LONDON-(BUSINESS WIRE)-The global monochloroacetic acid (MCAA) market is expected to grow at a CAGR of close to 4% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global Monochloroacetic acid market for 2017-2021. The market is further categorized into four application segments, including cellulosic, agrochemicals, thioglycolic acid, and surfactants.
Technavio’s research analysts segment the global monochloroacetic acid market into the following regions:
- APAC
- EMEA
- The Americas
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APAC: largest Monochloroacetic acid market
APAC accounted for 68% of the total market share and is likely to grow at a faster CAGR than global CAGR. Application segments such as cellulosic, agrochemicals, glycine, TGA, and other applications are driving the market in this region. Increasing demand from countries such as China, India, and Indonesia due to technological advances and less stringent laws on chemical usage and production, is expected to drive the market during the forecast period.
“Due to increasing demand and consumption of MCAA and its derivatives, few international players are migrating to China and India to establish production facilities of MCAA. The rise in population in many APAC countries and increase in consumption of cellulosic, agrochemicals like fertilizers and pesticides, and glycine will prove to be growth factors for the market,” says Kshama Upadhyay, a lead specialty chemicals expert from Technavio.
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Monochloroacetic acid market in EMEA
Moderate growth rate is expected from EMEA during the forecast period. Environmental regulations on usage of chemical products and the increased demand for biobased products, especially in Europe are the factors leading to this moderate growth. The booming oil and gas industry in MEA is contributing to the growth of the MCAA market. MEA is a prominent consumer of agrochemical products such as pesticides and fertilizers that include MCAA. Increase in income in the middle-class and rapid changes in lifestyle in Eastern Europe countries will drive demand during the forecast period.
“Growth rate is expected to increase in the EMEA region. However, the rate is expected to be slower than the global rate. In the European market, skin care and toiletries are the dominant application industries. In addition, an increase in demand for pharmaceutical products that contain MCAA derivatives will lead to the growth of the market,” says Kshama.
Monochloroacetic acid market in the Americas
Due to high regulations on the usage of chemicals and increased use of biobased products, the MCAA market in Americas is expected to grow at a much slower rate during the forecast period. Prime applications of MCAA in this region are agriculture, industrial water treatment, and detergents, and cleaning solutions. Heavy investments in R&D and the demand for more agricultural production will boost market growth during the forecast period.
The top vendors in the global monochloroacetic acid market as highlighted in this market research analysis are:
- AkzoNobel
- CABB
- Daicel Corporation
- The Dow Chemical Company
- Jubilant Life Sciences
- MCAA SE
- Niacet
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