Global Sodium Monochloro Acetate Market To Be Driven At A CAGR Of 5% In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Sodium Monochloro Acetate Global Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global sodium monochloro acetate market, assessing the market based on its segments like grades, end use, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 220 billion
- Forecast CAGR (2023-2028): 5%
- Forecast Market Size (2027): USD 309.6 billion
The growth of the global sodium monochloro acetate is driven by the demand from agrochemical industry. The increasing population and reducing agricultural land are propelling the demand for fertilizers, herbicides, and insecticides among others. The application of sodium monochloro acetate in production of 2,4-dichlorophenoxyacetic acid is anticipated to bolster its demand. 2,4-dichlorophenoxyacetic acid has a widespread application as a herbicide in aquatic sites, forestry sites, and crop fields, there by bolstering the demand for sodium monochloro acetate. Additionally, the application of sodium monochloro acetate in pharmaceutical industry for glycine production is likely to aid the market growth over the forecast period.
Sodium Monochloro Acetate Industry Definition and Major Segments
Sodium monochloro acetate is a sodium salt of chloroacetic acid which is obtained by the neutralising the acid with an alkali. It is a water soluble, white powder in appearance and has a pungent odour. Sodium monochloro acetate finds application as a raw material for various surfactants, chemicals, and drugs.
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The major grades of sodium monochloro acetate are:
- Technical Grade
- Pharmaceutical Grade
The market can be broadly categorised on the basis of its end uses into:
The regional markets for sodium monochloro acetate include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Sodium Monochloro Acetate Market Trends
Regionally, Asia Pacific is anticipated to dominate the global market for sodium monochloro acetate, with China and India driving the regional growth owing to the presence of vast agricultural sector. Additionally, the large chemical manufacturing industry in China and pharmaceutical sector in India are likely aid the regional market growth.
The region is also expected to witness the fastest growth rate over the forecast period. Meanwhile, North America is projected to follow Asia Pacific, this can be attributed to the major share of sodium monochloro acetate consumption in United States. Furthermore, Germany is likely to hold a dominant share and drive the growth for Europe region in the coming years.
Key Market Players
The major players in the market are CABB Group GmbH, Archit Organosys Ltd., Nouryon, Jubilant Ingrevia Limited, Denak Co., Ltd., and a few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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