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Rising Production of Glyphosate
Glyphosate is the most widely used active ingredient in herbicide formulations worldwide and its production relies heavily on MCA as a key raw material. Glyphosate-based herbicides account for the largest share in the global herbicide market and are amongst the top-selling agricultural chemicals. The increased GM crop adoption coupled with the introduction of glyphosate-resistant crop varieties have further expanded the glyphosate market size over the years. According to various reports, glyphosate herbicide sales have grown at an impressive rate of 7-8% annually over the past decade.
With most key patents on glyphosate expiring, more manufacturers are keen on developing generic formulations. This has resulted in amplified production volumes to cater to the growing demands as well as increased accessibility of cost-effective glyphosate products. All such factors are contributing to the raised consumption of MCA predominantly utilized as a key intermediate in glyphosate synthesis. Expanding glyphosate production remains a major driver propelling the monochloroacetic acid market growth in the forthcoming years.
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