New York, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Monomethyl Acetoacetamide Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Monomethyl Acetoacetamide Market Size:
The global monomethyl acetoacetamide market is estimated to grow at a CAGR of ~4% over the forecast period. Monomethyl acetoacetamide also referred to as acetoacetic monomethylamide, is a compound having five carbon atoms and two hydrogen atoms that contains nitrogen dioxide. It is a pale yellow substance and its chemical structure is C5H9NO2. The market is predicted to expand as a result of the increasing usage of monomethyl acetoacetamide as agrochemicals. Moreover, that the market is anticipated to develop owing to the increasing use of agrochemicals in the agriculture sector to increase productivity. For instance, in 2020, the global market for agrochemicals was estimated to be around 290 million metric tons.
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Moreover, owing to its yellow tint, monomethyl acetoacetamide is also widely used as a textile dye, and the growing textile industry across the world is estimated to accelerate market growth during the forecast period. It is believed that China has the largest textile sector in the world in terms of production, exports, and retail, producing more than 55 million tons of fiber annually, which is more than half of the global total. Further, it functions as a coupling agent in the production of pigments, textile processing, and polyester curing is predicted to drive market growth.
Global Monomethyl Acetoacetamide Market: Key Takeaways
- North America region gains the largest portion of the revenue
- More than 70% content type segment to dominate the revenue graph
- Pesticides application segment remains prominent in the application segment
Wide Range of Applications of Monomethyl Acetoacetamide in End-Use Industries to Boost Market Growth
The coloring of fabrics, dyes, and personal care items including cosmetics, tattoo inks, and hair dyes are all done using monomethyl acetoacetamide as a coloring agent. Given the number of personal care producers and goods on the market and consumers are drawn to purchasing personal care products, including cosmetics, and major spending on these cosmetics is also estimated to play a significant part in the market's expansion. It was observed that every year, Americans spend roughly USD 320 on average on cosmetic products. The average American is estimated to spend over USD 16k on skincare throughout their lifetime, with purchases starting as early as their teenage years.
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Additionally, monomethyl acetoacetamide is also used in printing inks, food flavoring agents, and colorants. Food coloring is an essential component of processed drinks and foods. Food coloring is used by food processors to make the original product more aesthetically pleasing, hence boosting its appeal. Moreover, the growing food and beverages industries and food outlets across the globe are estimated to boost the market growth. According to Economic Research Service, in the USA, in 2019, the food supply from the food outlets and retail sectors was valued at roughly USD 1.89 trillion and outlet facilities supplied USD 1.06 trillion of this total.
Global Monomethyl Acetoacetamide Market: Regional Overview
The global monomethyl acetoacetamide market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Usage of pesticides to Drive Growth in the Asia Pacific Region
The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period owing to the growing usage of pesticides, backed by the presence of a large agriculture industry. The Food and Agriculture Organization (FAO) reports that in 2018, Asia accounted for more than 50% of the world's pesticide consumption. Further, the presence of key market players in the region and significant government policies to support agriculture in the region are estimated to boost the market growth throughout the forecast period.
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Increasing Usage of Agrochemicals to Drive Growth in the North America Region
Moreover, the market in North America region is estimated to hold the largest market share over the forecast period owing to the growing usage of agrochemicals, along with the increasing import and consumption of chemicals in the region. For instance, in 2011, the value of shipments of agricultural chemicals into the United States was around 35 billion dollars. And the value of agricultural shipments into the United States in 2021 was roughly 36 billion dollars. Additionally, the growing food and beverages industries in the region are predicted to boost market growth.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Monomethyl Acetoacetamide Market, Segmentation by Application
-
- Dyes & Pigments
- Pesticides
- Food Colorant
- Textile Processing
- Others
Out of these, the pesticides segment is estimated to hold a substantial market share over the forecast period owing to the increasing demand for pesticides in the agriculture sector. It was noticed that in 2019, pesticide use was estimated to be 2 million tons per year worldwide and it had been also predicted that by 2020, there would be an increase in pesticide usage of more than 3 million tons. Further, the increasing government support and execution of agriculture-friendly policies across many nations are estimated to drive segment growth.
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Global Monomethyl Acetoacetamide Market, Segmentation by Type
-
- Less than 70%
- More than 70%
Among these, the more than 70% segment is estimated to hold significant market share over the forecast period owing to increasing usage of chemicals across the globe, backed by growing export and import of chemicals among various nations. As per one of the data, the average annual growth of the sold output of chemicals in the European Union (EU) was 2.7% between 2010 and 2020, making the EU the largest exporter of chemicals in the world.
Few of the well-known market leaders in the global monomethyl acetoacetamide market that are profiled by Research Nester are Lhoist Group, SCR-Sibelco NV, Imerys S.A., Minerals Technologies Inc., Omya AG, Carmeuse, Arihant Min chem, Nordkalk Corporation, Longcliffe Quarries Ltd., Shanghai Hy-Sailing Chemical Tech. Co., Ltd., and others.
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Recent Developments in the Global Monomethyl Acetoacetamide Market
- In January 2022, to form a distribution relationship in Latin America, Omya AG, a major international manufacturer of industrial minerals and specialty chemicals, announced to team up with SONGWON International Inc.
- In June 2019, in an announcement, Minerals Technologies Inc. stated that the paper mill owned by UPM-Kymmene Corporation in Schongau, Germany, now has ENVIROFIL PCC installed and operational.
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