Global methyl & ethyl chloroacetate market was valued at US$ 888.8 Billion in 2022, and is expected to exhibit a CAGR of 9.14%, in terms of revenue, over the forecast period (2023-2030) to reach US$ 1,789.2 Billion by 2030.
Global Methyl & Ethyl Chloroacetate Market- Driver
Increasing population and food demand
Methyl & ethyl chloroacetate is used in end use industries such as personal care, pharmaceutical, and agriculture. Increasing population and food demand is expected to drive growth of agriculture industry, which in turn is predicted to boost demand for methyl & ethyl chloroacetate in the agriculture industry in the near future. For instance, in 2022, 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.
Methyl & Ethyl Chloroacetate Market Report Coverage
|Base Year:||2022||Market Size in 2022:||US$ 888.8 Bn|
|Historical Data for:||2017-2021||Estimated Year:||2023|
|Forecast Period 2023 to 2030 CAGR:||9.14%||Forecast Period:||2023-2030|
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.
|Restraints & Challenges:||
Global Methyl & Ethyl Chloroacetate Market- Restraint
Regulations imposed by government agencies
Stringent regulations imposed by government agencies is expected to hinder the market growth in the near future. Methyl chloroacetate is crystalline solid that is dissolved in a liquid, and acute contact with it can cause serious damage to the eyes, skin, and mucous membranes. Methyl chloroacetate is used in manufacturing of chemicals, however it poses occupational hazards due to its toxic content. These factors are expected to hamper growth of the global methyl & ethyl chloroacetate market.
For instance, according to New Jersey Department of Health and Senior Services, Ethyl Chloroacetate is on the hazardous substance list because it is cited by DOT (Department of Telecommunication) and NFPA (National Fire Protection Association). This chemical is on the special health hazard substance list because it is flammable. By using non-toxic contect can counterbalance this restraint.
Global Methyl & Ethyl Chloroacetate Market- COVID-19 Impact
The medical, healthcare and pharmaceuticals sectors are key consumers of chemicals such as raw ingredients, refined reagents, solvents and finished products and demand has increased dramatically due to the COVID-19 pandemic. Governments across the globe have therefore identified the chemical industry as a critical infrastructure. That means chemical industry workers are maintaining normal work schedules related to all chemical supply chain activities, manufacture, production and transportation of raw materials or finished chemical products. Various countries have reported supply chain shortages of the active ingredients used in disinfectants. These include ethanol, propan-2-ol (isopropyl alcohol), benzyl chloride, ethylbenzyl chloride and methyl chloride. Many regulators have responded by giving derogations or regulatory waivers to allow production of non-approved active ingredients or products from non-approved suppliers. The chemical industry has responded by expanding production of active ingredients and final products. Other companies have also pitched in, for example alcoholic drink producers are now manufacturing hand sanitizers or supplying denatured alcohol to disinfectant makers.
Figure 1. Global Methyl & Ethyl Chloroacetate Market Share (%), By Region, 2022
Among region, Asia Pacific accounted for the largest revenue share of 60% in 2022, 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 expected to drive growth of the global methyl & ethyl chloroacetate market during the forecast period.
According to India Brand Equity Foundation (IBEF), in 2022, India’s beauty, cosmetics, and grooming market is expected to be valued at US$ 20 billion by 2025 from US$ 6.5 billion in 2016. The market growth is driven by rising disposable income and increasing consumer focus on improving their aesthetics. Therefore, there is increasing demand for methyl & ethyl chloroacetate from end use industries over the forecast period.
In 2022, 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.
Figure 2. Global Methyl & Ethyl Chloroacetate Market Share (%), By Application, 2022
Among application, chemical synthesis segment accounted for the largest revenue share of 45% in 2022 in the global market. Methyl & ethyl chloroacetate is the preferred choice in 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 is used in the preparation of octakis-(carbethoxymethoxy) calix arene, and in synthesis of dimethyl carbonate, and other organic molecules in the chemical industry.
Global Methyl & Ethyl Chloroacetate Market- Recent Developments
On March 3, 2023, ChemChina KraussMaffei’s is one of the world's leading manufacturers of machines and systems for producing and processing plastics and rubber TPO (thermoplastic polyolefin) waterproof membranes production line was successfully commissioned at Skshu Paint’s Anhui Mingguang factory, and officially delivered to customers for production.
On January 6, 2022, according to S&P Global 2022 Corporate Sustainability Assessment published in October this year, Pirelli had topped in various management areas including: Governance and Due Diligence, management of natural resources and reduction of CO2 emissions, innovation and cyber security, and completeness and transparency in social and environmental reporting, and achieved the highest Score in the ATX Auto Components sector.
On February 13, 2023, ADAMA Chemical Industry announced the inauguration of a new multi-purpose plant with an investment of US$ 50 million in Taquari, Brazil. It will be used for producing prothioconazole-based crop protection products, that will position ADAMA as one of the top global producers and a leading supplier of this important active ingredient.
On October 2, 2022, - Encoma, Canada-based pipe manufacturer, had ordered two smart pipe extrusion lines from KraussMaffei, one for larger pipe sizes and the other for a 5-layer heat-resistant polyethylene line designed for heating pipes.
Global Methyl & Ethyl Chloroacetate Market- Key Competitors
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.
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 manufacturing of dyes, chemical compounds, and other applications. The advantages offered by ethyl chloroacetate include balanced composition, and optimum purity.
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