Pharmaceutical, paper, textiles, personal care, food & beverages, oil & gas, and chemical industries are the primary drivers for the global monochloroacetic acid market.
Sellbyville, DE -- (SBWIRE) -- 04/25/2019 -- As per a recent industry report put forward by Global Market Insights Inc., Monochloroacetic Acid Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 1.2 billion by 2024 with a projected CAGR of 4% over 2018-2024.
Monochloroacetic acid is the key component in the manufacturing of carboxymethyl cellulose (CMC). CMC finds application in the food industry as a thickener, viscosity modifier, and emulsion stabilizer, and is considered as a key driver for monochloroacetic acid (MCAA) market. This cellulose finds extensive usage in ice creams, and other food products. Apart from this, it is also used in non-food items such as toothpastes, paper products, textile sizing, detergents, and water-based paints. Rising demand for ready-to-eat food products as well as personal hygiene products will catalyze the CMC demand, hence propelling the monochloroacetic acid (MCAA) market largely in the forecast timespan.
Request for a sample copy of this report @ https://www.gminsights.com/request-sample/detail/1920
Around 30% of the total monochloroacetic acid (MCAA) production in the world is used for the manufacturing of CMC, which also finds extensive usage in the oil & drilling industry. CMC is used as a viscosifier in drilling muds that help in the drilling of boreholes for extraction of oil & gas. Moreover, it also balances the physical parameters such as adjustment of viscosity, reduction of water loss, and increase in oil thixotropy. CMC also helps in preventing fungal growth in drilling mud, thereby avoiding need for addition of other preservatives and pH level indicators to it. Rising production of CMC to meet the demand from the booming oil & gas sector will also augment the monochloroacetic acid (MCAA) market demand in coming years.
MCAA is extensively used in the field of medicine to manufacture synthetic caffeine, vitamin B, chlortetracycline, vitamin B6, theophylline, epinephrine, barbiturates, fluorouracil, glycine, and adrenaline. This enviable application portfolio has already set the ground for the massive development of monochloroacetic acid market from the pharma sector.
MCAA is utilized to manufacture intermediates of organic synthesis, thiocyanate acetic acid, herbicides, dimethoate, acidizing agents, iszidate, etc. The tremendous future potential of monochloroacetic acid industry from agrochemicals banks on the fact that even today, a substantial number of countries across the globe deem agriculture to be one of their key occupational sectors for economic growth.
Globally, China stands nearly at the helm of monochloroacetic acid market, procuring a significantly heavy chunk of the overall share. The incredible growth spectrum of MCAA industry across this region can be credited to the fact that the country is essentially an agro-based economy. The nation possesses the advantage of being an incredibly burgeoning growth avenue, which has been witnessed by the slew of numerous M&As and production facility expansions undertaken by monochloroacetic acid market participants. Enlisted below is an informative synopsis of two major companies that are seemingly two of the top names in the competitive landscape of monochloroacetic acid industry. These behemoths have been efficaciously involved in adopting potential strategies to not only bring about an upward surge in the growth trajectory of MCAA market, but also sustain their own position amidst fierce business competition.
Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/1920
Geographically, Asia Pacific will hold in excess of 60% of the worldwide monochloroacetic acid (MCAA) market share by 2024 due to a number of supporting industries including medical, personal care, and textiles in countries such as India, China, Indonesia and Vietnam. Also, the region has major agrarian economies such as China and India, which substantially contribute to the agrochemicals market. Industrial development in Asia Pacific is likely to further augment the regional monochloroacetic acid (MCAA) market in future years. North America MCAA market will witness growth with more than 2.5% CAGR in the forecast years due to major expansion in the pharmaceutical sector.
Key players involved in the entire monochloroacetic acid (MCAA) market are The Dow Chemical Company, Denak, Daicel Corporation, CABB GmbH, AkzoNobel N.V., Niacet Corporation, PCC SE, Shiv Chem Industries, Shandong Minji Chemical, Xuchang Dongfang Chemical, Jubilant Life Sciences, Merck KGaA, Abhishek Impex, Anugrah In-Org, Alfa Aesar, Swati Chemical Industries, and S.R. Drugs and Intermediates to name some.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.