Monochloroacetic Acid Market to Expand at a CAGR of approximately 4.0% by 2027; Rise in Exploration Activities in Oil & Gas Industry

The global monochloroacetic acid market was valued at US$ 815.74 Mn in 2018 and is anticipated to expand at a CAGR of approximately 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 Transparency Market Research (TMR) The report infers to the usage of monochloroacetic acid for oil drilling activities. Asia Pacific is the leading region of the global monochloroacetic acid market. The monochloroacetic acid market in the region is projected to expand at a significant pace during the forecast period, owing to the rise in oil & gas exploration and demand for agrochemicals in the region.

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Increase in Demand for Monochloroacetic Acid in Oil & Gas Industry Likely to Boost Market

Increase in demand for crude oil and natural gas is encouraging Exploration and Production (E&P) firms to engage in extensive drilling activities. The global monochloroacetic acid market is projected to expand significantly during the forecast period owing to the rise in drilling activities in land and offshore rigs. Hence, increase in demand for carboxymethyl cellulose in oil and gas drilling activities is expected to drive the monochloroacetic acid market.

The growth of the monochloroacetic acid market can be ascribed to the rise in demand for carboxymethyl cellulose, as monochloroacetic acid is used in the manufacture of carboxymethyl cellulose. Globally, more than 30% of the monochloroacetic acid is used in the production of carboxymethyl cellulose. Carboxymethyl cellulose is used as a viscosifier in drilling muds for drilling of boreholes for the extraction of oil and gas. It balances physical parameters such as viscosity, thereby reducing the loss of water and increasing the thixotropy of the oil. It also arrests the growth of fungus while drilling mud, thereby terminating the need of preservatives and pH level indicators in the mud. Therefore, demand for monochloroacetic acid is directly proportional to the usage of carboxymethyl cellulose for oil exploration and rig drilling activities.

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Prominent Players in Global Monochloroacetic Acid Market

Major players operating in the global monochloroacetic acid market include AkzoNobel N.V., CABB GmbH, Shandong Minji Chemical Co., Ltd., PCC SE, Denak Co. Ltd., Niacet Corporation, and Jubilant Life Sciences Limited.