The Global Monochloroacetic Acid Market Driven by Growing Demand from Herbicides Industry
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Monochloroacetic Acid Market |
Monochloroacetic acid or MCAA is an important organic compound employed in the production of herbicides, detergents and drugs. It is a colorless crystalline solid that is soluble in water and employed as an intermediate in the production of numerous industrial chemicals. As a commodity chemical, MCAA finds wide usage in the manufacturing of carboxymethyl cellulose (CMC), thioglycolic acid, dyes and drugs. CMC acts as a stabilizer, thickener and emulsifier in food & beverages, paper, paints and personal care products. Thioglycolic acid manufactured using MCAA is utilized for permanent waving of hair. MCAA also serves as a building block for numerous agrochemicals and is a key intermediate in herbicide production. The growing demand for food owing to the rising global population has augmented the need for herbicides to boost agricultural productivity. This in turn is driving the demand for MCAA from the herbicides industry.
The global Monochloroacetic Acid Market is estimated to be valued at US$ 2.5
billion in 2023 and is expected to exhibit a CAGR of 25% over the forecast
period 2023-2033, as highlighted in a new report published by Coherent Market
Insights.
Market key trends: One of the key trends in the monochloroacetic acid market is
the shifting production from mercury cell to membrane cell technology. Mercury
cell technology employed traditionally for the production of chlorine and
caustic soda entails several environmental and health hazards due to mercury
emissions. Several regulations restrict the usage of mercury cell plants. As a
result, manufacturers are gradually replacing mercury cell units with
environment-friendly membrane cell technology for chlor-alkali production. This
shift to greener production methods will boost the market potential over the
assessment period. Another major trendincludes capacity expansions undertaken
by the key players to cope up with the rising demand for MCAA across
industries.
Porter's
Analysis
Threat of new entrants: High capital requirements for R&D and production
make entry difficult in this market. Bargaining power of buyers: Buyers have
moderate bargaining power. Monochloroacetic acid has few substitutes available.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to
availability of options. Threat of new substitutes: Limited threat as
monochloroacetic acid has proven applications and substitutes require changes
in production processes. Competitive rivalry: Intense competition among
existing players to gain market share.
Key Takeaways
The Global
Monochloroacetic Acid Market Share is expected to witness high growth.
Regional
analysis focused on Asia Pacific region holds the major share in global
production as well as consumption of monochloroacetic acid.
Key
players operating in the monochloroacetic acid market are AkzoNobel, CABB,
Daicel, Denak, Dow, PCC, Niacet, Xuchang Dongfang Chemical, Shandong Minji
Chemical, Shiv Chem, Abhishek Impex, Meridian Chem-Bond, Sri Gayatri Biotech,
Hefei TNJ Chemical Industry, Jiangsu New Century Salt Chemistry, Alfa Aesar,
Anugrah In-Org(P), and S.R.Drugs and Intermediates.
For more insights, Read- https://www.pressreleasebulletin.com/monochloroacetic-acid-market-size-and-share/
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