Sulfamic Acid Market to Grow Progressively During the Forecast PeriodDownload Sample Reports Overview
According to a study conducted by Research Dive, the global sulfamic acid marketforecast is expected to reach$7,037.3million by the end of 2026, registering 3.4% CAGR over the forecast period.
Growing demand for sulfamicacid due to its application in various industrial sectors and increasing demand for cosmetics that contain this chemical is fueling the growth of the Sulfamic acid market.
The key factors hampering the growth of the sulfamic acid marketare the concerns related to health as it can cause many diseases such as, cellular level changes and cancer-related issues if used for a prolonged period andstringent government regulations.
The global sulfamic acid marketis divided byform into powder and liquid. Among these, the powder sulfamic acid accounted for the highest market value and is projected to reach $3,938.4 million by 2026 growing at a CAGR of 3.2% during the forecast period. This growth is majorly due to the growing usage of powder sulfamic acid in cleaning of water and dyeing and pigment industries. However,liquidaulfamicacid is anticipated to boost the sulfamic acid marketto $3,099.0 million by 2026, growing at a CAGR of 3.7%.
On the basis of application, theglobal sulfamic acid marketis categorized intometal finishing, dyes &pigment, paper &pulp, plastic, and others. Among these, the sulfamic acid market for dyes &pigments application is anticipated to boost the global marketto $1,666.5 million by 2026.This growth is majorly due to the rapid growth in the clothings and other industries.
The global sulfamic acid market has been classified regionally into North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific regionheld the largest market valueof $2,580.4 million in 2018,and is
anticipated to reach $3,321.6 million by 2026, at a CAGR of 3.2% during the forecast period.The Europe sulfamic acid market is anticipated to experience growth at a good pace during the forecasted time frame. Europemarket is anticipated to reach $1,323.0 million by 2026, growing at a CAGR of 4.0%.
Download the sample report to delve into the North America and LAMEA share in the global sulfamic acid market.
Top gaining participants of global sulfamic acid market are Nissan Chemical, Mingda Chemical, BASF SE, AkzoNobel N.V., DuPont, Jiangsu Yazhong, Palm Commodities, Yantai Sanding, Jiangsu Yazhong,among others. These key participants are concentrating on product improvements, mergers & acquisitions, collaborations and new product launches to gain majority of the market share in the overall sulfamic acid industry.
Porter’s Five Forces Analysis for Sulfamic Acid Market:
Bargaining power of suppliers: The key players present in this market are huge and the demand for the sulfamic acid is also high, and thus the supplier’s power is high.
Bargaining power of consumers: The number of consumers is very high. Due to which the bargaining power of consumers will also be high.
Threat of new entrants: The threat for new entrants is high as the manufacturing price of sulfamic acid is low.
Threat of substitutes: There are many alternatives for Sulfamic Acid, and thus the threat of substitutes low.
Competitive rivalry in the industry: This market includes many market participants. These key players are following similar strategies for the improvement of technologies. The competitive rivalry in the industry is high.