Press release
Methane Sulfonic Acid Market : BASF SE (Germany), Arkema SA (France), Varsal (US), Shilpa Chemspec International Pvt. Ltd. (India), TCI Chemicals (India) Pvt. Ltd. (India), Langfang Jinshenghui Chemical Co., Ltd (China)
Methane Sulfonic Acid Market Research Report – Global Forecast till 2023
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Market Overview:
The global methane sulfonic acid market is expected to register around 5.8% CAGR during the review period. Methane sulfonic acid, a colorless liquid organic compound, is being widely used as a catalyst in organic reactions including esterification, condensation, and alkylation owing to less corrosiveness, solubility in organic solvents and non-volatility.
The product is used in numerous applications such as pharmaceuticals, electronics, industrial cleaning, electroplating, and chemical & biofuel synthesis due to its non-oxidizing, solubility, odorless, low carbon content, and biodegradability properties.
The global demand for methane sulfonic acid is driven by increasing use in esterification mainly in biofuel, plasticizers, and acrylates. Growing demand for biofuel in numerous applications including transportation, energy generation, chargeable electronics, and lubricants is expected to drive the growth of esterification market and thus, methane sulfonic acid. Increasing use of plasticizers in flexible packaging applications is expected to add to the growth of the methane sulfonic acid market.
Methane sulfonic acid is being increasingly used as an electrolyte for electrochemical applications over other acid electrolytes due to low carbon content which reduces its adverse impact on environment. Rising demand for electroplating in metal fabrication is witnessed to drive the growth of the methane sulfonic acid market at a significant rate.
The consumption of methane sulfonic acid is increasing in pharmaceuticals industry in manufacturing of active pharmaceutical ingredients such as telmisartan and eprosartan. Increased spending on healthcare is driving the pharmaceuticals industry, which, is likely to fuel the demand for methane sulfonic acid.
In 2018, one of the key market players, BASF proposed to expand production capacity of methane sulfonic acid at its manufacturing site located in Ludwigshafen, Germany to meet the growing demand in numerous applications in Asia-pacific region. Additionally, appropriate availability of methane sulfonic acid in market is likely to increase its use in various applications, which, is expected to create lucrative opportunities for the players operating in the global methane sulfonic acid market during the forecast period. However, high cost associated with the product may hamper the market growth.
Regional Analysis
The market in Asia-Pacific accounted for the largest share of the global methane sulfonic acid market and is expected to register a significant CAGR during the review period. Growing end-use industries such as pharmaceuticals, electrical and electronics, and transportation is driving the market growth in the region. Expanding industrial base has increased the demand for industrial cleaning products, which, is likely to drive the growth of the global methane sulfonic acid.
Europe is the prominent market for methane sulfonic acid on account of growing preference for biofuel in transportation. Additionally, increased spending on smart and portable consumer electronics is likely to drive the demand for methane sulfonic acid.
North America is another prominent market for methane sulfonic acid owing to increasing use of biofuel in numerous applications including transportation, energy generation, removal of paints and adhesives, and reduction in need for imported oil. Furthermore, growing preference for metal fabrication over plastic fabrication due to superior benefits such as heat resistance and durability is likely to drive the market growth in the region.
The markets in Latin America and the Middle East and Africa are expected to register moderate CAGR on account of growing end-use industries such as pharmaceuticals and electrical and electronics among others.
Segmentation
The global methane sulfonic acid market has been segmented by grade, application, and region.
On the basis of grade, the market has been segmented into industrial grade and pharmaceutical grade.
Based on application, the market has been divided into esterification, electroplating, pharmaceuticals, electronics, industrial cleaning, and others.
By region, the market has been categorized as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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Key Players
Some of the key players in the global methane sulfonic acid are BASF SE (Germany), Arkema SA (France), Varsal (US), Shilpa Chemspec International Pvt. Ltd. (India), TCI Chemicals (India) Pvt. Ltd. (India), Langfang Jinshenghui Chemical Co., Ltd (China), Zhongke Fine Chemical Co., Ltd (China), HEBEI YANUO Bioscience Co., Ltd (China), Alfa Aesar (US), and Avantor, Inc. (US).
Intended Audience
Methane sulfonic acid manufacturers
Traders and distributors of methane sulfonic acid
Research and development institutes
Potential investors
Raw material suppliers
Nationalized laboratories
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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