Chloroacetic Acid Market to Surpass US$ 2,654.1 Million by 2026

Published On : Dec 06, 2018

The global chloroacetic acid market was valued at US$ 1,403.2 Million in 2017, according to Chloroacetic Acid Market Report, by Product Type (Monochloroacetic Acid and Trichloroacetic Acid) and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights. The global chloroacetic acid market is projected to reach US$ 2,654.1 Million by 2026, exhibiting a CAGR of 6.87% during the forecast period.

Chloroacetic acid is used for manufacturing of raw materials including cyanoacetic ester for purines, vitamin B6, phenoxyacetic acid for penicillin, chloroacetylchloride for pharmaceutical and agrochemical, glycine for pet food, flavoring agents, and pharmaceutical for soluble aspirin.

Chloroacetic acid is a synthetic organic intermediate used as an acidic derivative such as salt, acyl chloride, ester, hydrazide, anhydride, and amide due to high reactivity of the carboxylic acid group and substitution of the direct interaction of a Cl atom. Trichloroacetic acid is used to treat skin problems such as acne, wrinkles, rough skin, and sun-damaged facial skin, crow’s feet around the eyes, age spot, chicken pox, superficial scars, and some cancerous growth of the skin cancer. A trichloroacetic acid (TCA) chemical peel removes top layer of the skin to stimulate the natural growth, produce collagen, and elastin for giving clear and bright glow to the skin.

Acute inhalation of chloroacetic acid may irritate or damage skin, eyes, respiratory tract, and mucous membrane. However, EPA has not classified chloroacetic acid for potential carcinogenicity.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/chloroacetic-acid-market-2347

Browse 21 market data tables* and 44 figures* on "Chloroacetic Acid Market” - Global forecast to 2026.

Key Trends and Analysis of the Global Chloroacetic Acid Market:

Monochloroacetic acid (MCA) is used for the production of surfactants such as mild betaine amphoteric surfactants and thioglycolic acid. Thus, thioglycolic acid and its derivatives are used as additives in the production of cosmetics including hair cosmetics. For instance, according to the U.S. Department of Commerce’s International Trade Administration, Mexico cosmetics industry market was valued at US$ 6.97 billion in 2016 and it is expected to reach US$ 7.39 billion in 2018. In Mexico, demand for hair cosmetics is increasing due to increasing adoption of grooming products by men.

Key Takeaways of the Market:

  • Asia Pacific accounted for the largest market share in the global chloroacetic acid market in 2017. This is owing to increasing demand for chloroacetic acid from the agrochemical sector in Asia Pacific. In agrochemical industry, chloroacetic acid is used for the production of pesticides such as 2,4-D acids (2,4-dichlorophenoxyacetic acid), dimethoate, CAC (chloroacetyl chloride), TCAC (trichloroacetyl chloride), 2,4,5-T acid (2,4,5-trichlorophenoxyacetic acid), MCPA (2-methyl-4-chlorophenoxyacetic acid), and glyphosate (N-(phosphonomethyl) glycine). The necessity of high production within limited land in the region to cater to demand from the increasing population is boosting demand for agrochemicals in Asia Pacific. According to the Federation of Indian Chambers of Commerce and Industry, in 2016, Japan, China, and India are the largest producers of agrochemicals worldwide, followed by the U.S. Therefore, increasing demand for agrochemicals such as herbicides and insecticides is projected to create conducive environment for growth of the chloroacetic acid market in the region over the forecast period.
  • Key players are introducing new technologies in the chloroacetic acid market for business expansion. Technological innovations will lead to value addition in chloroacetic acid products. For instance, in April 2013, CABB GMBH Company launched a new technology, KARNA. This new technology will enable production of high-quality monochloroacetic acid (MCA) and sodium monochloroacetic acid (SMCA).
  • Major players operating in the global chloroacetic acid market include CABB GmbH, Arkema Group, Daicel Corporation, Niacet Corporation, and Akzo Nobel N.V.

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