Ocean View, DE -- (SBWIRE) -- 06/29/2020 -- A study conducted by Global Market Insights., Inc., predicts the monochloroacetic acid market may surpass USD 1.2 billion by 2024. Monochloroacetic acid market is anticipated to record prominent growth on account of its increasing use in the production of carboxymethyl cellulosics. In the food industry, carboxymethyl cellulosics is used for modifying viscosity, thickening, and emulsifying stabilizer.

Speculating surging demand for cellulosics, studies suggest that cellulosics application segment may grow at a rate of almost 4.5% over the forthcoming years. Meanwhile, with extensive application in end-user industries such as textiles, paper, oil & gas, and food & beverages, the demand for monochloroacetic acid is expected to propel at a substantial rate.

It is used as food additives, in numerous ice cream products, and finds extensive application in detergents, paper products, paints, toothpaste, and textile sizing. Increasing application could create lucrative growth opportunities for monochloroacetic acid manufacturers.

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Firms like Dow Chemical, Alfa Aesar, Merck KGaA, Abhishek Impex, Daicel, JUBILANT, Shandong Minji, Shiv Chem, Xuchang Dongfang, PCC SE, AkzoNobel, Niacet, Swati Chemical, CABB GmbH, Denak, and S.R. Drugs are currently holding a major share in the monochloroacetic acid industry.

Dynamic raw material prices may restrain monochloroacetic acid businesses

Raw materials used to produce monochloroacetic acids, such as ethanol and acetic acid, are derived from crude oil. As crude oil prices vary according to demand and supply, it can indirectly impact monochloroacetic acid rates. This aspect could restrain businesses operating in the monochloroacetic acid industry.

Key trends boosting monochloroacetic acid industry outlook

Increasing adoption of chlorination process

Companies producing monochloroacetic acids are increasingly adopting chlorination process as the addition of chlorine helps to kill bacteria and microbes present in the procedure.

With its gaining traction, studies suggest that the chlorination process may hold a significant share in the overall monochloroacetic acid industry over 2024.

Burgeoning demand across Asia Pacific

On the regional front, APAC is expected to offer lucrative growth opportunities for monochloroacetic acid manufacturers. Increasing product demand across end-user industries including textile, pharmaceutical, and personal care has favored their business growth.

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Reports meanwhile estimate that APAC is expected to record a 60% market share through 2024. Countries like Indonesia, India, China, and Vietnam have been playing a pivotal role in boosting the revenue share of APAC monochloroacetic acid industry.

Meanwhile, the pharmaceutical sector of North America is expected to garner a considerable share in the global monochloroacetic acid industry. Studies in fact suggest that North America monochloroacetic acid market may record 2.5% CAGR over 2024.