METHYL & ETHYL CHLOROACETATE MARKET ANALYSIS
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.
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 [8]arene, and in synthesis of dimethyl carbonate, and other organic molecules in the chemical industry.
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.
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