Global chloroacetic acid market is expected to grow at a CAGR above 2% from 2015 to 2022. Growing application of this chemical in end-use industries such as healthcare, petrochemical, textiles, and personal care is expected to be a promising factor for the market.
Increasing use of the product and its derivatives in tin stabilizers for processing polyvinyl chloride, in oil field applications and surfactants is expected to be a favorable factor. In addition, it constitutes industrial applications for manufacturing cellulose ethers, herbicides, and thioglycolic acid.
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Chloroacetic acid is a halogenated derivative of acetic acid which is used in manufacturing drugs, drilling fluids, pesticides, and dyes. Growing agriculture industry in Brazil, India, and China on account of favorable government regulatory support coupled with raw material access is expected to promote demand for pesticides which in turn will promote industry growth. EPA and the European Commission have framed regulatory norms aimed at reducing volatile organic compounds (VOC) emissions, which has resulted in increasing demand for bio-based chemicals and will hamper the industry.
The product is a strong keratolytic and caustic topical agent, and hence finds application scope in various medicines for treating veruccae, atherosclerosis, and skin lesions. Rising cases of demographic aging in countries such as Japan and the U.S. are expected to have a positive impact over the forecast period.
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Asia Pacific will be a lucrative industry over the forecast period on account of rising agricultural industry in India and China amid regulatory inclination to increase production output at domestic level. Development of pesticides, dyes, pharmaceutical, and chemical industries in China owing to low manufacturing cost and easy raw material access is expected to drive the market. In February 2014, the Government of India announced the “Draft National Chemical Policy” aimed at increasing chemical output at domestic level from 3% to 6% by 2020. This policy will provide new opportunities for the manufacturers.
North America is expected to be a potential industry on account of introduction of hydraulic fracturing which has led to increasing production of natural gas and crude oil at a domestic level. Rising exploration and drilling of shale deposits in the U.S. for production of natural gas at domestic level is expected to augment the market for drilling fluids which in turn will propel the chloroacetic acid demand over the forecast period.
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