Sulfamic Acid Market Poised for Considerable Growth Due to Expanding Industrial Applications
The sulfamic acid market is estimated to be valued at USD 171.77 Bn in 2024 and is expected to reach USD 243.31 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.1% from 2024 to 2031.
Key Takeaways
Key players operating in the sulfamic acid market are Golden Time Chemical (Jiangsu) Co., Ltd., DI-CORP, Palm Commodities International, Raviraj Chemicals, Nissan Chemical Corporation, Donau Chemie, Acuro Organics Limited, Vedic Orgo LLP, Shandong Mingda Chemical Technology Co., Ltd, LaizhouZhongda Chemicals Co., Ltd, Honeywell International , Jinan Jinhao Chemical Co., Ltd., Laizhou Guangcheng Chemical Co., Ltd., Laizhou Jinxing Chemical, Shandong Mingda Chemical Technology Co., Ltd, Timuraya, and Yantai Sanding Chemical Co., Ltd.
The rising applications of sulfamic acid in industries such as coatings, pharmaceuticals, rubber, chemicals, and plastics is creating lucrative growth opportunities for market players. Furthermore, innovations in sulfamic acid-based formulations for industrial and household cleaning are expected to drive the market growth over the forecast period.
Technological advancements aimed at developing more eco-friendly and sustainable production processes of Sulfamic Acid Market Demand are further expected to support the market expansion. For instance, Chinese manufacturers are focusing on reducing sulfur dioxide emissions from sulfamic acid production plants.
Market Drivers
One of the key drivers for the sulfamic acid market expansion is the growing applications of the compound in industrial cleaning processes. Sulfamic acid is increasingly used for removing scales, rust, and other residues from boilers, cooling towers, and other industrial equipment. Its excellent cleaning properties without being toxic or corrosive has augmented its demand from various end-use industries. Furthermore, increasing industrialization in developing economies is anticipated to fuel the product consumption.
Challenges in Sulfamic Acid Market
The sulfamic acid market is expected to major challenges in terms of availability of raw materials and volatile pricing. Sulfamic acid is manufactured from sulfur trioxide and ammonia, both of which are commodities prone to global supply uncertainties and price fluctuations. Moreover, strict environmental norms regarding the manufacture and use of sulfur trioxide can limit new production capacities coming online. Emerging alternatives and substitution threat from other chemical compounds is another challenge for established players in this industry. Overall, availability of raw materials at optimal costs alongside regulatory compliance will remain key challenges for participants in the sulfamic acid market.
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