According to TechSci Research report, “Monochloroacetic acid Market –Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, the Global Monochloroacetic Acid Market has valued at USD 868.52 million in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 3.30% through 2028. This can be ascribed to collaborations and partnerships among leading companies with a diverse approach to merge the expertise of individual companies and to strengthen their position in the market.
Due to the increasing demand for food and biofuels, the agricultural industry heavily relies on monochloroacetic acid for various applications, particularly in the manufacturing of herbicides and agrochemicals. Herbicides play a vital role in modern agriculture by effectively controlling weeds and ensuring optimal crop growth.
Monochloroacetic acid is extensively used in herbicide production due to its ability to inhibit weed growth without significantly affecting crops. The growing utilization of monochloroacetic acid in herbicide manufacturing is expected to contribute substantially to the global market’s growth. The production of agrochemicals, including herbicides, relies heavily on monochloroacetic acid. With the increasing need for higher agricultural yields, the agriculture industry is increasingly adopting monochloroacetic acid to develop more effective and targeted formulations. These formulations enable farmers to combat pests, diseases, and weeds more efficiently, ultimately improving crop productivity. In addition to herbicides, monochloroacetic acid finds applications in other agricultural sectors as well.
It is utilized in the production of fungicides and insecticides, which help protect crops from fungal infections and insect pests. The versatility of monochloroacetic acid makes it an essential component in various agricultural chemicals, providing effective solutions for crop protection and promoting sustainable farming practices.
Furthermore, governments are actively promoting research and development in the field of agrochemicals. They invest in scientific studies, innovation centers, and collaborations between researchers, farmers, and industry stakeholders. These initiatives contribute to the development of new and improved formulations, optimized application techniques, and sustainable farming practices, all of which rely on the utilization of monochloroacetic acid. Collaborations between different stakeholders are emerging as a significant driver of growth in the global monochloroacetic acid market.
One key area where collaborations are driving the monochloroacetic acid market is in the development of sustainable agricultural solutions. With increasing concerns about environmental impact, there is a growing demand for organic monochloroacetic acid in the agriculture industry. Collaborations between monochloroacetic acid manufacturers, agricultural experts, and farmers are leading to the development of eco-friendly agrochemical formulations that promote sustainable farming practices.
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In a recent collaboration based on the monochloroacetic acid market, a global company has partnered with Atul Ltd, an integrated chemical company based in Gujarat, India. The collaboration aims to enhance the production of monochloroacetic acid (MCA) and meet the growing demand for this chemical compound. This partnership is expected to contribute to the expansion of the global monochloroacetic acid market, which is projected to reach a value of USD 1,517.49 million by 2032. However, volatility in the economy and environmental regulations are expected to slow down the growth of the market in the coming years.
The Global Monochloroacetic Acid Market segmentation is based on Form, Application, By Company, and Region
Based on Application, Surfactant held the largest market share in the forecast period. This can be attributed to its extensive usage as foaming agents, which are substances that create foam and bubbles, dispersants that aid in the even distribution of particles, emulsifiers that help mix substances that do not naturally mix, detergents that remove dirt and grease, and wetting agents that reduce surface tension. The increasing need for surfactants for cleaning purposes in various sectors, including industrial, commercial, and residential, is expected to drive significant growth of this segment in the global market.
Some of the major companies operating in the Global Monochloroacetic Acid Market include:
- Denak Co., Ltd.
- Henan HDF Chemical Company, Ltd.
- ITALMAR (THAILAND) CO., LTD.
- Jiangxi Biochem Co., Ltd.
- Archit Organosys Ltd.
- Merck KGaA
- Meridian Chem Bond Pvt. Ltd.
- Nouryon Holding B.V.
- Shandong Minji New Material Technology Co., Ltd.
- Terratech AG
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“Certain regions, particularly the Asia Pacific, are projected to exert significant demand for monochloroacetic acid worldwide. The growth in the competitive landscape and the presence of well-established companies in the market, committed to enhancing their monochloroacetic acid productivity each year, are expected to contribute to a remarkable growth of the Global Monochloroacetic Acid Market in the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
Global Monochloroacetic Acid Market By Form (Crystalline, Liquid and Flakes), By Application (Carboxymethylcellulose (CMC), Agrochemicals, Surfactants, Thioglycolic Acid (TGA), Others), By Region, Competition, Forecast and Opportunities, 2018-2028F has evaluated the future growth potential of Global Monochloroacetic Acid Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Monochloroacetic Acid Market.
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Table of Content-Monochloroacetic Acid Market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Applications
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends
- Impact of COVID-19 on Global Monochloroacetic Acid Market
- Global Monochloroacetic Acid Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Form (Crystalline, Liquid and Flakes)
5.2.2. By Application (Carboxymethylcellulose (CMC), Agrochemicals, Surfactants, Thioglycolic Acid (TGA), Others)
5.2.3. By Region
5.2.4. By Company (2023)
5.3. Market Map
- Asia Pacific Monochloroacetic Acid Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Form
6.2.2. By Application
6.2.3. By Country
6.3. Asia Pacific: Country Analysis
6.3.1. China Monochloroacetic Acid Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Form
6.3.1.2.2. By Application
6.3.2. India Monochloroacetic Acid Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Value
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Form
6.3.2.2.2. By Application
6.3.3. Australia Monochloroacetic Acid Market Outlook
6.3.3.1. Market Size & Forecast
6.3.3.1.1. By Value
6.3.3.2. Market Share & Forecast
6.3.3.2.1. By Form
6.3.3.2.2. By Application
6.3.4. Japan Monochloroacetic Acid Market Outlook
6.3.4.1. Market Size & Forecast
6.3.4.1.1. By Value
6.3.4.2. Market Share & Forecast
6.3.4.2.1. By Form
6.3.4.2.2. By Application
6.3.5. South Korea Monochloroacetic Acid Market Outlook
6.3.5.1. Market Size & Forecast
6.3.5.1.1. By Value
6.3.5.2. Market Share & Forecast
6.3.5.2.1. By Form
6.3.5.2.2. By Application