New York, June 22, 2022 (GLOBE NEWSWIRE) -- According to the National Center for Biotechnology Information (NCBI), the prevalence of allergic diseases is on a rapid rise in both developing and developed countries across the world. Allergic rhinitis affects 10–30% of the population worldwide, while food allergy affects 8% of the population worldwide. Some studies have shown that, allergy disorders are significantly more prevalent in developed countries compared to developing countries.
Research Nester has 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 being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions, 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 garner a notable revenue by growing at a CAGR of ~5% over the forecast period. NCBI estimated that approximately 8 to 10% of the global population suffers from some allergic disorders. The market is estimated to grow on the back of increased use of disulfurous acid in pharmaceutical industry to treat hypotension and allergic reactions. For instance, disulfurous acid is extensively used in phenylephrine hydrochloride and epinephrine hydrochloride injections, which are used to treat hypotension and allergies respectively. Moreover, increased export & import of specialty chemical substances, and the firm rise in chemical production worldwide, are estimated to drive the disulfurous acid market growth during the forecast period. According to the International Council of Chemical Associations (ICCA), the chemical industry is serving as the key input for approximately 95% of all manufacturing and a solution provider for major global environmental and societal challenges. Furthermore, the global chemical industry engages in over USD 2 trillion in world trade.
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Moreover, increased demand for cosmetics, skin care product, and packaged food items, is anticipated to drive the global disulfurous acid market growth in the forecast period owing to the advancement in cosmetics, and food & beverages industry. Disulfurous acid is used in cosmetic products to curb any reaction between the chemicals, and prolong the shelf life of the product. As a result, growing demand for cosmetics is expected to lead to the market growth. The revenue of the cosmetics industry increased by over eight billion dollars to around USD 80 billion globally in 2021. Furthermore, the rapid progress in medical technology, and huge investments in the pharmaceutical industry by major companies across the world, are anticipated 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 into food processing, cosmetics, alcoholic beverage, and reducing agent out of which, the reducing agent segment is estimated to witness a notable growth in the market across the forecast period. This can be attributed to an increased use of disulfurous acid as a reducing agent, such as ascorbic acid, in the healthcare industry worldwide. The ascorbic acid is commonly used in the medicines to treat various allergy diseases, and the prevalence of allergy disorder is increasing all over the world. According to NCBI, approximately 20% to 35% of the population in the United States, has one or more medication allergy as per their electronic health record (EHR). Moreover, the global, as well as, national health initiatives taken by the governments for upscaling healthcare services across the world, and increased expenditure in healthcare industry, is also estimated to boost the market growth in the future. For instance, Rapidpro is the digital health initiative by the UNICEF, which enables people tackle some of the common challenges in the health sector with the help of mobile phones globally. Approximately 85 million mothers, health workers, vaccinators and health care staff in 18 countries have been benefited from this initiative.
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Furthermore, on the basis of product grade the market is segmented into food grade, cosmetic, industrial, and other grades, out of which, the industrial grade segment is predicted to gain the largest share in the market during the forecast period, owing to the increased demand for chemicals in various industries all over the word. Moreover, rising import and export of chemicals among the leading countries across the world is anticipated to boost the market growth in the forecast period. For instance, in 2020, global export value totaled over USD 1 trillion, while on the basis of region, Europe held a share of approximately USD 550 billion, followed by Asia-Pacific at around USD 505 billion, and North America at almost 154 billion. Moreover, the value of United States chemical exports reached approximately USD 185 billion. Moreover, high demand for chemicals in healthcare industry, and a rise in chemical production across the world, is also anticipated 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 including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific region is estimated to hold the largest share in the market across the forecast period on the back of existence of huge chemical industries, and a steady rise in the chemical production in the emerging economies, such as, China and India owing to the easy availability of labor force in the region. According to the European Chemical Industry Council, China is the largest chemicals producer in the world which gained approximately 44% of global chemical sales in the year 2020.
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Furthermore, the market in the Europe region is anticipated to witness a significant growth in the market during the forecast period owing to the increased chemical import and export, and the presence of second largest global chemical production in the region. According to the European Chemical Industry Council, the EU27 chemical industry ranks second by reaching approximately 14% in total sales globally in 2020. Furthermore, high research and development expenditure by the leading chemical manufacturing companies in the region, is also expected to boost the market growth in the forecast period.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & 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 Middle East and Africa).
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Some of the prominent players and their company profiling 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 N.V., LOTTE Chemical Corporation, and PPG Industries, Inc.
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