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Methanesulfonic acid Market show exponential growth by 2024
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Based on application, the methanesulfonic acid market has been divided into the electroplating, medicine, and organic synthesis categories. Electroplating accounted for a significant share in the global methanesulfonic acid market due to the rising demand for electroplating in the fabrication sector. Medicinal applications of methanesulfonic acid are expected to experience a high growth rate, led by developments in the pharmaceutical sector. Industrial advancements are anticipated to drive the methanesulfonic acid market during the forecast period. It is a primary ingredient in rust and scale removers and also employed to clean the surfaces of tiles and ceramics.
In terms of region, the global methanesulfonic acid has been distributed over Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. Asia Pacific was a major market for methanesulfonic acid in 2015 and is estimated to expand due to the rising number of industries. The growing demand for methanesulfonic acid in the pharmaceutical sector is also likely to boost the need for methanesulfonic acid in Asia Pacific in 2015. Its applications are driven by the rising need for metal work and fabrication in industries. China and the U.S. are likely to constitute major shares in the methanesulfonic acid market in Asia Pacific and North America respectively due to the evolution in fabrication. The market is anticipated to witness a shift from developed countries to the developing economies of Asia due to the fewer stringent environmental regulations in the latter. China and India are projected to register a high growth rate in the methanesulfonic acid market due to the advancements in end-use sectors, technological developments, and new innovative products launched in these countries. Thus creating a huge demand for methanesulfonic acid in Asia Pacific for the forecast period.
The global demand for methanesulfonic acid is anticipated to rise significantly in the near future, thereby offering immense growth opportunities for the market. The rapid rise in demand for this product in end-use applications, competitive manufacturing costs, and high economic growth rates are propelling the methanesulfonic acid market in Asia Pacific. These factors are attracting companies to adopt expansions and R&D strategies in the region. Market players are focusing on Asia Pacific to gain substantial market shares. Producers of methanesulfonic acid have been compelled to adopt expansion and acquisition strategies to meet the global demand. Several producers are shifting their plants to countries such as China and India due to the high demand and low raw material and labor costs there. The developments in various end-use sectors in the region have fuelled the requirement for methanesulfonic acid during the forecast period.
Key players operating in the global methanesulfonic acid market are BASF SE, Oxon Italia S.p.A, Arkema Group, Langfang Jinshenghui Chemical Co.,Ltd, Zhongke Fine Chemical Co., Ltd, SHINYA CHEM, and HEBEI YANUO Bioscience Co., Ltd.
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