New York, USA, April 18, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global sulfonic acid market is anticipated to garner a revenue of $1,664.7 million, and grow at a stunning CAGR of 9.2% during the estimated period from 2022 to 2031.
As per our analysts, the increasing use of sulfonic acid as a long-lasting, adaptable, and effective catalyst to produce a wide range of compounds is predicted to bolster the growth of the sulfonic acid market during the analysis timeframe. Moreover, the increasing demand for sulfonic acid in various end-use industries such as textile and clothing industries, food & beverage, pharmaceutical, healthcare, and many others for various applications is expected to create massive growth opportunities for the market over the estimated period. However, the negative effects of sulfonic acid on the environment and human health may hinder the growth of the market throughout the forecast period.
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Segments of the Sulfonic Acid Market
The report has divided the market into segments based on application, end-use industry, and region.
Application: Detergent and Surfactant Sub-Segment to be Most Productive
The detergent and surfactant sub-type held the largest share of the market in 2021. The increasing use of sulphonic acid in detergents as it acts as a powerful cleanser for removing stains from garments and other fabrics is expected to fortify the growth of the market over the analysis period.
End-Use Industry: Chemical Manufacturing Sub-Segment to be Most Lucrative
The chemical manufacturing sub-segment generated the highest revenue in 2021. The growing demand for sulfonic acid in the chemical industry as a vital catalyst for a wide range of chemical synthesis and for enhancing various processes such as acetylation, hydration, esterification, and many more are predicted to uplift the growth of the market sub-segment during the forecast period.
Europe Region Held the Biggest Market Share in 2021
The Europe region of the sulfonic acid market registered the maximum revenue in 2021. The increasing per capita expenditure, the growing need for personal care goods among individuals, rapid urbanization, and industrial growth in this region are the major factors predicted to drive the regional growth of the market over the estimated period.
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Covid-19 Impact on the Sulfonic Acid Market
The outbreak of the Covid-19 pandemic has badly affected the growth of the sulfonic acid market. This is mainly due to the interruption in the supply networks due to the strict lockdowns, and social isolation rules and regulations. Moreover, the closure of manufacturing plants, economic slowdown across several countries, and import-export restrictions have decreased the demand for sulfonic acid throughout the crisis. Moreover, the cancelation of several construction projects due to the shortage of raw materials and travel restrictions further declined the growth of the market during that period.
Key Players of the Sulfonic Acid Market
The major players of the market include
- Nandadeep Chemicals Private Limited
- Quantum Corp. Co. Ltd.
- BASF SE
- Arkema SA
- National Company for Sulfur Products
- Stepan Company
- Vizagchemicals
- Cepsa
- New India Detergents
- Vinati Organics Ltd.
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
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For instance, in January 2022, BASF, a European multinational chemical company announced to invest in expanding the global capabilities for methane sulfonic acid to 50,000 metric tons per year. With this, the company aimed to meet the customer’s demand for high-quality, sustainable, and high-performance technologies in the best possible way.
Further, the report also summarizes other crucial aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Sulfonic Acid Market:
- Why is Sulfonic Acid Hugely Popular in the Beauty and Personal Care Products Industry?
- Global Sulfonic Acid Market to Generate $1,664.7 Million by 2031 Owing to the Increasing Demand for Sulfonic Acid in Various End-Use Industries
