New York, NY -- (SBWIRE) -- 12/19/2018 -- According to a new report by Persistence Market Research titled "Monochloroacetic Acid (MCAA) Market: Global Industry Analysis and Forecast, 2016–2024", the global consumption of monochloroacetic acid is estimated to be 823.1 Kilotons in 2016 and is anticipated to increase to 1,127.9 Kilotons by the end of 2024, registering a volume CAGR of 4.0% over the forecast period (2016 – 2024).

Market dynamics

The global monochloroacetic acid market is mainly driven by increasing demand for the production of carboxymethylcellulose, thioglycolic acid, and glycine. Monochloroacetic acid (MCAA) is a major building block in organic synthesis and hence the demand for MCAA as an intermediate in the chemical, pharmaceutical, food & beverages, and personal care industries is expected to boost the growth of the global monochloroacetic acid market during the forecast period. However, emerging alternatives for monochloroacetic acid in agrochemicals production such as pyridine to produce symtet is posing a challenge to the global monochloroacetic acid market to some extent. A recent trend observed in the global monochloroacetic acid market is the capacity expansions by key market players and new market entrants in monochloroacetic acid production through consolidation of backward vertical integrated operations.

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Market forecast

The global monochloroacetic acid market is segmented on the basis of Application (Production of Chemical Compounds, Drugs, Herbicides & Insecticides, Others (Indigo Dyes, Amphoteric Surfactants)); End Use Industry (Pharmaceutical Industry, Chemical Industry, Food & Beverages Industry, Personal Care Industry, Others (Oil & Gas Industry)); and Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa (MEA)). By application, the Production of Chemical Compounds segment is estimated to dominate the global monochloroacetic acid market with 52.9% share in terms of revenue by 2016 end. The Herbicides & Insecticides segment is projected to create incremental opportunity of US$ 62.2 Mn in the global monochloroacetic acid market between 2016 and 2024. By end use industry, the Chemical Industry segment is projected to create incremental opportunity of US$ 142.3 Mn in the global monochloroacetic acid market between 2016 and 2024. The Pharmaceutical Industry segment is expected to increase 1.8X over the forecast period to be valued at US$ 117.6 Mn by the end of 2024.

Among regions, Asia Pacific is estimated to be valued at US$ 329.5 Mn by the end of 2016 and is expected to increase to US$ 513.3 Mn by the end of 2024, registering a CAGR of 5.7% during the forecast period. Asia Pacific is expected to be the most attractive region for monochloroacetic acid in the global monochloroacetic acid market during the forecast period. Sales of monochloroacetic acid in North America was valued at US$ 36.4 Mn in 2015 and is projected to increase 1.3X over the forecast period to be valued at US$ 49.2 Mn by the end of 2024. The monochloroacetic acid market in North America is mainly propelled by a rising demand from the pharmaceutical industry. The Europe monochloroacetic acid market is estimated to account for a value share of 20.2% in the global monochloroacetic acid market by the end of 2016. Stringent government regulations pertaining to the use of agrochemicals in Europe is likely to hinder the growth of the monochloroacetic market in Europe.

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Competitive landscape

The report on the global monochloroacetic acid market profiles some of the top companies operating in the global monochloroacetic acid market. Companies featured in the report 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. Leading market players are focusing on an organic growth strategy through strategic joint ventures and setting up of new production facilities to remain competitive in the global monochloroacetic acid market.