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According to IMARC Group’s latest report, titled “Monochloroacetic Acid Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global monochloroacetic acid market reached a value of US$ 858.1 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,068.3 Million by 2027, exhibiting a CAGR of 3.8% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Monochloroacetic acid (MCA), also called chloroacetic acid, refers to a colorless crystalline compound that is produced by the chlorination of acetic acid. It is usually stored in the form of aqueous solutions and flakes for easy transportation. Monochloroacetic acid is easily soluble in water and various organic solvents, such as ether, methanol, acetone, benzene, chloroform, etc. Consequently, it finds extensive applications in several end-use industries, including dyes and detergents, personal care and pharmaceuticals, geological drillings, etc., as thickening agents, preservatives, bacteriostats, etc.
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The growing product adoption in the manufacturing of numerous agrochemicals, such as pesticides, herbicides, insecticides, fungicides, etc., that are used in the agriculture sector for protecting crops and enhancing the overall yield while maintaining fertility for the next crop production cycle is primarily driving the monochloroacetic acid market. Additionally, the escalating demand for MCA as an intermediate in the production of other chemicals, including phenoxyacetic acid, carboxymethylcellulose (CMC), thioglycolic acid (TGA), etc., is further catalyzing the market growth. Besides this, the increasing utilization of monochloroacetic acid in the treatment of skin lesions and atherosclerosis is acting as another significant growth-inducing factor. Moreover, the inflating popularity of this compound as an alternative to cryotherapy for common and plantar warts in primary care is also positively influencing the global market. Apart from this, the rising investments in R&D activities for developing novel product variants are anticipated to fuel the monochloroacetic acid market over the forecasted period.
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The report has segmented the market on the basis of process type, product form, application, end use industry and geography.
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