Monochloroacetic Acid Market to Exhibit 3.60% CAGR from 2014 to 2020 Driven by Use in Agrochemicals, Oil Drilling Activities : TMR
According to the latest market study published by Transparency Market Research (TMR), the global monochloroacetic acid (MCA) market will display positive albeit modest growth at a CAGR of 3.60% during the forecast period from 2014 to 2020.The report, titled “Monochloroacetic Acid (MCA) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”, analyzes that the widespread utilization of monochloroacetic acid in several industries will lead the MCA market to a valuation of more than US$1 bn by the end of the forecast period. In 2013, the global market for MCA was worth US$817.1 mn, with a volume that amounted to 677.0 kilotons.
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Monochloroacetic acid, or chloroacetic acid as it is also known, is a carboxylic acid compound used in the manufacture of useful commodities such as dyes, drilling fluids, drugs, and pesticides, among others. The economic boom in China has been the reason for the country to be a world leader in the manufacture of fertilizers and agrochemicals, and is slated to have a positive influence on the growth of the global MCA market, cites the report.
MCA is utilized on a large scale in carboxymethyl cellulose production. The flourishing oil and gas sector, which extensively utilizes carboxymethyl cellulose in oil drilling activities, will indirectly benefit the MCA market. In the agricultural sector, increasing demand for agrochemicals such as glyphosates that are MCA-based will also aid growth of this market.However, volatile prices of raw materials such as acetic acid and methanol, which are essential constituents of MCA, are hampering the growth of this market.
On the basis of the application of MCA, the market has been segmented into agrochemicals, thioglycolic acid, surfactants, cellulosics, and others. According to the report, in 2013, cellulosics were the leading application segment and held more than 32% of the overall market. The agrochemicals application segment stood second in this market. These two applications of MCA are expected to display exponential growth during the forecast horizon as well.
The thiglycolic acid and surfactant applications of MCA will also develop substantially during the forecast period due to the utilization of these compounds in the manufacture of intermediary compounds such as betaines and imidazolines, which are further used in the personal care industry.The report divides the global monochloroacetic acid market into four broad regional segments, namely Asia Pacific, North America, Europe, and Rest of the World (RoW). In 2013, Asia Pacific was primarily responsible for driving the MCA market due to industrial proliferation, which includes the personal care, manufacturing, and agrochemicals industries which have high utilization of MCA indirectly. The regional segments of North America, Rest of the World, and Europe jointly accounted for just 35% of the global MCA market in 2013.The report mentions the key players that operate in the global MCA market that include Niacet Corporation, AkzoNobel N.V., MCAA SE, Denak Co. Ltd., CABB GmbH, Dow CHEMICAL Company, and Daicel Corporation.
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