Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Methyl & Ethyl Chloroacetate Market – Insights
Methyl chloroacetate is a lachrymatory, colorless liquid with a pungent odor, and is used as an intermediate for dyestuff, medicines, and pesticides. The advantages offered by methyl chloroacetate include precise pH value, excellent purity, accurate composition, and longer shelf life.
Ethyl chloroacetate is a water-white liquid with a strong, fruity odor, and is used in the process of manufacturing dyes, chemical compounds, and other applications. The advantages offered by ethyl chloroacetate include balanced composition, stable chemical and physical properties, and optimum purity.
Methyl & ethyl chloroacetate is used in end-use industries such as personal care, pharmaceutical, and agriculture. Increasing population and food demand is driving the growth of agriculture industry, which in turn is predicted to boost demand for methyl & ethyl chloroacetate market from the agriculture industry in the near future.
Growth of the food industry in Africa has accelerated demand for herbicides and pesticides. For instance, according to World Bank Statistics, Africa food market was valued at US$ 300 billion in 2017, and is expected to reach revenue of US$ 1 trillion by the end of 2030.
Nevertheless, stringent regulations imposed by government agencies is expected to hinder the market growth in the coming years. Methyl chloroacetate is crystalline solid or solid which is dissolved in a liquid, and acute contact with it may cause serious damage to the eyes, skin, and mucous membranes. Methyl chloroacetate is used in the manufacturing process of chemicals, however it poses occupational hazards due to its toxicity content. These factors are expected to hamper growth of the global methyl & ethyl chloroacetate market.
The global methyl & ethyl chloroacetate market was valued at US$ 760.6 Mn in 2018, and is expected to register a CAGR of 7.9% in terms of revenue over the forecast period (2019-2027), to reach US$ 1,562.8 Mn by 2027.
Figure 1. Global Methyl & Ethyl Chloroacetate Market Share (%), By Region, 2018
Source: Coherent Market Insights, 2018-19
Among region, Asia Pacific accounted for the largest revenue share of 62.8% in 2018, and is expected to record the fastest growth during the forecast period. The regional growth is driven by growing end-use industries such as personal care & cosmetics, pharmaceutical, and agriculture. Rising demand for methyl & ethyl chloroacetate from these industries is likely to propel growth of the global methyl & ethyl chloroacetate market during the forecast period.
According to India Brand Equity Foundation (IBEF), India’s beauty, cosmetics, and grooming market is projected to be valued at US$ 20 billion by the end of 2025, from US$ 6.5 billion in 2016. The market growth is driven by increasing disposable income and increasing consumer focus on improving their aesthetics. Therefore, demand for methyl & ethyl chloroacetate from end-use industries is expected to increase over the forecast period.
In 2018, Europe held the second largest share in the global methyl & ethyl chloroacetate market. Factors such as increasing demand for methyl & ethyl chloroacetate in other chemical formulations in the chemical industry, along with rising application of such chemicals in the preparation of by-products in the pharmaceutical, personal care, and agriculture industries is expected to drive growth of the market. For instance, according to the U.S. Department of Commerce’s International Trade Administration, cosmetics industry in France was valued at US$ 18.2 billion in 2016, which increased to US$ 19.5 billion in 2017.
Figure 2. Global Methyl & Ethyl Chloroacetate Market Share (%), By Application, 2018
Source: Coherent Market Insights, 2018-19
Among applications, chemical synthesis segment accounted for the largest revenue share of 41.9% in 2018 in the global market. Methyl & ethyl chloroacetate is the preferred choice in the production of carboxymethyl cellulose, caffeine, starch, betaine, vitamin B, and pharmaceuticals products.
Moreover, methyl & ethyl chloroacetate is used for organic synthesis of chemical compounds, and is also used in the manufacturing of pesticides & insecticides in the agriculture industry. Chemical synthesis is a process of formation of complex chemical compounds from simpler chemicals. Methyl & ethyl chloroacetate find major application in the preparation of octakis-(carbethoxymethoxy)calixarene, synthesis of dimethyl carbonate, and other organic molecules in the chemical industry.
Major players operating in the global methyl & ethyl chloroacetate market are Wuxi Yangshi Chemical, Changzhou Wujin Changshen Chemical Co., Ltd., ChemChina, Anugrah In-Org Pvt Ltd., Jiangsu Xin Run Chemical, Shreyans Chemicals, Urmi Chemicals, Wujiang Qingyun Zhengdong Chemical Co. Ltd., CABB Chemicals, and Jinan Finer Chemical Co. Ltd.