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 […]
Methane Sulfonic Acid Market to Reach $1.13 Billion by 2031
The global methane sulfonic acid market is anticipated to expand at a steady 4.9% CAGR over the forecast period between 2021 and 2031, finds Future Market Insights (FMI) in a recent market analysis. Growing electronics industry is boosting demand for methane sulfonic acid. The increasing demand from electronics and pharmaceuticals industry is expected to remarkably contribute towards the expansion of the methane sulfonic acid market.
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Sales in the electroplating segment will grow due to the increasing consumption of electronics in daily use. Surging production of electronic items, pharmaceutical drugs & medicines are also bolstering the consumption of methane sulfonic acid. Increasing consumption of methane sulfonic acid in biodiesel production and chemical synthesis where it plays a crucial role as a catalyst, is expected to boost the market over the assessment period. Electroplating & pharmaceutical segment collectively hold the leading share in the global methane sulfonic acid market.
Methane sulfonic acids are widely used in a variety of industries for various applications, including electroplating, pharmaceuticals & medical, chemical synthesis, biodiesel production, and so on. Methane sulfonic acid has emerged as a green alternative for various acids and are used as a catalyst for different processes. Spurred by these factors, the methane sulfonic acid market is expected to reach more than US$ 1.13 Bn by the end of 2031 at a compound annual growth rate of 4.9 percent during the coming assessment period.
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.
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Methane Sulfonic Acid Market by Category
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
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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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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