Monochloroacetic acid (MCAA) is a specialty organochlorine compound, also known as chloroacetic acid. It is a building block in organic synthesis, and is hence used in the production of various chemical compounds, drugs, and agrochemicals. Significant amount of MCAA is consumed for the production of carboxymethylcellulose (CMC), thioglycolic acid, USP grade glycine, and technical grade glycine, which is a major precursor to the production of glyphosate. These positive factors bode well for the expansion of the monochloroacetic acid market size over the coming years.
Monochloroacetic Acid (MCAA) Market Drivers
The global monochloroacetic acid market is mainly driven by increasing demand for the production of carboxymethylcellulose, thioglycolic acid, and glycine. Significant amount of monochloroacetic acid is consumed for the production of CMC, also called as cellulose gel. Use of monochloroacetic acid imparts viscosity boosting and emulsion stabilization properties.
Apart from these properties, use of MCAA in CMC production offers alteration of flow and texture of the product. Such attributes impel the use of CMC in the food & beverage industry for applications such as powdered drinks, alcoholic and non-alcoholic beverages, and ice cream. CMC is also widely preferred over synthetic and natural glues, which is expected to drive its demand, and, in turn, increase the consumption of MCAA for CMC production. These factors are likely to boost the revenue growth of the global monochloroacetic acid market over the forecast period of 2020 to 2030.
Monochloroacetic Acid Market Restraints
Monochloroacetic acid is a basic raw material for the production of various herbicides and insecticides. Chlorpyrifos and triclopyr are widely used insecticides that are also derived from MCAA. However, the MCAA route to produce symtet generates significant amount of hazardous waste. Also, production facilities that are operated by the MCAA route face challenges such as high operation and maintenance costs that arise due to the corrosive nature of MCAA. Hence, symtet production by the MCAA route is a major challenge for producers operating in the global monochloroacetic acid market.
Regional Outlook of Monochloroacetic Acid Market
The global monochloroacetic acid market is segmented into the five key regions of North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa (MEA). Asia Pacific dominates the global monochloroacetic acid market share in terms of production and consumption; this region is expected to account for 60% of the global market share in 2020. Latin America is expected to progress at a rapid pace in the coming years, generating a plethora of growth prospects for MCAA market players.
COVID-19 Impact on Monochloroacetic Acid Market
The MCAA market is poised to grow at a healthy rate through 2030. However, this growth is expected to witness a decline in its pace during the course of the COVID-19 pandemic, owing to the shutdown of businesses across different industries, including the food & beverage industry. It is safe to say that temporary demand hiccups will impact growth in the short term. The market is projected to regain its regular growth pace gradually with relaxations in lockdowns and restrictions across the world.
A thorough analysis of the global monochloroacetic acid market has led our analysts to conclude that, the market is set to grow at a healthy pace through 2030. Stakeholders in the MCAA market space can look to the end uses of pharmaceuticals and chemicals for increased sales and profits, thereby allowing themselves to enhance their position among competitors in the market.
Monochloroacetic Acid (MCAA) Market – Report Scope
Persistence Market Research (PMR) recently published a study report on the global monochloroacetic acid (MCAA) market. The report provides detailed valuation on key market dynamics, such as the drivers, trends, opportunities, and restraints, along with detailed information about the monochloroacetic acid market structure. This market research report presents exclusive facts and figures about how the monochloroacetic acid market will grow over the forecast period (2020 to 2030).
Key indicators of market growth, such as value chain analysis, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative development projections of the MCAA market over the forecast period.
The study is relevant for stakeholders in the monochloroacetic acid market, as well as manufacturers, distributors, suppliers, and investors, as it can help them to understand the applicable strategies to grow in the market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers in the monochloroacetic acid market can leverage the information and statistics presented in PMR’s research report.
The report includes facts and figures related to the macro- as well as micro-economic factors that are impacting the growth of the monochloroacetic acid market. The study also offers actionable insights based on the future trends in the MCAA market. Furthermore, regional players and new entrants in the monochloroacetic acid market can also use the information presented in this report to make business decisions and gain momentum in the market space.
Key Segments of Monochloroacetic Acid Market
PMR’s study on the monochloroacetic acid market is divided into three significant segments - application, end use, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.
Key Questions Answered in PMR’s Monochloroacetic Acid Market Report
Monochloroacetic Acid Market: Research Methodology
In PMR’s research report, an exclusive research methodology is utilized to conduct comprehensive research on the development of the monochloroacetic acid market, and reach conclusions on the future growth factors of the market. In this research methodology, secondary and primary research is utilized by analysts to ensure precision and reliability of the conclusions.
Secondary resources are referred to by analysts during the evaluation of the monochloroacetic acid market study, which comprises facts and figures from the World Bank, OEM websites, government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, and production managers to provide insightful information.
Comprehensive information acquired from primary and secondary resources is validated from companies operating in the market, to make PMR’s projections on the growth prospects of the monochloroacetic acid market more accurate and reliable.