Chloroacetic acid is a specialty organochlorine compound and a building block in organic synthesis. Hence, it is used in the production of various chemical compounds, agrochemicals, dyes, and drugs. Chloroacetic acid is used to prepare or produce industrial chemicals and is used as a thickening agent or chemical intermediate in carboxymethylcellulose (CMC) and carboxymethyl starch. It also produces thioglycolic acid and glycine, which is a major precursor to the production of glyphosate.
Global chloroacetic acid market was valued at US$ 1575.6 Million in 2021 in terms of revenue, exhibiting a CAGR of 6.47% during the forecast period (2022 to 2030).
Drivers
Chloroacetic acid is a synthetic organic intermediate used as an acidic derivative such as salt, acyl chloride, ester, hydrazide, anhydride, and amide due to the high reactivity of the carboxylic acid group and substitution of the direct interaction of a Chlorine atom. The global chloroacetic acid market is expected to exhibit significant growth over the forecast period, owing to increasing demand for chloroacetic acid for the production of glycine. The amination of chloroacetic acid with ammonia produces glycine and glycine is used as a buffering agent in antacids, analgesics, antiperspirants, and toiletries.
Growing application of this chemical in end-use industries such as healthcare, petrochemical, textiles, and personal care is expected to be a promising factor for the market.
Increasing use of the chloroacetic acid and its derivatives in tin stabilizers for processing polyvinyl chloride, in oil field applications and surfactants, is expected to be a favorable factor. In addition, it constitutes industrial applications for manufacturing cellulose ethers, herbicides, and thioglycolic acid.
The recent outbreak of coronavirus had a negative impact on the chloroacetic acid market. The severe disruptions in various manufacturing and supply-chain operations due to the various precautionary lockdowns imposed by governments to curb the spread of disease led to huge financial setbacks for the global chloroacetic acid market.
Figure 1. Global Chloroacetic Acid Market Value Share (%), By Region, 2021
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Market Restraints
However, government regulations on chloroacetic acid is a major factor restraining the growth of the global chloroacetic acid market. For instance, according to the harmonized classification and labeling (ATP01) approved by the European Union in 2020, chloroacetic acid is toxic if swallowed or exposed to the skin. Also, it causes severe skin burns and eye damage if inhaled. Furthermore, the classification provided by companies to the European Chemicals Agency (ECHA) in Registration, Evaluation, Authorisation, and Restriction of Chemicals (REACH) registrations helped to identify that chloroacetic acid is toxic to aquatic life with long-lasting effects and may be corrosive to metals.
Chloroacetic Acid Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2021 | Market Size in 2021: | US$ 1575.6 Mn |
Historical Data for: | 2017-2020 | Estimated Year: | 2022 |
Forecast Period 2022 to 2030 CAGR: | 6.47% | Forecast Period: | 2022-2030 |
Geographies covered: |
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Segments covered: |
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Companies covered: |
CABB GmbH, Arkema Group, Daicel Corporation, Niacet Corporation, and Akzo Nobel N.V. |
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Growth Drivers: |
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Restraints & Challenges: |
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Market Trends
The Chloroacetic Acid Market growth is attributed to factors such as increasing demand for the production of carboxymethylcellulose, thioglycolic acid, herbicides, insecticides, and glycine driving the market growth. Furthermore chloroacetic acid is an important compound in the chemical industry, a major portion is used for the production of carboxymethylcellulose (CMC) which is widely used as a thickening agent in the food industry and will boost the market growth.
Herbicide and laundry agents are two other significant application segments that further drive market growth. In addition, the rising iron ore mining activities and taconite pose new opportunities for the Global Chloroacetic Acid Market. Also, chloroacetic acid is gaining recognition as an effective alternative to cryotherapy for common and plantar warts in primary care to avoid pain during the treatment which is propelling the growth of the market.
Figure 2. Global Chloroacetic Acid Market Value Share (%), By Product Type, 2021
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Recent Developments
Competitive Section
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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