CHLOROACETIC ACID MARKET ANALYSIS
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).
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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