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Methane Sulfonic Acid Market Is Expected to reach US$ 1.13 Bn by 2031

Methane Sulfonic Acid Market

The global methane sulfonic acid market is anticipated to expand at a steady 4.9% CAGR over the forecast period between 2021 and 2031, finds Future Market Insights (FMI) in a recent market analysis. Growing electronics industry is boosting demand for methane sulfonic acid. The increasing demand from electronics and pharmaceuticals industry is expected to remarkably contribute towards the expansion of the methane sulfonic acid market.

The increasing consumption of electronics in daily use will drive up sales in the electroplating segment. The increased production of electronic items, pharmaceutical drugs, and medicines is also increasing methane sulfonic acid consumption. Increased consumption of methane sulfonic acid in biodiesel production and chemical synthesis, where it serves as a catalyst, is expected to drive the market over the assessment period. The electroplating and pharmaceutical segments account for the majority of the global methane sulfonic acid market.

Methane sulfonic acids are widely used in a wide range of industries, including electroplating, pharmaceuticals and medical, chemical synthesis, biodiesel production, and so on. Methane sulfonic acid has emerged as a green alternative to various acids, and it is used as a catalyst in various processes. As a result of these factors, the methane sulfonic acid market is expected 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.

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.

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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)