Global Monochloroacetic Acid Market Size to Reach USD 1,517.49 Million in 2032 | Emergen Research
Rising demand for organic monochloroacetic acid in the agriculture industry is driving Monochloroacetic Acid market revenue growth.
Vancouver, Aug. 16, 2023 (GLOBE NEWSWIRE) — As of 2022, the global monochloroacetic acid market has achieved a notable magnitude, culminating at USD 908.90 million. Projections based on the latest analysis conducted by Emergen Research indicate a promising trajectory, forecasting a compound annual growth rate (CAGR) of 5.2% in terms of revenue during the forecast period. The impetus behind this upswing is attributed to the escalating demand for monochloroacetic acid, stemming from its pivotal role in facilitating precision farming methodologies. The rapid and widespread integration of this compound serves as a catalyst in augmenting food production capacities, thereby contributing significantly to the market’s expansion.
A noteworthy driver of this growth resides in the heightened acquisition of monochloroacetic acid by agricultural industries, grounded in their commitment to sustainable practices. This shift is underscored by the conscientious awareness demonstrated by governmental bodies and international agencies alike, prompting the agriculture sector to actively embrace the compound as an integral component of their sustainability initiatives.
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As outlined by the World Economic Forum (WEF), a collective endeavor involving 100 million farmers and diverse stakeholders has been set in motion on a global scale. This collaborative effort is aimed at catalyzing a transformative shift within food systems, with a resolute objective of achieving zero net emissions and fostering a positive ecological impact on nature by the year 2030. This initiative resonates with an overarching trend observed across various industries worldwide, wherein there exists an exigent imperative to curtail the utilization of chemical pesticides and other potentially hazardous agrochemicals. This imperative arises from mounting concerns over potential ecological ramifications, encompassing diminished biodegradability and soil toxicity, thereby accentuating the urgency to address these issues.
Nevertheless, the market’s revenue growth encounters a restraining factor in the form of the elevated manufacturing costs and the existence of viable alternatives. The production process of monochloroacetic acid entails a multifaceted sequence of stages, necessitating the utilization of various raw materials, prominently including chlorine. This intricate composition renders the manufacturing procedure capital-intensive in nature. Consequently, these intricacies give rise to potential cost escalations across both operational facets and the final product, thereby impeding the unfettered expansion of the market.
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Scope of Research
|Market size in 2022||USD 908.90 Million|
|Revenue forecast to 2032||USD 1,517.49 Million|
|Base year for estimation||2022|
|Quantitative units||Revenue in USD Million and CAGR in % from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Form, application, end-use, and region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Country scope||U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA|
|Key companies profiled||Akzo Nobel N.V., BASF SE, Dow Chemical Company, Nouryon Chemicals Holding B.V., DuPont de Nemours, Inc, Merck KGaA, Lonza Group Ltd, Thermo Fisher Scientific Inc., Daicel Corporation, Kerry Group plc, Henan GP Chemicals Co., Ltd, Atul Ltd, Shandong Minji Chemical Co., Ltd, Denak Co., Ltd., Anugrah In-Org (P) Limited, and among others|
|Customization scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global monochloroacetic acid market is fragmented, with many players accounting for a majority of market revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements, and contracts, developing, investment, and others. Some major players included in the global monochloroacetic acid market report are:
- Akzo Nobel N.V.
- BASF SE
- Dow Chemical Company
- Nouryon Chemicals Holding B.V.
- DuPont de Nemours, Inc
- Merck KGaA
- Lonza Group Ltd
- Thermo Fisher Scientific Inc.
- Daicel Corporation
- Kerry Group plc
- Henan GP Chemicals Co., Ltd
- Atul Ltd
- Shandong Minji Chemical Co., Ltd
- Denak Co., Ltd.,
- Anugrah In-Org (P) Limited
- In September 2022, Ludwigshafen, Germany-based multinational chemical manufacturing company BASF SE partnered with RiKarbon to accelerate business and product offering in personal care formulations and new green emollients from bio-waste. BASF planning to use its strategic connections with customers and its ability to manufacture products on a large scale to expand the use of RiKarbon’s technology and bring innovations to the personal care industry.
- In April 2021, Amsterdam, Netherlands-based chemical manufacturing company Nouryon Chemicals Holding B.V. collaborated with Gujrat, India-based integrated chemical company Atul Ltd for the production of Monochloroacetic Acid (MCA). Currently, the company can produce 32,000 tons of monochloroacetic acid annually and is scaling up to quickly increase to 60,000 tons annually. Atul and Nouryon can utilize their expertise as global leaders in monochloroacetic acid to meet the rapidly rising demands from customers in various markets in India, as well as Asia Pacific.
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Some Key Highlights From the Report
- The crystalline segment accounted for the largest market revenue share in 2022. The extensive utilization of monochloroacetic acid within the market is attributed to its inherent stability and seamless distribution characteristics. Typically, monochloroacetic acid is made available to the market in the form of crystalline powder, a configuration that facilitates its efficient dissemination. This crystalline variant of monochloroacetic acid finds widespread acquisition across diverse industries, with agriculture being a prominent recipient. Within the agricultural sector, this form of monochloroacetic acid serves as a fundamental raw material in the production of herbicides, fungicides, and various other chemical compounds, thereby underlining its significance as a versatile contributor to industrial processes.
- The herbicides and insecticides segment accounted for the largest revenue share in 2022. Monochloroacetic acid occupies a pivotal role as a primary constituent in the formulation of herbicides and insecticides. Leveraging the properties inherent to monochloroacetic acid, these specialized chemical formulations emerge as potent agents for combating pests and diseases. By deploying these herbicides and insecticides rooted in monochloroacetic acid, agricultural practices attain a heightened level of efficacy in pest and disease management, ultimately culminating in improved crop yields. This synergy underscores the indispensable contribution of monochloroacetic acid-based formulations in fostering sustainable and enhanced agricultural outcomes.
- The agriculture segment accounted for the largest revenue share in 2022. In the realm of agriculture, monochloroacetic acid has firmly established itself as a prevalent herbicidal and insecticidal agent. Its widespread utilization stems from its pronounced effectiveness in mitigating pest-related challenges and its seamless integration across a diverse spectrum of crop applications. The rapid adoption of monochloroacetic acid can be attributed to its proven track record in pest management and its remarkable adaptability, further affirming its pivotal role in modern agricultural practices.
- The global Monochloroacetic acid market in Asia Pacific accounted for the largest revenue share in 2022. Robust demand for monochloroacetic acid across key sectors, including agriculture, adhesives, and pharmaceuticals, is serving as a driving force behind the burgeoning expansion of the market within this region. The agricultural domain, in particular, plays a pivotal role, where the exportation of monochloroacetic acid is notably prevalent. Countries such as India, China, Japan, Thailand, and Malaysia engage in this agricultural exportation, channeling monochloroacetic acid into the production of an extensive array of chemicals. The utilization spans a spectrum encompassing herbicides, fungicides, and various other agricultural chemicals, thereby underlining the compound’s pivotal role in bolstering agricultural productivity and efficiency within these economies.
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Emergen Research has segmented the global monochloroacetic acid market on the basis of form, application, end-use, and region.
- Form Outlook (Revenue, USD Million; 2019-2032)
- Application Outlook (Revenue, USD Million; 2019-2032)
- Herbicides and Insecticides
- Carboxymethyl cellulose (CMC)
- Thioglycolic Acid (TGA)
- 2,4-Dichlorophenoxyacetic acid
- End-use Outlook (Revenue, USD Million; 2019-2032)
- Specialty Chemicals
- Food industry
- Water treatment
- Others (Textile, Paper, and pulp)
- Regional Outlook (Revenue, USD Million; 2019-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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