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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

Sulfonic acid (RSO3H) belongs to the class of organosulfur compound wherein, R is an organic alkyl compound, while SO3H belongs to the sulfonyl hydroxide group. Thus, when compared to sulfuric acid, sulfonic acid has one organic group compound in place of a hydroxyl group. Sulfonic acid is extensively used in pharmaceutical industry for development of biologics and has a wide applicability in food & beverage industry and beauty & personal care products manufacturing sector.

Forecast Analysis of the Sulfonic Acid Market

According to the report published by Research Dive, the global sulfonic acid market is expected to gather a revenue of $1,664.7 million by 2031 and grow at 9.2% CAGR in the 2022–2031 timeframe.

In recent years, there has been an increase in the demand for sulfonic acid from various end-use industries such as food and beverage industry, pharmaceutical industry, chemical industry, etc., which is predicted to be the primary growth driver of the sulfonic acid market in the forecast period. Additionally, growing use of sulfonic acid as an effective catalyst in different applications is anticipated to push the market forward. Along with this, rising use of sulfonic acid in detergents and cleansing agents is projected to offer numerous growth and investment opportunities to the market in the analysis timeframe. However, negative effects of sulfonic acid on environment are estimated to create hurdles in the full-fledged growth of the sulfonic acid market in the coming period.

Regionally, the sulfonic acid market in the Europe region is expected to be highly dominant by 2031. Increasing demand for beauty and personal care products and the growing disposable incomes of people in this region are expected to be the leading factors behind the growth of the market.

Some prominent market players include Vinati Organics Ltd, Kuantum Corp. Co., Ltd., National Company for Sulfur Products, Cepsa, Nandadeep Chemicals Private Limited, Vizagchemicals, Stepan Company, BASF SE, New India Detergents, Arkema SA, and many others.

Covid-19 Impact on the Market

The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The sulfonic acid market, too, faced a negative impact of the pandemic. The decline in the growth rate of the sulfonic acid market was mainly on the account of disruptions in global supply chains which hampered the production cycles of various companies. Also, the import-export restrictions brought down the sale of sulfonic acid which further reduced the growth rate of the market.

Significant Market Developments

The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the sulfonic acid market to flourish. For instance:

  • In January 2020, BASF, a global leader in chemicals manufacturing, announced that it was investing in capacity expansion of methane sulfonic acid production. This investment by a major company like BASF is surely expected to increase its market share substantially and will also help to cater to the demands of the market in a much better way.
  • In October 2021, Entegris, a leading material science company, announced the acquisition of BASF’s precision micro-chemicals segment. BASF is a global leader in chemicals manufacturing and this acquisition by Entegris is predicted to boost its manufacturing capacity as far as cleansing chemicals manufacturing is concerned.
  • In January 2022, WeylChem, a major chemical manufacturing company, announced the acquisition and integration of a sulfuric acid plant from INEOS, another leading chemicals manufacturing company. The acquisition process which was initiated in August 2021 is expected to augment the sulfuric acid and sulfonic acid production capacity of WeylChem in the coming period.

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