New York, June 22, 2022 (GLOBE NEWSWIRE) — According to the National Center for Biotechnology Information (NCBI), the prevalence of allergic diseases is rapidly increasing in developing and developed countries around the world. Allergic rhinitis affects 10-30% of the world’s population, while food allergies affect 8% of the world’s population. Some studies have shown that allergic disorders are significantly more common in developed countries than in developing countries.
Research Nester published a detailed market report on ‘Global Disulfurous Acid Market‘ for the forecast period, i.e., 2022-2031, which includes the ongoing industry innovations and recent trends adopted by major industry players to achieve their business goals. Apart from this, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for market players along with global analysis on five major regions, to namely North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
The global disulfurous acid market is estimated to generate notable revenue by growing at a CAGR of around 5% during the forecast period. The NCBI estimated that approximately 8-10% of the world’s population suffers from certain allergic disorders. The market is estimated to grow due to the increased use of disulfurous acid in the pharmaceutical industry to treat hypotension and allergic reactions. For example, disulfurous acid is widely used in phenylephrine hydrochloride and epinephrine hydrochloride injections, which are used to treat hypotension and allergies, respectively. Additionally, increasing export and import of specialty chemicals and surge in chemical production globally is expected to drive the growth of the disulfurous acid market over the forecast period. According to the International Council of Chemical Associations (ICCA), the chemical industry is the primary source of supply for around 95% of all manufacturing and a provider of solutions to major global environmental and societal challenges. Additionally, the global chemical industry engages in over $2 trillion in global trade.
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Additionally, increased demand for cosmetics, skincare products, and packaged foods is expected to drive the growth of the global disulfurous acid market over the forecast period owing to advancements in the cosmetics industry. , food and drink. Disulfurous acid is used in cosmetic products to inhibit any reaction between chemicals and extend the shelf life of the product. Accordingly, the growing demand for cosmetics is expected to drive the growth of the market. The cosmetics industry’s turnover has increased by more than eight billion dollars to reach approximately 80 billion dollars worldwide in 2021. Furthermore, rapid advancements in medical technology and huge investments in the pharmaceutical industry by major companies across the globe are expected to boost the market growth over the forecast period.
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The global disulfurous acid market is segmented on the basis of application in food processing, cosmetics, alcoholic beverages and reducing agents, of which the reducing agents segment is estimated to witness notable market growth in during the forecast period. This can be attributed to increased use of disulfurous acid as a reducing agent, such as ascorbic acid, in the healthcare industry worldwide. Ascorbic acid is commonly used in medicines to treat various allergic diseases, and the prevalence of allergic disorders is increasing all over the world. According to the NCBI, approximately 20% to 35% of the population in the United States suffers from one or more drug allergies according to their electronic health record (EHR). Additionally, global and national healthcare initiatives taken by governments to improve healthcare services across the globe and increasing spending in the healthcare sector are also expected to boost the market growth in the future. For example, Rapidpro is UNICEF’s digital health initiative, which enables people to address some of the common challenges in the health sector using mobile phones around the world. About 85 million mothers, health workers, vaccinators and health workers in 18 countries have benefited from this initiative.
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Further, on the basis of product grade, the market is segmented into food grade, cosmetic, industrial grade, and others, among which the industrial grade segment is expected to gain the largest market share during the forecast period, by due to the increase in demand for chemicals in various industries all over the world. Moreover, increasing imports and exports of chemicals among the major countries of the world are expected to boost the market growth over the forecast period. For example, in 2020, the value of global exports was over $1 trillion, while based on region, Europe had a share of around $550 billion, followed by Europe. Asia-Pacific at about $505 billion and North America at nearly $154 billion. . In addition, the value of chemical exports from the United States reached approximately $185 billion. Additionally, high demand for chemicals in the healthcare sector and an increase in the production of chemicals globally is also expected to drive the market growth in the industrial grade segment during the forecast period.
Regionally, the global disulfurous acid market is segmented into five major regions, namely North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The Asia-Pacific market is estimated to hold the largest market share during the forecast period owing to the existence of huge chemical industries and steady increase in chemical production in emerging economies , such as China and India. due to the easy availability of labor in the region. According the European Chemical Industry Council, China is the world’s largest chemical producer and accounted for around 44% of global chemical sales in 2020.
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In addition, the Europe region market is expected to witness significant market growth over the forecast period owing to increasing imports and exports of chemicals and the presence of the world’s second largest chemical production in the region . According to the European Chemical Industry Council, the EU27 chemical industry ranks second with around 14% of total global sales in 2020. In addition, high research and development expenditures by leading chemical manufacturing companies in the region are also expected to boost the market growth during the forecast period.
The study further incorporates YOY growth, demand and supply and forecasts future opportunities in North America (US, Canada), Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands and Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark]Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman]North Africa, South Africa, Rest of the Middle East and Africa).
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Some of the key players and their company profile mentioned in the report include Asahi Kasei Corporation, Lanxess AG, Borealis AG, The Syngenta Group, Huntsman Corporation, Shin-Etsu Chemical Co., Ltd., SK Innovation Co., Ltd., Koninklijke DSM NV, LOTTE Chemical Corporation and PPG Industries, Inc.
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