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Market Overview
The market for monochloroacetic acid is expected to grow at a CAGR of more than 5% during the forecast period of 2019–2024. One of the major factors driving the market is the growing demand from the agrochemicals and personal care industry. On the flipside, hazardous effects of monochloroacetic acid is expected to hinder the growth of the market studied.
- Personal care and pharmaceuticals industry dominated the market in 2018 and is expected to grow during the forecast period.
- Usage of cyanoacetic acid is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China and India.
Key Market Trends
Increasing Demand from Personal Care and Pharmaceuticals Industry
- Monochloroacetic acid (MCA) is used to make surfactants, particularly mild betaine amphoteric surfactants. Heating MCA with sodium or potassium hydrogen sulphide produces thioglycolic acid. Thioglycolic acid and its derivatives are used in the production of hair care products, such as shampoos, conditioners, and hair masks.
- Additionally, rising disposable income, rising awareness of beauty products, changes in consumption patterns, impact of globalization on lifestyles, and changing retail landscape in the developing countries (such as India, Thailand, Vietnam) are likely to boost the demand for personal care products in the coming years. This in turn, is expected to increase the demand for MCA from the personal care sector of the region.
- MCA is also required in the pharmaceuticals sector for the production of ibuprofen/brufen, dichlophenac sodium, caffeine, vitamins (e.g. vitamin B), glycine, N-(P-hydroxyphenyl)-glycine (METOL), and maleanates.
- Hence, considering the aforementioned factors, with the increasing demand for personal care products, the demand for monochloroacetic acid is likely to rise, during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share in 2018. The demand for Monochloroacetic Acid (MCA) has witnessed an increase in the past few years in China, majorly because of the increasing demand from personal care and pharmaceutical sector.
- The increasing concerns for hygiene and cleanliness have led to the growth in demand for personal care products, detergents, and washing soaps. This is likely to boost the demand for MCA owing to its requirement in the production of these personal care products.
- Moreover, AkzoNobel is likely to expand the capacity of its 100,000 ton/year MCA plant in Shanghai, after the Indian plant starts commercial operations in 2019.
- Therefore, considering the aforementioned factors, the demand for monochloroacetic acid is expected to witness a rapid increase in Asia-Pacific, during the forecast period.
Competitive Landscape
The monochloroacetic acid market is partially fragmented with no single player accounting for a significant share of the market. Some of these major players include Nouryon, Merck KGaA, Alfa Aesar, PCC Group, and TerraTech.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
The market for monochloroacetic acid is expected to grow at a CAGR of more than 5% during the forecast period of 2019–2024. One of the major factors driving the market is the growing demand from the agrochemicals and personal care industry. On the flipside, hazardous effects of monochloroacetic acid is expected to hinder the growth of the market studied.
- Personal care and pharmaceuticals industry dominated the market in 2018 and is expected to grow during the forecast period.
- Usage of cyanoacetic acid is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China and India.
Key Market Trends
Increasing Demand from Personal Care and Pharmaceuticals Industry
- Monochloroacetic acid (MCA) is used to make surfactants, particularly mild betaine amphoteric surfactants. Heating MCA with sodium or potassium hydrogen sulphide produces thioglycolic acid. Thioglycolic acid and its derivatives are used in the production of hair care products, such as shampoos, conditioners, and hair masks.
- Additionally, rising disposable income, rising awareness of beauty products, changes in consumption patterns, impact of globalization on lifestyles, and changing retail landscape in the developing countries (such as India, Thailand, Vietnam) are likely to boost the demand for personal care products in the coming years. This in turn, is expected to increase the demand for MCA from the personal care sector of the region.
- MCA is also required in the pharmaceuticals sector for the production of ibuprofen/brufen, dichlophenac sodium, caffeine, vitamins (e.g. vitamin B), glycine, N-(P-hydroxyphenyl)-glycine (METOL), and maleanates.
- Hence, considering the aforementioned factors, with the increasing demand for personal care products, the demand for monochloroacetic acid is likely to rise, during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share in 2018. The demand for Monochloroacetic Acid (MCA) has witnessed an increase in the past few years in China, majorly because of the increasing demand from personal care and pharmaceutical sector.
- The increasing concerns for hygiene and cleanliness have led to the growth in demand for personal care products, detergents, and washing soaps. This is likely to boost the demand for MCA owing to its requirement in the production of these personal care products.
- Moreover, AkzoNobel is likely to expand the capacity of its 100,000 ton/year MCA plant in Shanghai, after the Indian plant starts commercial operations in 2019.
- Therefore, considering the aforementioned factors, the demand for monochloroacetic acid is expected to witness a rapid increase in Asia-Pacific, during the forecast period.
Competitive Landscape
The monochloroacetic acid market is partially fragmented with no single player accounting for a significant share of the market. Some of these major players include Nouryon, Merck KGaA, Alfa Aesar, PCC Group, and TerraTech.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
