The global superacids market size is expected to witness an elevated growth owing to expanding pharmaceutical industry and lower cost. This information is provided by Fortune Business Insights™, in its report, titled, “Superacids Market, 2023-2030.” Also, rising usage of superacids for synthesizing and characterizing carbocations will fuel the growth of the market during the forecast duration.
Pandemic to Cause Economic Setbacks due to Lockdowns and Halted Global Trade
The COVID-19 outbreak has impacted the market in a negative manner. Factors such as disruptions in the supply chains and volatility in pricing of raw materials is expected to dampen the growth of the market during the forecast duration. This has affected the market adversely. Additionally, the sector is experiencing a shortage of funds due to major allotment of resources being redistributed towards setting up infrastructure for managing an influx of patients getting affected from the pandemic.
On the basis of type, the market can be divided into fluroantimonic acid, magic acid, carborane acids, fluroboric acid, flurosulfuric acid, and hydrofluoric acid.
By end-use industry, the market can be broken down into pharmaceutical industry, agricultural industry, and others.
In terms of region, the market can be categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report offers a holistic outlook for the market by offering a breakdown of the segments and subsegments. A thorough and comprehensive study of the ongoing trends and opportunities are also presented in the report. An in-depth analysis of the regional outlook is presented in the study along with the factors that can reshape the market in the respective regions. The impacts of COVID-19 are added for underlying the possible threats and restraints to the market. The dominant strategy of the leading players is discussed.
Drivers & Restraints
Rising Demand for Pharmaceutical Industry to Foster Market Growth
Integration of superacids towards organic research is expected to boost the superacids market growth during the forecast period. Also, increasing demand from the pharmaceutical and medical industry will increase the market value. Factors such as low cost, higher acidity, ease of eradication, and good solubility in water and other organic solvents will fuel the growth of the market.
However, issues related to difficulties in storage and transportation is expected to limit the growth of the market during the forecast period.
North America to Dominate Market Due to Rising Pharmaceutical Industry
North America is expected to dominate the market share in terms of revenue generation due to a booming pharmaceutical industry. Also, increased usage of superacids towards producing oleum for explosives will fuel the superacids market share during the forecast duration.
Europe will register a substantial market share due to rising demand from the chemical industry due to integrated properties such as thermal & chemical stability.
Asia Pacific will witness a decent market share due to a stronger demand arising from the cookware and high production of the nonstick coating.
Procurement Among Dominant Players to Bolster Market Growth
The prominent players in the market are expected to regain their pivotal positions on the global scale by executing proficient strategies such as collaborations, partnerships, introducing novel products, mergers & acquisitions, and many others. Other firms are integrating towards optimizing their supply chains in order to complete orders at an accelerated pace.
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