Consumption of MCAA to Reach Nearly 1,200 Kilotons by 2024

(Newswire.net — June 21, 2017) New York City, New York — Persistence Market Research (PMR), in its report, projects global monochloroacetic acid (MCAA) market to register a moderate expansion at 4% CAGR, in terms of volume, during the forecast period 2016 to 2024. Global consumption of MCAA surpassed 800 kilotons in 2016; by 2024 this number is estimated to reach nearly 1,200 kilotons.

Increasing demand for Production of Carboxymethylcellulose, Glycine and Thioglycolic Acid to Propel Market Growth

Growth of the global MCAA market is primarily attributed to increasing demand for production of carboxymethylcellulose, glycine, and thioglycolic acid. Monochloroacetic acid forms major part of organic synthesis, which in turn is driving its demand as an intermediate across industries such as food & beverages, pharmaceutical, chemical, and personal care industries. This is expected to boost growth of the market during the forecast period.

However, advent of alternatives for MCAA in agrochemicals production including pyridine for producing symtet is expected to pose a challenge to market growth to some extent. A recent trend observed in the global MCAA market is capacity expansion by leading market players, and new entrants in MCAA market via consolidation of the backward vertical integrated operations.

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Production of Chemical Compounds to Witness Highest Demand for MCAA

Application of MCAA in production of chemical compounds is expected to remain highest during the forecast period. In 2016, over 50% market share was held by application of MCAA in production of chemical compounds in terms of revenues. In addition, herbicides & insecticides application of monochloroacetic acid is estimated to create an incremental opportunity of nearly US$ 140 million during the forecast period.

Pharmaceutical industry is expected to be the largest end-user of monochloroacetic acid by 2024-end. This industry is projected to exhibit 1.8X growth in demand for monochloroacetic acid, with revenues pegged to surpass US$ 100 million by 2024-end.

APAC to be the Largest Market for MCAA by 2024-End

Asia Pacific (APAC) is estimated to be the largest market for monochloroacetic acid by 2024. Market in APAC is projected to register a steady expansion during the forecast period. Revenues generated by sales of monochloroacetic acid in APAC reached US$ 329.5 million in 2016; by 2024 this number is estimated to surpass US$ 500 million.

North America will exhibit 1.3X growth in demand for monochloroacetic acid during the forecast period. Market in North America is estimated to reach around US$ 50 million in revenues by 2024-end. Market growth in North America is attributed to rising demand for MCAA by pharmaceutical industry.

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In addition, over 20% share of the market was held by Europe in 2016. Stringent government regulations associated with utilisation of agrochemicals is expected to impede growth of the market in Europe, according to PMR’s report.

Key market players identified in the report include Akzo Nobel N.V., Nufarm Limited, Jubilant Life Sciences Limited, Archit Organosys Ltd., Meridian Chem Bond Pvt. Ltd., CABB GmbH, Niacet Corporation, S.R. Drugs and intermediates Pvt. Ltd., Shandong Minji Chemical Co. Ltd., and IOL Chemicals and Pharmaceuticals Limited. These market players are focusing on organic growth strategies via strategic joint ventures, and are setting up new production facilities for remaining competitive in the market.