The Global Monochloroacetic Acid Market was $863.00 Mn in 2020, and it is expected to reach $1076.00 Mn by 2028. It is eventually growing at a commendable high compound annual growth rate CAGR of 2.8% between 2020-2028. However, the current pandemic of COVID-19 might make a slight difference in the growth rate in the present year. The Monochloroacetic Acid Market is primarily driven by the rising demand for Monochloroacetic Acid in the production of carboxymethylcellulose, thioglycolic acid, herbicides, insecticides, and glycine chemical material which is used across different end-use industries such as food and beverages, agriculture, personal care, and construction.
Global Crystalline Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
The global Monochloroacetic Acid Market has been segmented into Product Form, and Application. By Product Form, the global Monochloroacetic Acid Market is divided into - Crystalline, Liquid, and Flakes. By Application, the global Monochloroacetic Acid Market is divided into - Carboxymethylcellulose (CMC), Agrochemicals, Surfactants, Thioglycolic Acid (TGA), and Others. The Crystalline segment is estimated to witness remarkable growth during the forecast period. The high growth is attributed to the easy and low-cost production process of a crystalline form.
By Region, Asia Pacific is Holding the Major Market Share
The global Monochloroacetic Acid Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, and Africa region. In addition to this, the Asia Pacific Monochloroacetic Acid Market is holding the largest market share currently and is estimated to show a leading compound annual growth rate in the forecast period. The Asia Pacific market is estimated to witness rapid growth due to rising demand for Monochloroacetic Acid in Carboxymethylcellulose (CMC), surfactants, and agrochemicals, which are used in the industries such as food and beverages, personal care and agriculture. Moreover, the established pharmaceutical industry and rising agrochemicals sector in the region is also expected to fuel the regional market growth of Monochloroacetic Acid over the forecast period. The North America market is estimated to show a decent growth rate over the forecast period due to higher agricultural spending and rising pharmaceutical market demand. Europe market is expected to witness considerable growth over the forecast. The LAMEA is also projected to register steady growth due to rising demand from the personal care industry over the forecast period from 2020 to 2028.
Major Players in Monochloroacetic Acid Market
Some of the key players in the global Monochloroacetic Acid Market include AkzoNobel N.V., CABB GmbH, Daicel Corporation, Denak Co., Ltd, The Dow Chemical Company, PCC SE, Niacet Corporation, Xuchang Dongfang Chemical Co. Ltd., Shandong Minji Chemical Co., Ltd., Shiv Chem Industries, and Jubilant Life Sciences Ltd.
The Global Monochloroacetic Acid Market Has Been Segmented into:
Global Monochloroacetic Acid Market: By Product Form
Global Monochloroacetic Acid Market: By Application
Global Monochloroacetic Acid Market: By Region