by The global sulfamic acid market is estimated to be valued at US$ 243.31 Bn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031.
Sulfamic acid, also known as sulfamatic acid, is an important industrial chemical primarily used for descaling, cleaning, deoxidizing, and pickling in various industries. It is often used in the manufacturing of fertilizers, herbicides, insecticides, rubber, dyes, textiles, and pharmaceuticals. Sulfamic acid acts as a pH regulator, cleaning agent, and preservative, thus enhancing crop quality and yield. The growing need for sustainable and efficient agricultural practices is a key driver for increased adoption of sulfamic acid in fertilizers and agrochemicals.
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 growing global population and rising demand for food have increased the usage of fertilizers and agrochemicals containing . Agricultural production needs to increase by over 70% to meet the rising demand for food by 2050. This growing demand for fertilizers and agrochemicals is expected to drive the market during the forecast period.
Major players in the sulfamic acid market are focusing on expanding their production facilities and distribution networks globally. Strategic investments and partnerships in high growth markets such as Asia Pacific and South America are expected. This is anticipated to provide new opportunities for market expansion.
Market Key Trends
One of the major trends in the sulfamic acid market is the increasing demand from the agrochemicals industry. With sustainable agriculture gaining prominence, there is growing preference for bio-based and eco-friendly agrochemicals. Sulfamic acid acts as an effective pH regulator and enhances nutrient uptake in plants. It is used as a key input in manufacturing various NPK fertilizers. The increasing global demand for food is boosting investments in agrochemicals, which in turn is generating demand for sulfamic acid. This trend is expected to continue driving the market during the forecast period.
Porter’s Analysis
Threat of new entrants: The Sulfamic Acid Market has a moderate threat of new entrants due to capital requirements and economies of scale in production.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products in the market.
Bargaining power of suppliers: A few major players dominate the supply side which gives them higher bargaining power.
Threat of new substitutes: Substitute products offer a moderate threat as they only satisfy specific application functions.
Competitive rivalry: The market has a high competitive rivalry due to many established players competing for market share.
Geographical Regions
North America accounts for the largest share of the global sulfamic acid market in terms of value due to the increasing demand from industries such as chemicals, food & beverages, pharmaceuticals in the region.
The Asia Pacific region is expected to grow the fastest during the forecast period owing to the rising applications in end-use industries and industrialization in major economies like China and India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
