According to Future Market Insights (FMI) in a recent market report, the global methane sulfonic acid market is expected to grow at a steady 4.9% CAGR between 2021 and 2031. The expanding electronics sector is driving up demand for methane sulfonic acid. The growing demand from the electronics and pharmaceutical industries is predicted to significantly contribute to the growth of the methane sulfonic acid market.
The increased usage of electronics in daily use will drive up sales in the electroplating market. The increased production of electronic items, pharmaceutical pharmaceuticals, and medicines is also increasing methane sulfonic acid use. Increased consumption of methane sulfonic acid in biodiesel production and chemical synthesis, where it serves as a catalyst, is likely to drive the market throughout the assessment period. The electroplating and pharmaceutical segments account for the majority of the worldwide methane sulfonic acid market.
Methane sulfonic acids are widely employed in a wide range of industries, including electroplating, pharmaceuticals and medical, chemical synthesis, biodiesel manufacturing, and so on. Methane sulfonic acid has developed as a green alternative to other acids, and it is employed as a catalyst in numerous processes. As a result of these factors, the methane sulfonic acid market is predicted to exceed US$ 1.13 billion by the end of 2031, with a compound annual growth rate of 4.9 percent over the next assessment period.
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As per FMI, the market is predicted to be dominated by East Asia. The region which is expected to continue leading the global market through the period of evaluation.
“Surging application in the production of electronics and consumer appliances will remain a chief growth driver. In order to capitalize on existing prospects, the market players are likely to customize their solutions as per industry specific requirements,” says an FMI analyst.
Key Takeaways:
- By grade, demand for industrial methane sulfonic acid is expected to surge at a 5.0% CAGR over the forecast period.
- The pharmaceutical grade methane sulfonic acid segment is projected to hold approximately 19.9% of the total market share in 2021.
- Electroplating segment is anticipated to grow at 5.1 % CAGR through 2031.
- Methane sulfonic acid market in the U.S. is anticipated to grow by 5.1% CAGR by year in 2031.
- China will emerge as an attractive methane sulfonic acid market, accounting for maximum sales in East Asia.
- Japan and South Korea will collectively account for 14.8 % of the total methane sulfonic acid market share through 2021.
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Competitive Landscape
Key participants in the global methane sulfonic acid market elaborated in the report includes BASF SE, Arkema Group, Hydrite Chemical Company, Oxon Italia S.p.A., Varsal Inc., Zhongke Fine Chemical, Hebei Yanuo Bioscience Co Ltd, Miles Chemical Company Inc., Xiaochang Jinji Chemical Co ltd and others.
Key players operating in the market are focusing on increasing utilization of methane sulfonic acid in electroplating of electronics items. They also are focusing on collaborations, mergers, and acquisitions to expand their production facilities and distribution channels. 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 market.
More Insights into the Methane Sulfonic Acid Market Report
In its latest report, FMI offers an unbiased analysis of the global Methane Sulfonic Acid market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of grade (industrial & pharmaceuticals), product form (solid & liquid) and applications (electroplating, pharmaceuticals, chemical synthesis, biodiesel production & others) across six regions (North America, Latin America, Europe, East Asia, South Asia Pacific and Middle East & Africa).
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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