Global Monochloroacetic Acid Market to be dominated by utilization of monochloroacetic acid in agriculture industry through 2028
Initiatives
taken by the government to support the production of monochloroacetic acid are the
major drivers for the Global Monochloroacetic Acid Market.
According to TechSci Research report, “Monochloroacetic
acid Market –Global Industry Size, Share, Trends, Competition, Opportunity and
Forecast, 2018-2028”, the Global
Monochloroacetic Acid (MCA) 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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Monochloroacetic Acid Market”
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 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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