Global Monomethyl Acetoacetamide Market Highlights over 2022 – 2031
The global monomethyl acetoacetamide market is estimated to grow at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. Monomethyl acetoacetamide, also known as, acetoacetic monomethylamide is a pale yellow chemical that contains nitrogen dioxide, with five carbon atoms and two hydrogen. Its molecular formula is C5H9NO2. The growth of the market can be attributed to the growing application of monomethyl acetoacetamide as agrochemicals. Moreover, the growing adoption of agrochemicals in the agriculture industry, in order to boost production, is estimated to boost the market growth. For instance, the market volume of agrochemicals amounted to approximately 285 million metric tons by the end of 2019, globally. Additionally, monomethyl acetoacetamide is also prominently used as a textile dye, owing to its yellow color. Along with this, it is also used in several personal care products, such as cosmetics, tattoo inks, and hair dyes, amongst others. The growing applications of monomethyl acetoacetamide globally, across various end-user sectors, is estimated to drive the market growth.
The market is segmented by application into dyes & pigments, pesticides, food colorant, textile processing, and others, out of which, the pesticides segment is anticipated to hold a substantial share in the global monomethyl acetoacetamide market over the forecast period on account of growing demand for pesticides in the agriculture industry. For instance, in 2019, over 4 million metric tons of pesticides were used for agriculture across the world. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Monomethyl Acetoacetamide Market Regional Synopsis
On the basis of geographical analysis, the global monomethyl acetoacetamide market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of high usage of pesticides in the region, backed by the large agriculture industry. According to the data by the Food Agriculture Organization (FAO), Asia region accounted for more than 50% of the global pesticide consumption, in 2018. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to increasing use of agrochemicals, along with the growing import and consumption of chemicals in the region.
The global monomethyl acetoacetamide market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global monomethyl acetoacetamide market includes the following segments:
By Content Type
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
Increasing demand for pesticides and dyes is estimated to primarily boost the market growth.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022 – 2031.
The major players in the market are SCR-Sibelco NV, Imerys S.A., Minerals Technologies Inc., Omya AG, Carmeuse, Arihant Min chem, Nordkalk Corporation, Longcliffe Quarries Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by content type, application, and by region.
The pesticides segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Stringent government regulations on production of toxic substances is estimated to hamper the market growth.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period owing to the rising consumption of agrochemicals in the region.
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