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CAGR of 6.2% By 2026|North America Methanesulfonic Acid Market Growth Driven By Growing Adoption In Industrial And Pharmaceutical Applications

Methanesulfonic acid (MSA) is a alkanesulfonic acid, which is a strong colorless or white solid. Acid strength of methanesulfonic acid is similar to that of sulfuric acid, but it is not an oxidant. It is a hygroscopic colourless liquid with the chemical formula CH3SO3H. MSA’s acidity and solubility properties make it industrially valuable as a catalyst in organic reactions, particularly polymerization.

The North America methanesulfonic acid market was valued at nearly US$ 37 Mn in 2016 and is expected to register a CAGR of 6.2% from 2017 to 2026. 

MSA is also used as a raw material in medicines and pesticides. It can also be used as dehydrating agent, curing accelerator for coating, treating agent for fiber, solvent, catalysis, and esterification, as well as polymerization reaction. Methanesulfonic acid is widely used in industrial applications since it is easily biodegradable and non-toxic in nature. The chemical also finds end-use application in polymers, electronics, batteries, electrochemical stripping process, surface treatment, and others.

Rising demand for consumer electronics and appliances is one of the major factors driving growth of the North America methanesulfonic acid market. Electronics such as laptops, smartphones, washing machines, cooking appliances, and others, require electroplating to prevent abrasion, corrosion, wear and tear, and also to increase lifespan of products. MSA is used in active pharmaceutical ingredients (API) formation of drugs, which is expected to further boost growth of the North America methanesulfonic acid market significantly. In addition, methanesulfonic acid is considered an excellent catalyst for esterification, alkylation, and condensation reactions. The chemical also finds a number of applications in the chemical industry, owing to its less corrosive and environment friendly properties.

However, availability of methanesulfonic acid is at significantly high price, owing to high cost of its raw materials and complex manufacturing process. Price of raw materials such as methyl thiocyanate, methyl isopropyl thiourea sulfate, or methyl mercaptan are exceedingly high, which reflects in the steep selling price of methane sulfonic acid. Moreover, price of pharmaceutical grade MSA is relatively higher than industrial grade MSA, which is expected to restrain growth of the North America methanesulfonic acid market to a certain extent.

In addition, methanesulfonic acid considered an excellent catalyst for esterification, alkylation, and condensation reactions. The chemical also finds a number of applications in the chemicals industry, owing to its less corrosive and environment friendly properties. Its high adoption in various applications in the chemicals industry is expected to boost growth of methanesulfonic acid market in North America over the next ten years.

The North America methanesulfonic acid market is segmented on basis of type, application, and country. On the basis of type, the North America market is segmented into industrial grade and pharmaceutical grade. The industrial grade segment is expected to account for majority revenue share during the forecast period, owing to growing demand for electronic products in countries in the region.

Market Segmentation of North America Methanesulfonic Acid Market:

Segmentation by type:
• Industrial Grade
• Pharmaceutical Grade

Segmentation by application:
• Electroplating
• Medicines
• Organic Synthesis
• Others

Segmentation by country:
• US
• Canada
• Mexico

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On the basis of country, the North America market is segmented into the US, Canada, and Mexico. The market in the US is estimated to account for highest revenue share, and is expected to witness highest growth over the forecast period in the North America market, owing to increasing use of methanesulfonic acid in end-use industries as a catalyst for production of various other chemicals.

The market in the US accounted for revenue share of over 60% in the North America methanesulfonic acid market in 2016. This can be attributed to increasing use of methanesulfonic acid in end use industries as a catalyst for production of various products. Presence of prominent manufacturers such as BASF and Sigma-Aldrich Corp. (Merck Group) producing methanesulfonic acid to be used in electroplating and organic synthesis products for various end use industries is a major factor driving growth of the North America methanesulfonic acid market.

Key players in the global market include BASF SE, Arkema S.A, Sigma-Aldrich Corp. (Merck Group), Varsal Inc., Langfang Jinshenghui Chemical Co., Ltd., Zhongke Fine Chemical Co., Ltd., and Taizhou Suning Chemical Co., Ltd.