SEATTLE, May 18, 2020 (GLOBE NEWSWIRE) -- Chloroacetyl chloride is one of the most versatile and organic compounds that have a key role as intermediate in various chemical reactions. Chloroacetyl chloride is majorly used in the manufacturing of herbicides and various pharmaceutical formulation. Some of the major herbicides that are manufactured by using chloroacetyl chloride are chloroacetyl chloride. Moreover, it is also used in the study of the in-vitro metabolism of chloroacetamide herbicides in human and rat liver microsomes across the healthcare industry. Furthermore, it is also to manufacture derivatives of quinolone chemical that exhibit antileishmanial property.
The global Chloroacetyl chloride market is estimated to account for US$ 477.4 Mn in terms of value by the end of 2019, growing at CAGR of 5.6% during the forecast period (2019 to 2027).
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Market Drivers:
Increasing population around the globe has propelled the demand for fertilizer for increasing crop production in order to meet the rising demand for food. This is expected to augment the market growth. Increasing production of chloroacetyl chloride across Asian countries such as China, Japan, and India due to the high consumption of fertilizers in the region is projected to accelerate the market growth of the chloroacetyl chloride over the forecast period.
High demand for agrochemicals across Latin America especially in Brazil country is expected to augment the market growth of chloroacetyl chloride. The growing use of chloroacetyl chloride as an active ingredient in the formulation of various pharmaceutical drugs is also expected to augment the market growth. Improvement in the overall economy coupled with favorable trade policies is another major factor projected to fuel the market growth of the chloroacetyl chloride.
Market Opportunities
Growth in the agrochemical sector, especially in the Asia Pacific region, is expected to serve potential growth opportunities to the market. Growing various initiatives for crop protection and increasing farm yield is also anticipated to foster the market growth of chloroacetyl chloride. The entry of various players in the untapped market for expanding their presence is further projected to bolster the market growth of the chloroacetyl chloride.
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Key Takeaways:
In terms of application, herbicides segment accounted for significant market share of 37.3% in the global chloroacetyl chloride market in 2019, in terms of revenue, along with active pharmaceutical ingredients. Chloroacetyl chloride is a colorless to yellowish liquid, having a pungent smell. Hydrochloric acid and chloroacetic acid can be easily formed by rapidly breaking down chloroacetyl chloride in water. Chloroacetyl chloride is usually used as an intermediate in the production of chemicals such as diazepam, chloroacetophenone, adrenalin, chloroacetate esters, tear gas agents, chloroacetic anhydride, and herbicides. Increasing crop production across the globe, owing to expanding population, is expected to drive demand for herbicides, which is further expected to drive demand for chloroacetyl chloride over the forecast period. For instance, according to the Food and Agriculture Organization of the United Nations, global cereal production in 2019 was pegged at 2,719 million tons, up by 62 million tons from 2018.
Geographically, in terms of revenue, in 2019, Asia Pacific is expected to hold dominant position accounting for 39.5% share in the global chloroacetyl chloride market. Increasing demand for food grain, increasing awareness among farmers, and need for better land use efficiency are expected to drive market growth of herbicides in the region, thus propelling growth of chloroacetyl chloride market. Furthermore, increasing use of herbicides & pesticides in order to protect crops against insects and to increase crop yield, coupled with increasing agriculture activities in emerging economies of the region such as China, India, etc. is expected to boost demand of chloroacetyl chloride in Asia Pacific. For instance, according to the Organization for Economic Co-operation and Development (OECD) Agriculture Statistics, China’s rice production in 2017 was pegged at 4.842 tons/hectare, which increased to 4.919 tons/hectare in 2018. Moreover, according to the India Brand Equity Foundation, India’s agricultural exports reached US$ 38.54 billion in 2018 and Government of India is planning to increase India’s agricultural exports to US$ 60 billion by 2022.
Competitive Section:
Company Names Daicel Corporation, ALTIVIA Petrochemicals Corporation, CABB, Shiva Pharmachem Ltd, Transpek Industry Limited, Triveni Chemicals, Taixing Shenlong Chemical Co., Ltd, Chengwu Chenhui Environmental Protection Technology Co., Ltd., Zouping Qili Additives Co.Ltd, and YiDu Jovian Industry CO., LTD
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Market Segmentation:
By Manufacturing Process
By Application
By Region
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