Global Sulfonic Acid Market Anticipated to Garner $1664.7 Million, Growing at a 9.2% CAGR in the 2022-2031 Timeframe [200-Pages] | Explained by Research Dive

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May 02, 2023, 06:59 ET

The global sulfonic acid market is expected to grow primarily due to the growing need for personal hygiene and cleanliness. Detergent and surfactant sub-segment is expected to flourish immensely. The market in the Europe region is predicted to grow at a high CAGR by 2031.

NEW YORK, May 2, 2023 /PRNewswire/ --

Global Sulfonic Acid Market Forecast Analysis:

As per the report published by Research Dive, the global sulfonic acid market is expected to register a revenue of $1664.7 million by 2031 at a CAGR of 9.2% during the forecast period 2022-2031.

Segments of the Sulfonic Acid Market

The report has divided the sulfonic acid market into the following segments:

Application: acid catalysts, detergent and surfactant (heavy-duty laundry liquid, laundry powder, light-duty dish-washing liquid, industrial cleaners, and household cleaners), paper making, and pharmaceutical

Detergent and surfactant sub-segment: Registered a leading market share in 2021
Detergents and surfactants are effective cleaners capable of removing stains from clothing and other materials are the most affordable surfactants in the washing industry. This is expected to push the growth of this sub-segment further.

End-use Industry: construction, cosmetic and personal care, paints and coatings, chemical manufacturing, and others

Chemical manufacturing sub-segment: Registered a leading market share in 2021
Sulfonic acid is commonly used as a catalyst in the chemical industry owing to the various types of chemical syntheses that use acids; this is expected to augment the growth rate of the market in the 2022–2031 timeframe.

Region: North America, Europe, Asia-Pacific, and LAMEA

Europe: Expected to lead the global market
The increasing demand for personal care goods, increasing per capita expenditure, industrial growth, rapid urbanization, and shifting customer preferences for environmentally friendly surfactants and detergents in this region are predicted to propel the market in the forecast period.

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Dynamics of the Global Sulfonic Acid Market

The increased usage of sulfonic acid as an effective catalyst in a variety of applications is expected to make the sulfonic acid market a highly profitable one in the forecast period. Additionally, the growing need for detergents and cleansers to achieve hygiene standards has resulted in increased demand for sulfonic acid, which is predicted to propel the market forward. However, the harmful impacts of sulfonic acid on the environment and people might become a restraint in the growth of the market.

The use of sulfonic acid is expanding as a result of rising investments and the development of new facilities in the apparel and textile sectors, which is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the rising popularity of biodegradable surfactants due to growing environmental concerns and increased demand for sulfonic acid for use as a de-coloring agent in the paper sector are expected to propel the sulfonic acid market forward in the coming period.

COVID-19 Impact on the Global Sulfonic Acid Market

The COVID-19 pandemic disrupted the routine lifestyle of people across the globe, and the subsequent lockdowns adversely impacted industrial processes across all sectors. The sulfonic acid market, too, was negatively impacted due to the pandemic. Production operations and logistics activities were hampered by quarantine, strict lockdowns, and social isolation, which disrupted supply chain networks. This eventually dropped the need for sulfonic acid owing to the closure of manufacturing plants, disruptions in the supply chain, as well as an economic slowdown across several countries. These factors significantly hindered the market growth amidst the pandemic.

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Key Players of the Global Sulfonic Acid Market

The major players of the market include

Cepsa
Vinati Organics Ltd.
Stepan Company
Nandadeep Chemicals Private Limited
Arkema SA
Kuantum Corp. Co. Ltd.
BASF SE
Vizagchemicals
New India Detergents
National Company for Sulfur Products

These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.

For instance, in January 2021, Rama Phosphates Ltd., one of the top manufacturers of fertilizer in India, announced plans to build a new manufacturing facility at its Udaipur industrial site to produce Linear Alkyl Benzene Sulphonic Acid (LABSA) with an installed capacity of 18,000 TPA.

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What the Report Covers

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

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