Monochloroacetic Acid market Size, Regional Outlook, Revenue Analysis, Competitive Landscape & Forecast Till 2032
The global monochloroacetic acid market size reached USD 908.90 million in 2022 and is expected to register a revenue CAGR of 5.2 % during the forecast period, according to latest analysis by Emergen Research. Rising demand for monochloroacetic acid for precision farming practices and rapid adoption to increase food production capacity is significantly driving the growth of the market. Monochloroacetic Acid is increasingly procured by agriculture industries for sustainability practices, owing to the awareness of government and international agencies.
According to World Economic Forum (WEF), globally 100 million farmers participating together with different stakeholders to promote a shift towards food systems that have zero net emissions and positively impact nature by 2030. Globally various industries are witnessing urgent requirements to reduce the use of chemical pesticides and other potentially dangerous agrochemicals, which could lead to environmental issues such as decreased biodegradability, and soil toxicity. Monochloroacetic acid plays a crucial demand in filling demand gaps in bio-based compounds and organic compounds. These factors are driving growth of the market.
However, high cost of manufacturing and the availability of alternatives is restraining revenue growth of the market. Manufacturing monochloroacetic acid includes numerous stages, and the acid requires several raw materials, such as chlorine, making it a capital-intensive process. These issues may raise the cost of operation and the end product, stifling market expansion.
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It focuses on the recent mergers & acquisitions, joint ventures, collaborations, partnerships, licensing agreements, brand promotions, and product launches, among others. The report also provides details about the company overview, business expansion plans, product portfolio, manufacturing and production capacity, global market position, financial status, and consumer base.
Major Key Players Operating in the Industry:
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., and Anugrah In-Org (P) Limited among others..
Some Key Highlights from the Report
- The crystalline segment accounted for the largest market revenue share in 2022. Monochloroacetic acid is significantly utilized in the market owing to its stability and ease of distribution, monochloroacetic acid is generally supplied and distributed in the form of crystalline powder. The crystalline form of monochloroacetic acid is widely obtained by many industries, including agriculture, where it is widely used as a raw material in the manufacture of herbicides, fungicides, and other chemicals.
- The herbicides and insecticides segment accounted for the largest revenue share in 2022. Monochloroacetic acid is a raw ingredient used in the production of herbicides and insecticides. Herbicides and insecticides based on monochloroacetic acid are effective chemicals for pest and disease control, resulting in enhanced crop yields.
- The agriculture segment accounted for the largest revenue share in 2022. Monochloroacetic acid is commonly used as an herbicide and insecticide in agriculture. Because of its efficacy in pest management and adaptability in many crop uses, monochloroacetic acid has seen rapid adoption.
- The global Monochloroacetic acid market in Asia Pacific accounted for the largest revenue share in 2022. Significant demand for monochloroacetic acid in agriculture, adhesives, and medicines is propelling market expansion in this region. Monochloroacetic acid is exported in the agricultural business in countries such as India, China, Japan, Thailand, and Malaysia for the production of a wide range of chemicals including herbicides, fungicides, and other agricultural chemicals.
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Key Segments cover in the market:
- 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
The global Monochloroacetic Acid market report covers the analysis of drivers, trends, limitations, restraints, and challenges arising in the Advanced wound care market. The report also discusses the impact of various other market factors affecting the growth of the market across various segments and regions. The report segments the market on the basis of types, applications, and regions to impart a better understanding of the Advanced wound care market.
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Regional Analysis Covers:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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