Methanesulfonic Acid Market to Surpass 998.6 Million by 2030 Drives Due to Increase in the Consumption of Methane Sulfonic Acid
SkyQuest projects that the methanesulfonic acid market will attain a value of USD 998.6 million by 2030, with a CAGR of 4.8% over the forecast period (2023-2030). The consumption of methane sulfonic acid is witnessing a significant increase, primarily driven by its crucial role as a catalyst in biodiesel production and chemical synthesis. This factor is expected to be a powerful catalyst for methanesulfonic acid market growth during the forecast period. In addition, methane sulfonic acid is an efficient catalyst in various chemical reactions, facilitating the synthesis of a wide range of compounds.
Westford USA, Aug. 10, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the global demand for methanesulfonic acid market in the pharmaceutical and medical industry is rising, presenting the significant growth opportunities for established players in the market. The unique properties of methane sulfonic acid make it a desirable ingredient in pharmaceutical formulations and medical applications owing to its effectiveness as a catalyst and solvent. This growing demand from the healthcare sector is expected to drive market growth in the coming years.
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· Pages - 242
· Tables - 63
· Figures – 75
Methane sulfonic acid is the most fundamental alkyl sulfonic acid, positioned between sulfonic acid and methylsulfonylmethane. It exhibits a colorless appearance despite its hygroscopic nature in its liquid form. The compound readily dissolves in water and oxygenated solvents, demonstrating its strong solubility characteristics. Methane sulfonic acid is a potent acid that can be dissolved in organic solvents, making it a compelling choice as an acid catalyst with its non-volatile nature in the methanesulfonic acid market.
*Prominent Players in Methanesulfonic Acid Market*
· Arkema SA
· TCI Chemicals Pvt. Ltd.
· BASF SE
· Solvay SA
· Oxon Italia S.p.A.
· Alfa Aesar, Thermo Fisher Scientific
· Langfang Jinshenghui Chemical Co., Ltd.
· Zhongke Fine Chemical Co., Ltd.
· Zhongxing Fluo-Silicone Material Technology Co., Ltd.
· Shinya Chem Co., Ltd.
· Tokyo Chemical Industry Co., Ltd.
· Gelest, Inc.
· Chemos GmbH & Co. KG
· Loba Chemie Pvt. Ltd.
· Santa Cruz Biotechnology, Inc.
· Merck KGaA
· Honeywell International Inc.
· UBE Industries, Ltd.
· Shandong Yaroma Perfumery Co., Ltd.
· Guangzhou Xijia Chemical Co., Ltd.
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*Industrial-Grade is Expected to Dominate the Market Due to the Rise in the High Solubility*
Industrial-grade segment emerged as the dominant market share holder during the forecast period in the methanesulfonic acid market. This substance exhibits strong acidic properties when dissolved in an aqueous solution. In addition, it's high solubility and non-volatile nature make it an effective acid catalyst in various organic reactions. The combination of sodium borohydride and methanesulfonic acid can be utilized to produce borane by reacting with this substance in an aprotic solvent in commercial applications.
The markets in North America are expected to experience significant growth in the methanesulfonic acid market, with a predictable value of over USD 16 billion by 2032. The expanding geriatric population base in the region primarily drives this growth. According to the U.S. Centers for Disease Control and Prevention, the number of individuals aged 65 years and older is expected to surpass 80.8 million by 2040, accounting for 25% of the American population. In addition, a higher incidence of multiple chronic illnesses characterizes the aging population.
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*Electroplating Segment is Expected to Grow the Market Due to* *the Rising Applications in Electrochemical Processes*
Electroplating segment has emerged as a significant contributor to the methanesulfonic acid market, holding a larger share. Methanesulfonic acid finds applications in electrochemical processes as a suitable supporting electrolyte. In the plating process, conventional commercial electrolytes can be replaced with methanesulfonic acid, offering a more environmentally friendly alternative.
Regional markets in the Asia Pacific region are poised to witness remarkable growth in the methanesulfonic acid market, with a highest CAGR during the forecast period. This growth can be attributed to the escalating demand from diverse sectors such as pharmaceutical/medical, technical, and fabrication industries in countries such as India and China.
A comprehensive analysis of the major players in the methanesulfonic acid market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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*Key Developments in Methanesulfonic Acid Market*
· Recently, Arkema successfully acquired Permoseal in South Africa. Permoseal is recognized as a prominent provider of adhesive solutions for various sectors, including DIY, packaging, and construction. This strategic acquisition enables Arkema's subsidiary, Bostik, to enhance its regional product offerings and strengthen its presence in South Africa's and Sub-Saharan Africa's dynamic industrial, construction, and DIY markets.
· Avantor, Inc., a leading global supplier of critical products and services in the life sciences, announced a partnership with Gemini Bio. This collaboration aims to deliver custom hydrated solutions and cell culture media tailored to the biopharmaceutical industry in 2022.
*Key Questions Answered in Methanesulfonic Acid Market Report*
· What specific growth drivers are projected to impact the market during the forecast period?
· List the top companies in the market and explain how they have achieved their positions of influence.
· In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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