New York, USA, Jan. 17, 2023 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global sulfamic acid market is anticipated to rise at a stable CAGR of 15.0%, thereby garnering a revenue of $1,372.80 million in the 2022-2031 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the sulfamic acid market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: In the recent years, there has been a growth in the demand for sulfamic acid for various industrial applications which is expected to become the primary growth driver of the sulfamic acid market in the forecast period. Additionally, growth in demand for personal care products is anticipated to push the market forward.
Opportunities: Increased sulfamic acid consumption in paper and pulp manufacturing is predicted to offer numerous growth opportunities for the market in the forecast period. Moreover, increased sulfamic acid production and use is expected to help the market register substantial growth in the coming period.
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Restraints: However, according to market analysts, dangerous effects of sulfamic acid on human health might become a restraint in the growth of the sulfamic acid market.
Impact of Covid-19 on the Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The sulfamic acid market, however, was positively impacted by the pandemic. Sulfamic acid is an important constituent of various cleaning solutions and pesticides. Since the demand for cleaning solutions increased rapidly during the pandemic, the production and consumption of sulfamic acid also increased. This helped the market to grow in the pandemic period.
Segments of the Market
The Research Dive report has fragmented the sulfamic acid market across different segments such as form, application, and region.
Form: Powder Sub-segment to be Highly Dominant
By form, the powder sub-segment was the most dominant sub-segment in 2021 and is expected to continue to dominate by 2031. The increasing demand for sulfamic acid as a cleaning agent for metals and ceramics is predicted to help in the growth of this sub-segment.
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Application: Metal Finishing Sub-segment to Witness Significant Growth
By application, the metal finishing sub-segment is predicted to have a significant market share by 2031. The growing use of sulfamic acid for the removal of beer and milk stone, protein buildup, beer scale, light rust, copper corrosion, etc. is predicted to boost the growth of this sub-segment.
Market in the Asia-Pacific Region to Flourish Immensely
By regional analysis, the sulfamic acid market in the Asia-Pacific region is anticipated to grow significantly by 2031. New advances in the chemical and textile sector in this region are predicted to be the main growth driver of the market in this region.
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Prominent Market Players
Some prominent players in the sulfamic acid market are
- Nissan Chemical
- DuPont
- Yantai Sanding
- Mingda Chemical
- Jiangsu Yazhong
- Raviraj Group
- BASF SE
- Palm Commodities
- Shree Sulphamic Chemicals
- and AkzoNobel N.V.
These players are introducing and coming up with new technological advancements and innovations to gain primacy in the market.
Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Sulfamic Acid Market:
- Uses of Sulfamic Acid as an Industrial Cleaning Agent and Its Health Hazards
- Sulfamic Acid: A Cleaning Agent Used in Various Industries
- Global Sulfamic Acid Market to Observe Widespread Growth with Increasing Occurrence of Chronic Diseases
