Sulpho Tobias Acid Market - Forecast(2023 - 2028)

Sulpho Tobias Acid Market Overview

Sulpho Tobias Acid Market size is forecast to reach US$120.3 million by 2027, after growing at a CAGR of 3.2% during 2022-2027. sulpho tobias acid is an organic acid of an amino group that serves a variety of functional purposes like dyestuff intermediates, pharma intermediates, and others. Sulpho tobias acid is widely available in polythene liners packaging to maintain the moisture of the sulpho tobias during transportation. Sulpho tobias is widely used in textile, pharmaceutical, and other sectors for paints, printing inks, dyes, silica gel, and others. According to UK Fashion and Textile Association, the number of UK garment manufacturers number has been increased by 13% in the last ten years to 4,005 by 2020. Online retail sales for textiles, clothing and footwear increased to an all-time high of 31% in 2020. Therefore, the manufacturing sector of textile and its sales along with growing demand from industrial, pharmaceutical, and others will boost the demand for the Sulpho Tobias Acid Market during the forecast period.

COVID-19 Impact

The Covid-19 pandemic has been a major challenge for the Sulpho Tobias Acid Market owing to directly affecting the manufacturer's supply chain across the globe and shutting down the production facilities to minimize the risk of virus spread. The major sectors such as chemical, paper, industrial, and others have been highly impacted. Due to the social distancing policy, most of the manufacturing sector has been halted to eradicate the risk of infection due to covid 19. According to the International Monetary Fund, the COVID-19 pandemic has triggered the sharpest downturn in the world economy since the depression, with global GDP, declining by 3.5% in 2020 as compared to a rise of 2.8% in 2019. This will eventually have affected the various sectors economy. The initiation taken by the government and private sector will help to recover the Sulpho Tobias Acid Market during the forecast period. 

Report Coverage

The report: “Sulpho Tobias Acid Market Report – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Sulpho Tobias Acid industry.

Key Takeaways

• The Asia Pacific is expected to register a CAGR of 3.8% during the forecast period (2022-2027). The increasing demand from textile manufacturing, pharmaceutical, and others, among Asian countries such as China, India, Japan, and South Korea is driving the market for foam glass.
• The rise in demand for dyestuff and pharma intermediates from the manufacturing sector is boosting the Sulpho Tobias Acid Market.
• Robust demand for polythene liners packaged sulpho tobias acid from the textile industry is the major cause fuelling the Sulpho Tobias Acid Market growth rate owing to the use of dyes to a greater extent.

The technical segments accounted for around 75% of the market share in 2021 and are estimated to grow at a significant CAGR during the forecast period. Technical-grade sulpho tobias acid is widely used as a dyestuff intermediate in textile, plastic, paper, and other sectors. According to Plastic Europe Organization, around 367 metric tons of plastic were produced in 2020 globally of which China was the major producer of plastic around 32%, and Europe with 15%. Therefore, the growing production of plastic which is widely used in various end-use sectors like packaging, construction, and others is increasing the technical grade segment of sulpho tobias acid.

Sulpho Tobias Acid Market Segment Analysis - By End-Use Industry

The Textile segment accounted for approximately 35% of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. Sulpho tobias acid is widely used as a dye intermediate solution in a textile application for fibers, yarns, and fabrics to achieve color with the desired colorfastness. Sulpho tobias acid is an important substance that causes the change in color of a substrate. According to the National Council of Textile Association, U.S. textile and apparel shipments were valued at around US$64.4 billion in 2020. The U.S. textile industry is the second-largest exporter of textile-related products like fiber, textile, and apparel exports is amounted to US$25.4 billion in 2020. Therefore, the growing textile sector will boost the demand for the Sulpho Tobias Acid Market during the forecast period.

Sulpho Tobias Acid Market Segment Analysis - By Geography

Asia Pacific region held the largest share in the Sulpho Tobias Acid Market in 2021 up to 42%, owing to the growing textile, pharmaceutical, plastic, paints, printing inks, and others, in developing countries like China, India, Indonesia, and others. The major factor responsible for the growth of sulpho tobias acid acts as the dye intermediates in various end-use industries. According to Japan Textile Finishers Association, the total number of firms associated with mechanical dyeing of woven and knitted fabrics of cotton, staple fiber, and the line is 121. Also, the mechanical dyeing of woven and knitted fabrics of silk and artificial silk is 128. According to the European Federation of Pharmaceutical Industries and Associations, the pharmaceutical market size of China is around 8.2% and Japan holds around 7.0% of the market share in 2020 globally. Therefore, the growing pharmaceutical and textile sectors and others are boosting the demand for the Sulpho Tobias Acid Market during the forecast period.

Sulpho Tobias Acid Market Drivers:

Growing Textile Industry will boost the consumption of Sulpho Tobias acid

Textile is one of the key industries globally. Sulpho tobias acid is mostly used in the textile industry during the dyeing process of the textile product. Coloring is one of the important elements to enhancing the textile product which could be performed with the help of textile grade dyeing intermediates. According to IBEF, the Textile and Apparel industry of India contributed 2.3% to GDP, 13% of industrial production, and 12% to export earnings in 2019. The Indian Technical Textile market is expected to grow to US$ 23.3 billion by 2027. According to FAO, The global cotton industry accounted for more than 100 million farm families across the globe and contributes about US$ 51.4 billion annually in raw products. According to the Textile Association of India, more than 40% of the world’s textiles production is in China and India and will have the largest GDP by 2050. The growing production of cotton, rise in the textile industry, and others will drive the Sulpho Tobias Acid Market during the forecast period.

Growing Demand for Dyes from various End-Use Industries

The growing demand for sulpho tobias acid from the various end-use industry owing to the increase in the use of sulpho tobias acid-based products like dyestuff is driving the Sulpho Tobias Acid Market. The growing demand for sulpho tobias acid based dyes products in plastic, paper, paint, printing, and other sectors can be attributed to the increase in the demand for Sulpho Tobias Acid Market as dyes help to give the specific color of the product. According to the American Forest & Paper Association (AF&PA), U.S. paper and paperboard mills production has been increased by 5.6% compared to 2020, the ninth increase in the past 10 years. Also, the paper industry has announced an investment of US$5 billion in manufacturing infrastructure from 2019 to 2023 to continue the best use of recycled fiber in products. These investments will help increase the production amount of 8 million tons with a 25% increase over 2020 levels. Therefore, the growing demand for sulpho tobias acid based dyestuff products in paper and others will be driving the Sulpho Tobias Acid Market during the forecast period.

Sulpho Tobias Acid Market Challenges:

Growing Environment concerns and Human Hazards due to excessive exposure to Sulpho Tobias Acid

Environmental concern has always been a major challenge in the Sulpho Tobias Acid Market. The harmful emission of particulate matter during the manufacturing of sulpho tobias acid is impacting the environment but also living things. Particles in the air affect both the quality of the air and visibility. The particulate matter affects the aesthetics and utility of areas through visibility reduction and may affect buildings and vegetation. Excessive exposure to sulpho tobias acid causes skin & respiratory tract irritation, asthma, and dermatitis, which is restraining the Sulpho Tobias Acid Market during the forecast period

Sulpho Tobias Acid Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Sulpho Tobias Acid Market.

Sulpho Tobias Acid Market's top 10 companies include

1. Bhageria Industries Limited
2. Shanghai River Chemical
3. Ambuja Intermediates Limited
4. Panoli Intermediates
5. Yuhao Chemical
6. Kiri Industries
7. Jemby Chem Limited
8. Viana Chemical
9. Yadong Group
10. Shree Ram Chemicals

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