The global Monochloroacetic Acid Market is primarily driven by its increasing demand from household care products such as detergents and bleaches. Monochloroacetic acid acts as an important intermediate in the manufacturing of these household care products. It is used in the production of glycine, thioglycolic acid, and other chemical intermediates. Monochloroacetic acid helps enhance the effectiveness of bleaches and removes stains from fabrics.
The global Monochloroacetic acid Market is estimated to be valued at US$ 941.62 Mn in 2024 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The increasing demand from household care products is one of the major drivers of the Monochloroacetic acid Market. Household care product manufacturers are using Monochloroacetic acid as a main raw material to produce bleaches and detergents that help remove stains and disinfect surfaces. Also, the growing population and rising disposable income in developing regions is increasing household expenditure on laundry and dishwashing products, thereby driving the demand for Monochloroacetic acid in these applications. However, Monochloroacetic acid is toxic in nature and overexposure to it can cause severe health issues. The stringent regulations around its production and transportation may hinder the market growth.
The monochloroacetic acid market size is segmented based on application into herbicides, surfactants, thioglycolic acid and others. The herbicides segment is currently dominating the market due to high usage of monochloroacetic acid in the production of various herbicides such as 2,4-D. This segment accounts for over 30% of the total market share owing to the wide application of herbicides in agriculture to kill weeds.
Political: Stringent environmental regulations regarding the use and production of monochloroacetic acid in various countries can hamper the market growth.
Economic: Growing demand from end-use industries such as agriculture, cosmetics and pharmaceuticals due to rapid industrialization and rising population is positively impacting the monochloroacetic acid market.
Social: Increasing health awareness among consumers has increased the demand for personal care products containing surfactants produced from monochloroacetic acid.
Technological: Manufacturers are focusing on developing efficient and cost-effective production technologies to cater to the growing demand and remain competitive in the market.
The global monochloroacetic acid market is expected to witness high growth over the forecast period. The global Monochloroacetic acid Market is estimated to be valued at US$ 941.62 Mn in 2024 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market and is expected to maintain its lead position during the forecast period. This can be attributed to increasing demand from agriculture and personal care industries from densely populated countries such as India and China. This high growth is attributed to increasing agriculture activities and growing personal care industry in the region. China dominates the Asia Pacific monochloroacetic acid market with over 30% share due to large production facilities in the country.
Key players operating in the monochloroacetic acid market are AkzoNobel N.V., CABB Group GmbH, Niacet Corporation, and Denak Co. Ltd. AkzoNobel N.V. is the global leader in production capacity with manufacturing sites in Germany, Sweden and China. CABB Group GmbH is another leading producer with state-of-the-art production technology and facilities across Europe and China.