The monochloroacetic acid market size was USD 899.3 million in 2022 and is expected to reach USD 1459 million by 2032, at a CAGR of 5% through 2032.
The MCA market is expected to develop at a healthy rate. However, due to the closure of firms across a variety of industries, including the food and beverage industry, monochloroacetic acid market expansion is likely to slow down during the COVID-19 pandemic.
It is realistic to assume that short-term demand difficulties will have an influence on monochloroacetic acid market growth. With the lifting of global lockdowns and limitations, the MCA market is expected to gradually resume its normal development rate.
The monochloroacetic acid market is primarily driven by rising demand for carboxymethylcellulose, thioglycolic acid, and glycine synthesis. A substantial amount of monochloroacetic acid is used in the manufacturing of CMC. The demand for monochloroacetic acid increases viscosity and stabilises emulsions.
Aside from these benefits, the demand for monochloroacetic acid in CMC manufacture alters the flow and texture of the product. These properties encourage the use of CMC in the food and beverage sector for applications such as powdered drinks, alcoholic and non-alcoholic beverages, and ice cream.
CMC is commonly favoured over synthetic and natural glues, which is predicted to drive demand for it and, as a result, raise demand for monochloroacetic acid for CMC manufacture. These factors are expected to increase the monochloroacetic acid market’s revenue growth throughout the projected period.
In terms of production and consumption, Asia Pacific (APAC) dominates the monochloroacetic acid market. APAC is estimated to account for 60% of the monochloroacetic acid market. Latin America is predicted to develop rapidly, providing several opportunities for MCA market participants.
KEY TAKEAWAYS:
- In the United States, the monochloroacetic acid market is estimated to reach US$ 495.7 million by 2032, increasing at a CAGR of 4.9% throughout the forecast period.
- By 2032, the UK monochloroacetic acid market is expected to be valued US$ 62.8 million, growing at a CAGR of 3.8% through 2032.
- With a CAGR of 4.6% during the research period, China is expected to reach a market size of US$ 102.2 million in monochloroacetic acid by 2032.
- By 2032, Japan’s market for monochloroacetic acid is estimated to be worth US$ 1.4 million, with a CAGR of 4.7% during the forecast period.
- With a CAGR of 3.8% during the research period, South Korea is predicted to reach a market size of US$ 53.4 million in monochloroacetic acid by 2032.
- The crystalline product form had the greatest monochloroacetic acid market share with a CAGR of 4.7% through 2032.
- Carboxymethylcellulose (CMC) is the most common use of MCA, expanding at a CAGR of 4.7% in the application segment.
COMPETITIVE LANDSCAPE:
Some of the major players functioning in the monochloroacetic acid market are Akzo Nobel N.V., CABB GmbH, Nufarm Limited, Niacet Corporation, Jubilant Life Sciences Limited, Shandong Minji Chemical Co. Ltd., Archit Organosys Ltd., IOL Chemicals and Pharmaceuticals Limited, Meridian Chem Bond Pvt. Ltd., and S.R. Drugs and Intermediates Pvt. Ltd.
To stay competitive in the monochloroacetic acid market, leading industry players are relying on organic expansion methods such as joint partnerships and the establishment of new production facilities.
RECENT DEVELOPMENT:
- In April 2016, the company created a joint venture with Atul Ltd. of India to produce monochloroacetic acid.
- CABB Gmbh launched a joint venture with Jining Gold Power Co. Ltd in April 2016 to produce monochloroacetic acid with an annual capacity of 25 kilotons. The firm will manufacture monochloroacetic acid in the form of flakes and, eventually, liquid.
- In Poland, the PCC SE Company opened a production plant producing ultra-pure monochloroacetic acid (capacity–42 KT/year). Production operations are still in the startup phase.
- IOL Chemicals and Pharma Ibuprofen production plants in Barnala pass USFDA inspection in October 2019. The US Food and Drug Administration USFDA officially approved OL Chemicals and Pharma Ibuprofen manufacture.