demand for organic monochloroacetic acid in the agriculture industry is driving market revenue growth.
VANCOUVER, BRITISH COLUMBIA, CANADA, April 20, 2023 /EINPresswire.com/ -- The global monochloroacetic acid market size reached USD 908.90 million in 2022 and is expected to register a revenue CAGR of 5.2 % during the forecast period, according to latest analysis by Emergen Research. Rising demand for monochloroacetic acid for precision farming practices and rapid adoption to increase food production capacity is significantly driving the growth of the market. Monochloroacetic Acid is increasingly procured by agriculture industries for sustainability practices, owing to the awareness of government and international agencies.
According to World Economic Forum (WEF), globally 100 million farmers participating together with different stakeholders to promote a shift towards food systems that have zero net emissions and positively impact nature by 2030. Globally various industries are witnessing urgent requirements to reduce the use of chemical pesticides and other potentially dangerous agrochemicals, which could lead to environmental issues such as decreased biodegradability, and soil toxicity. Monochloroacetic acid plays a crucial demand in filling demand gaps in bio-based compounds and organic compounds. These factors are driving growth of the market.
The growth of the MCAA market is also expected to be helped by the personal care business, which uses it to make shampoos, soaps, and cosmetics. People will probably buy more of these products because they care more about their own health and hygiene, which will increase the market for MCAA.
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Additional information offered by the report:
Along with a complete overview of the global Monochloroacetic Acid market, the report provides detailed scrutiny of the diverse market trends observed on both regional and global levels.
The report elaborates on the global Monochloroacetic Acid market size and share governed by the major geographies.
It performs a precise market growth forecast analysis, cost analysis, and a study of the micro- and macro-economic indicators.
It further presents a detailed description of the company profiles of the key market contenders.
In conclusion, the Monochloroacetic Acid Market report is an exhaustive database that will help readers formulate lucrative strategies. The Monochloroacetic Acid Market report studies the latest economic scenario with value, drivers, constraints, growth opportunities, challenges, demand and supply ratio, production capacity, import/export status, growth rate, and others. Additionally, the report also undertakes SWOT Analysis and Porter’s Five Forces Analysis to study the leading companies.
The major companies Covered in the report are:
Akzo Nobel N.V., BASF SE, Dow Chemical Company, Nouryon Chemicals Holding B.V., DuPont de Nemours, Inc, Merck KGaA, Lonza Group Ltd, Thermo Fisher Scientific Inc., Daicel Corporation, Kerry Group plc, Henan GP Chemicals Co., Ltd, Atul Ltd, Shandong Minji Chemical Co., Ltd, Denak Co., Ltd., Anugrah In-Org (P) Limited, and among others
The report, additionally, offers a comprehensive SWOT analysis and Porter’s Five Forces analysis to offer a better understanding of the competitive landscape of the industry. It also covers strategies adopted by prominent players such as mergers and acquisitions, collaborations, joint ventures, product launches, and brand promotions, among others. The report aims to offer the readers a holistic understanding of the relevant features of the industry.
Key Highlights From the Report
The crystalline segment accounted for the largest market revenue share in 2022. Monochloroacetic acid is significantly utilized in the market owing to its stability and ease of distribution, monochloroacetic acid is generally supplied and distributed in the form of crystalline powder. The crystalline form of monochloroacetic acid is widely obtained by many industries, including agriculture, where it is widely used as a raw material in the manufacture of herbicides, fungicides, and other chemicals.
The herbicides and insecticides segment accounted for the largest revenue share in 2022. Monochloroacetic acid is a raw ingredient used in the production of herbicides and insecticides. Herbicides and insecticides based on monochloroacetic acid are effective chemicals for pest and disease control, resulting in enhanced crop yields.
The agriculture segment accounted for the largest revenue share in 2022. Monochloroacetic acid is commonly used as an herbicide and insecticide in agriculture. Because of its efficacy in pest management and adaptability in many crop uses, monochloroacetic acid has seen rapid adoption.
The global Monochloroacetic acid market in Asia Pacific accounted for the largest revenue share in 2022. Significant demand for monochloroacetic acid in agriculture, adhesives, and medicines is propelling market expansion in this region. Monochloroacetic acid is exported in the agricultural business in countries such as India, China, Japan, Thailand, and Malaysia for the production of a wide range of chemicals including herbicides, fungicides, and other agricultural chemicals.
Some major companies in the global monochloroacetic acid market report include Akzo Nobel N.V., BASF SE, Dow Chemical Company, Nouryon Chemicals Holding B.V., DuPont de Nemours, Inc., Merck KGaA, Lonza Group Ltd, Thermo Fisher Scientific Inc., Daicel Corporation, Kerry Group plc, Henan GP Chemicals Co., Ltd, Atul Ltd, Shandong Minji Chemical Co., Ltd, Denak Co., Ltd., and Anugrah In-Org (P) Limited among others.
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Analysis of the segments and their growth projection is carried out by extensive historical and current analysis of the market scenario. Further, the report offers details about the factors and features of the Monochloroacetic Acid market expected to boost the growth of the industry in the coming years.
Monochloroacetic Acid Market Segmentation:
Form Outlook (Revenue, USD Million; 2019-2032)
Crystalline
Liquid
Flakes
Application Outlook (Revenue, USD Million; 2019-2032)
Herbicides and Insecticides
Carboxymethyl cellulose (CMC)
Surfactants
Thioglycolic Acid (TGA)
2,4-Dichlorophenoxyacetic acid
Others
End-Use Outlook (Revenue, USD Million; 2019-2032)
Agriculture
Specialty Chemicals
Pharmaceuticals
Food industry
Water treatment
Others (Textile, Paper, and pulp)
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Key Questions Answered in the Report:
How big is the world monochloroacetic acid market now, and how big do you think it will get in the next few years?
What are the main things driving the monochloroacetic acid market and what are the main problems it faces? How are these things likely to change in the future?
Which end-use industries are driving the demand for monochloroacetic acid, and what are the main uses of this chemical in these industries?
Which parts of the world are likely to see the most growth in the monochloroacetic acid market, and what is causing this growth?
Who are the major players in the monochloroacetic acid market, and what are their market sizes, strategies, and competitive advantages?
What are the biggest trends in the market for monochloroacetic acid, and how will they affect the market in the future?
What are the most important rules and concerns about the climate that affect the production and use of monochloroacetic acid, and how are companies dealing with these issues?
What are the biggest chances for creativity and technological progress in the market for monochloroacetic acid, and how are companies taking advantage of these chances?
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