The demand for methane sulfonic acid grew at 2.5% compound annual growth rate Between 2016 and 2020. Sales prospects have declined in 2020 due to the outbreak of the COVID-19 virus, which has reduced demand for methane sulfonic acid from many industries. However, in the coming years the methane sulfonic acid market is expected to bounce back again with increased demand in the electronics and pharmaceutical sectors.
Increased use of methane sulfonic acid in electroplating is expected to drive sales at 5.1% compound annual growth rate During the forecast period, from 2021 to 2031. The significant growth in electroplating, pharmaceutical and chemical biodiesel production has positioned East Asia, especially in China, as a major consumer of methane sulfonic acid.
The production of consumer products and electronic devices increased as well as the consumption of methane sulfonic acid. Electronic devices such as laptops, smartphones and other items are expected to increase in popularity among millennials and people of all ages, creating prospects for the application of methane sulfonic acid.
Changing lifestyle and preferences with increasing disposable income are some of the major factors responsible for the growth of the Methane Sulfonic Acid Market. Methanesulfonic acid is a major component used in electroplating applied to these products. Against this background, the increasing demand for electronic devices will enhance the sales opportunities in the market.
The expansion of the pharmaceutical industry in the past few years has also led to an increase in the consumption of methane sulfonic acid as it is a critical component of pharmaceutical production.
It is used as an intermediate for various medicines. The outbreak of COVID-19 was unprecedented and provided ample grounds for health and well-being. In the wake of the pandemic, people are becoming more aware of the importance of maintaining a healthy lifestyle.
Thus, increasing pharmaceutical and pharmaceutical production is on the table, which is expected to boost the growth of methane sulfonic acid market in the near future. Due to its superior chemical and physical properties, it is used in various processes because it does not emit toxic gases. Moreover, the waste generated from this acid is recyclable and thus reduces the cost required to treat the waste.
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