The global monochloroacetic acid market wasvalued at US$ 815.74 Mn in 2018 and is anticipated to expand at a CAGR ofapproximately 4.0% during the forecast period, according to a new report titled‘Monochloroacetic Acid Market: Global Industry Analysis, Size, Share,Growth, Trends, and Forecast, 2019–2027’ published by TransparencyMarket Research (TMR) The report infers to the usage of monochloroacetic acidfor oil drilling activities. Asia Pacific is the leading region of the globalmonochloroacetic acid market. The monochloroacetic acid market in the region isprojected to expand at a significant pace during the forecast period, owing tothe rise in oil & gas exploration and demand for agrochemicals in theregion.
Increasein Demand for Monochloroacetic Acid in Oil & Gas Industry Likely to BoostMarket
Increasein demand for crude oil and natural gas is encouraging Exploration andProduction (E&P) firms to engage in extensive drilling activities. Theglobal monochloroacetic acid market is projected to expand significantly duringthe forecast period owing to the rise in drilling activities in land andoffshore rigs. Hence, increase in demand for carboxymethyl cellulose in oil andgas drilling activities is expected to drive the monochloroacetic acid market.
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Thegrowth of the monochloroacetic acid market can be ascribed to the rise indemand for carboxymethyl cellulose, as monochloroacetic acid is used in themanufacture of carboxymethyl cellulose. Globally, more than 30% of themonochloroacetic acid is used in the production of carboxymethyl cellulose.Carboxymethyl cellulose is used as a viscosifier in drilling muds for drillingof boreholes for the extraction of oil and gas. It balances physical parameterssuch as viscosity, thereby reducing the loss of water and increasing thethixotropy of the oil. It also arrests the growth of fungus while drilling mud,thereby terminating the need of preservatives and pH level indicators in themud. Therefore, demand for monochloroacetic acid is directly proportional tothe usage of carboxymethyl cellulose for oil exploration and rig drillingactivities.
CarboxymethylCellulose Segment to Gain Momentum
The reportpresents a detailed segmentation of the global monochloroacetic acid marketbased on product and application. In terms of application, the carboxymethylcellulose segment constituted major share of the global monochloroacetic acidmarket in 2018. Carboxymethyl cellulose act as thickener, rheology modifier,water retention aid, filtration reducer, binder, dispersant, protectivecolloid, and floating aid. Carboxymethyl cellulose is used in detergents,drilling fluids, food, mining, paper, textiles. It is also used in the form ofviscosifier for retaining loss of fluid during drilling. Carboxymethylcellulose is also employed in iron ore pelletization and froth flotation. Italso increases the quantity and quality of the valuable mineral by deactivatingundesired impurities in the gangue depressant process. The carboxymethylcellulose segment is projected to account for dominant share of the globalmonochloroacetic acid market during the forecast period.
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AsiaPacific to Lead Global Monochloroacetic Acid Market
AsiaPacific and Europe were key regions of the global monochloroacetic acid marketin 2018. The monochloroacetic acid market in Asia Pacific is anticipated toexpand rapidly owing to the increase in industrialization across the region. Interms of consumption, China accounted for 50% share of the globalmonochloroacetic acid market in 2018. Monochloroacetic acid is extensively usedto manufacture carboxymethyl cellulose in Europe. The market in North Americais projected to expand at a steady pace during the forecast period. The marketin Latin America is likely to expand at a substantial pace during the forecastperiod owing to high demand for agrochemicals and carboxymethyl cellulose inBrazil. Furthermore, rise in oil & gas exploration activities and growth inthe agrochemicals industry are fuelling the demand for monochloroacetic acid inthe region.
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ProminentPlayers in Global Monochloroacetic Acid Market
Majorplayers operating in the global monochloroacetic acid market include AkzoNobelN.V., CABB GmbH, Shandong Minji Chemical Co., Ltd., PCC SE, Denak Co. Ltd.,Niacet Corporation, and Jubilant Life Sciences Limited. These players offersustainable and durable solutions to clients. Innovation of new products andtechniques through R&D is one of the approaches adopted by these companies.
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