A comprehensive analysis of the fine hydrate market by Future Market Insights (FMI) provides in-depth insights into governing factors fueling the demand in the market. It discloses opportunities that will favor the market growth in various segments based on application across seven regions over the next 10-years.
DUBAI, UAE, Dec. 7, 2021 /PRNewswire/ — As per a recent study by FMI, the global fine hydrate market is estimated to reach US$ 371.6 Mn in 2021. Increasing the use of fine hydrate as fillers in cables & wires, cross-linked elastomers, insulation, polyester resins, and epoxy resins is propelling the demand in the market.
Historically, the fine hydrate market grew at 2.7% CAGR between 2016 and 2020. However, the rising adoption of fine hydrate in the production of engineered plastic and thermoplastics is fueling the demand in the market.
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Hence, increasing demand for these plastics across automotive and consumer electronics, owing to their lightweight and durability is anticipated to boost the market. As per FMI, the market is poised to expand at 7.2% CAGR during the forecast period from 2021 and 2031.
Further, fine hydrates are non-toxic, halogen-free, non-corrosive, and excellent flame retardant which imparts at relatively high temperatures. Attributed to these properties, they are finding a wide range of applications in paints and coatings, adhesives, fire hydrants, varnishes, and polyvinyl chloride (PVC) sectors, which is in turn, boosting the market.
In addition to this, increasing the use of fine hydrate as a substitute for titanium dioxide in the production of pigments is estimated to accelerate the sales at year-over-year growth of 7.40% through 2021.
Based on applications, the cable compound is projected to remain the dominant segment in the market for the assessment period. Surging applications of fine hydrates in insulating and jacketing compounds for wires with varying voltage requirements are favoring the growth in the segment.
“With the introduction of nanotechnology, key players in the market are emphasizing on introducing novel product using fine hydrates and nanoclays to reduce the flammability of matrices and enhance the quality of non-halogenic fire retardants. This is expected to accelerate the growth in the market in forthcoming years,” says an FMI analyst.
Key Takeaways from Fine Hydrate Market Study
- Sales in North America are estimated to rise at 5.20% CAGR owing to the increasing application in the paints & coatings and plastic polymers sector in the U.S.
- Europe’s fine hydrate market is poised to expand at 6.4% CAGR between 2021 and 2031, favored by surging demand for engineered plastic across the automotive sector in Germany.
- China is anticipated to account for the largest demand share in the East Asia market, on the back of the expansion of the consumer electronics industry.
- South Korea and Japan are projected to emerge as a highly lucrative market, collectively accounting for nearly 6.90% of the total fine hydrate sales in 2021.
- India is forecast to hold a significant share in the South Asia market, driven by the growing adoption of fire retardants across the construction sector.
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- During demand for fire retardants in electrical and electronic devices such as computers, mobile phones, laptops, and household appliances is increasing the sales of fine hydrate across the consumer electronics industry.
- Increasing the use of fine hydrate in wires and cables owing to its optimal flame retardance and low smoke generation properties are propelling the demand in the cable compounds segment.
- The high cost of fine hydrate and the availability of substitutes such as magnesium hydroxide and zinc hydroxystannate (ZHS) is hindering sales in the market.
- Implementation of stringent regulations regarding the use of chemical-based flame retardants such as fine hydrates is hampering the growth in the market.
As per FMI, leading players operating in the global fine hydrate market are Huber Engineered Materials, Nabaltec AG, Hindalco Industries Ltd., Aluminum Corporation of China Ltd., and Sugimoto Chemicals Co. Ltd., these companies are projected to account for around 55% to 60% of the total market share in 2021.
Key manufacturers are aiming at collaborations, mergers, acquisitions, joint ventures, and partnerships to expand their production facilities. To gain a competitive edge in the market, some of the players are investing in research and development (R&D) activities to improve their product portfolios. For instance,
- In May 2021, Huber Corporation announced entering into an agreement with a leading supplier of refractory products, RHI Magnesita (RHIM) to acquire a 50% stake of the companies’ 50/50 joint venture, MAGNIFYING Magnesiaprodukte GmbH & Co. KG. As per the acquisition, MAGNIFYING, as a part of Martinswerk will now become a part of the Huber Corporation. This will assist the company to provide a wide range of halogen-free products for smoke suppression and fire retardant applications.
- In December 2020, Hindalco Industries Limited, an Indian aluminum, and copper manufacturing company, announced the expansion of its production capacity by opening a new extrusion plant at Silvassa, India. The new plant will be increasing the production by 34,000 Tons to service the fast-growing market for extruded aluminum products in the southern and western regions.
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Some of the key players operating in the market profiled by FMI are:
- Nabaltec AG
- Huber Engineered Materials
- Hindalco Industries Limited
- Sumitomo Chemical Co. Ltd.
- Alumina Castables & Chemicals Private Limited
- Aluminium Corporation of China Limited (CHALCO)
- JINAN CHENXU CHEMICAL CO., LTD.
- Henan Kingway Chemicals Co., Ltd.
More Valuable Insights on Fine Hydrate Market
The latest report by FMI provides a detailed analysis of the global fine hydrate market, providing credible insights into key factors driving the market through 2021 and beyond. The study also disclosed growth projections on in fine hydrate market with detailed segmentation:
- Cable Compounds
- Sheet Molding Compounds
- Bulk Molding Compounds
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
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Key Questions Covered in the Report
- The report offers insight into the fine hydrate market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for the fine hydrate market between 2021 and 2031
- Fine hydrate market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Fine hydrate market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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