PUBLISHER: SkyQuest | PRODUCT CODE: 1220817
PUBLISHER: SkyQuest | PRODUCT CODE: 1220817
Global Methanesulfonic Acid Market was valued at USD 725.2 million in 2021 and it is expected to grow to USD 1.25 billion by 2028 at a CAGR of 5.2% over the forecast period (2022-2028).
The primary component of rust removers is methane sulfonic acid, which is used to remove rust from surfaces like tiles, ceramics, and porcelain that are often acid-sensitive. The market is expected to develop as a result of rising demand for rust and scale cleaners, which are also utilised as a safer alternative to fumaric acid in electroplating applications.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Methanesulfonic Acid market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global methanesulfonic acid market is segmented by product, application, and region. On the basis of Product, the market is segmented into pharmaceutical grade, Industrial grade. On the basis of application, the market is segmented into Electroplating, Pharmaceutical & Medicines, Organic Synthesis, Others. On the basis of Region, the global market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Methane sulfonic acid is being used to clean tile, ceramic, and porcelain surfaces, which is one of the main drivers fueling market revenue growth. Additionally, it is a component of rust and scale removers. Around the world, lead-acid and zinc-ceria flow batteries are becoming increasingly popular. Methane sulfonic acid is a potent, non-volatile acid that can be used as an acid catalyst because it is soluble in organic solvents. These elements will increase demand for it in the upcoming years.
The global market for methanesulfonic acid has a number of obstacles to growth, including stringent permit requirements, licence expiration dates, problems with residue management, and impediments to new businesses entering the sector. The numerous certifications that product offers must pass as well as the stringent government regulations in many locations are expected to hinder the growth of the methanesulfonic acid market. The commercialization of goods in the methanesulfonic acid market is anticipated to be constrained by these reasons.
The numerous applications of methane sulfonic acid in a variety of sectors have greatly boosted the market's revenue growth. Methane sulfonic acid has recently been employed in metalworking and manufacturing. Additionally, the demand for the product is growing in the fabrication, technical, and pharmaceutical/medical sectors. Therefore, the use of environmentally friendly alternatives for commercially used electrolytes found in batteries as a result of growing environmental concerns will further support the growth of the global methane sulfonic acid market.