The methane sulfonic acid market value to surpass US$ 706.8Mn in 2021. The methane sulfonic acid market is anticipated to be driven by growing demand from industrial and pharmaceuticals sectors. It is likely to register a growth at 4.9% CAGR during the assessment period, from 2021 to 2031.
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Demand for methane sulfonic acid grew at 2.5% CAGR between 2016 and 2020. Sales prospects were dampened in 2020 due to the outbreak of COVID-19, which reduced methane sulfonic acid demand from several industries. However, in the coming years the methane sulfonic acid market is expected to bounce back as demand increases in the electronics and pharmaceutical sectors.
Increasing use of methane sulfonic acid in electroplating is projected to propel sales at 5.1% CAGR over the forecast period, from 2021 to 2031. Significant growth in the electroplating, pharmaceuticals, and chemical-biodiesel production has positioned East Asia, especially in China, as a key consumer of methane sulfonic acid.
Production of consumer products and electronic appliances has increased and so did the consumption of methane sulfonic acid. The popularity of electronic appliances such as laptops, smartphones and other items among millennials and people of all age is expected to grow, creating prospects for application of methane sulfonic acid.
Changing lifestyle and preferences with increasing disposable income are major factors responsible for growth of the methane sulfonic acid market. Methane sulfonic acid is a key component used in electroplating done on these products. Against this backdrop, surging demand for electronic appliances will boost opportunities for sales in the market.
Expansion of the pharmaceutical industry in the last few years also has boosted the consumption of methane sulfonic acid as it is a crucial element that goes in the production of drugs.
It is used as an intermediate for various medicines. The COVID-19 outbreak was unprecedented and has given enough reasons to take care of health and wellbeing. Following the pandemic, people have become more aware about the importance of maintaining a healthy lifestyle.
Increasing production of drugs and medicines is therefore on cards, which is expected to bolster the growth of the methane sulfonic acid market in near future. Due to its superior chemical and physical properties, it is used in different processes as it does not emit toxic gases. Moreover, waste generated from this acid is recyclable hence it reduces the cost required for waste treatment.
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Key players are focusing on reducing carbon emission by increasing waste utilization in their manufacturing processes. The methane sulfonic acid market participants also are enhancing their global presence through expanding their production capacities, mergers, acquisitions, strategic collaborations, hybrid distribution channels, and partnerships. For instance:
- In January 2020, as already announced at the end of 2018, BASF will proceed with the expansion of global capacities for methane sulfonic acid (MSA) to 50,000 metric tons per year. The volumes from the additional capacity are expected to be available from the end of 2021 and are dedicated to mainly serving European customers as well as the rapidly growing Asian methane sulfonic acid market.
By Grade:
- Industrial grade Methane Sulfonic Acid
- Pharmaceutical grade Methane Sulfonic Acid
By Product Form:
- Solid Methane Sulfonic Acid
- Liquid Methane Sulfonic Acid
By Application:
- Electroplating
- Pharmaceuticals
- Chemical Synthesis
- Biodiesel Production
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
Key Questions Answered in the Report
What is the current methane sulfonic acid market value?
What is the demand outlook for the methane sulfonic acid market?
At what rate did the methane sulfonic acid market grow between 2016 and 2020?
What are the key trends driving methane sulfonic acid sales?
Who are the leading players in the methane sulfonic acid market?
What is the market share of leading players in methane sulfonic acid market?
What is the demand outlook for North America methane sulfonic acid market?
What is the Europe methane sulfonic acid market outlook?
Who are the key exporters in the methane sulfonic acid market?
Which are the top countries driving demand in the methane sulfonic acid market?
What is the current market share of South Korea and Japan in the global methane sulfonic acid market?
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