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.
|Methane Sulfonic Acid Base Year Value (2021A)||US$ 675.5 Mn|
|Methane Sulfonic Acid Estimated Year Value (2022E)||US$ 706.8 Mn|
|Methane Sulfonic Acid Projected Year Value (2030F)||US$ 1.13 Bn|
|Value CAGR (2022-2030)||4.9%|
FMI also forecasts the global methane sulfonic acid market is expected to register year-on-year growth of 4.6% in 2021. Demand for methane sulfonic acid will surge as industries are aiming for emission control and waste reduction. Considering this, FMI has projected the methane sulfonic acid market valuation to reach US$1.13 Bn by 2030.
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.
Methane Sulfonic Acid Market Country-wise Insights
Why is Demand for Methane Sulfonic Acid Rising in the U.S.?
In 2021, the U.S. methane sulfonic acid market is expected to grow by 5.1% year-on-year, reaching a valuation of US$149.6 Mn. The increasing consumption of electronic appliances such as laptops, cooking appliances, smartphones, and others owing to the increasing population, hectic lifestyle, and surging disposable income is expected to propel the demand in the coming years.
Consumption of methane sulfonic acid is more in the electroplating segment as all electronic products and appliances require electroplating to prevent abrasion, wear and tear, corrosion, and to increase their lifespan. Expansion of electronics and consumer appliances industry is therefore positively impacting the U.S. methane sulfonic market growth.
Increasing usage of appliances in household due to the time constraints and disposable incomes is expected to surge the demand for methane sulfonic acid in assessed time period. Considering all the above factors the market is expected to witness significant growth in U.S.
What is the Growth Outlook for the China Methane Sulfonic Acid Market?
China is estimated to remain a key producer and consumer of methane sulfonic acid, accounting for about 53.4% of methane sulfonic acid sales in East Asia in 2021. Rapid developments in the industrial and pharmaceutical sectors is boosting sales of methane sulfonic acid in the country. Availability of the raw materials and production facilities also will contribute towards the China market growth.
The demand for the electronics products is remarkably high in China due to the huge population. To cater the increasing demand for consumer electronics and appliances, the consumption of methane sulfonic acid is expected to grow. Rising pharmaceutical drugs and medicines production also will create scope for sales of this acid.
In addition to this, China is considered a leading manufacturing hub. With high rate of production across various industries, the consumption of the acid in various applications is considerably high in China.
For instance, surging production in pharmaceutical and consumer electronics industries of China will boost the methane sulfonic acid market in the country, positioning it to grow at 5.6% CAGR over the assessment period.
Methane Sulfonic Acid Market Category-wise Insights
Why is Demand for Industrial Grade Methane Sulfonic Acid Increasing?
In terms of grade, industrial grade methane sulfonic acid is expected to dominate the market. As per FMI, the industrial grade segment is projected to register year-on-year growth of 4.6% in 2021.
At industrial level, methane sulfonic acid plays vital role in various applications such as electroplating, biodiesel production and chemical synthesis. Electroplating segment contributes major share to the overall market as electroplating used in different end-use industries in which electronics industry currently accounts for the maximum sales.
Increasing demand for electronics items especially among millennials is propelling growth of the methane sulfonic acid market. Besides this, the acid is used in the synthesis of different chemicals and biodiesel as a catalyst due to its superior chemical and physical properties, which is expected to boost the demand for industrial grade methane sulfonic acid in the coming years.
Methanesulfonic Acid Market Report Scope and Segmentation
|UNIT||Value (USD Million/Billion)|
|BY REGION||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
Methane Sulfonic Acid Market by Category
- Industrial grade Methane Sulfonic Acid
- Pharmaceutical grade Methane Sulfonic Acid
By Product Form:
- Solid Methane Sulfonic Acid
- Liquid Methane Sulfonic Acid
- Chemical Synthesis
- Biodiesel Production
- BASF SE
- Arkema Group
- Hydrite Chemical Company
- Oxon Italia S.p.A.
- Hebei Yanuo Bioscience Co Ltd
- Miles Chemical Company Inc.
- Zhongke Fine Chemical
- Xiaochang Jinji Chemical Co. Ltd
- Varsal Inc.
- Hubei Xingchi Science and Technology Co. Ltd
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa