Hydrazine Hydrate Market Size to exceed $547 million by 2024
Published Date: December 6, 2016 Authors: Kiran Pulidindi, Soumalya Chakraborty
According to a new research report by Global Market Insights, Inc., the Hydrazine Hydrate Market size is set to reach USD 547.6 million by 2024. With varied application of polymer foams in construction, automotive, packaging, or furniture industries, the market is forecast to have a healthy growth in the forecast timeframe.
Steady growth in the polymer industry is expected to propel the global hydrazine hydrate market size, with its primary usage as a precursor to blowing agents in polymer foams. In 2015, polymer foam industry accounted for a volume of more than 2 million tons all over the world and will cross 3 million tons by 2024.
With increasing food demand owing to the escalating global population, the agrochemical industry will act as a major driver for hydrazine hydrate market share growth. The growing use of agrochemicals in order to increase the crop yield and improve the quality of agricultural products to meet the demand of over 7 billion people in the world will have a great influence on product development. With its extensive usage to manufacture pyrazole and pyrazole derivatives, hydrazine hydrate is very useful in the pesticides industry. In 2015, the agrochemical market was worth USD 70 billion with a decent growth rate over the forecast timeframe.
Water treatment industry and the pharmaceutical industry are other key demand drivers of hydrazine hydrate market. The exceeding hydrazine hydrate uses in producing veterinary drugs and for curing tuberculosis is expected to influence the global market. With new developments in the application sector of the product in manufacture of clean and eco-friendly fuel cells, a new window for growth is expected in the future.
Browse key industry insights spread across 105 pages with 89 market data tables & 12 figures & charts from the report, “Hydrazine Hydrate Market By End-User (Water Treatment, Pharmaceuticals, Polymerization & Blowing Agents, Agrochemicals), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Polymerization and blowing agents registered over USD 130 million in 2015. The segment will exhibit the fastest growth in hydrazine hydrate market among other end-users. This growth is on the account of rising demand of polymers in other industries including construction and automobile industries.
Agrochemicals is the second largest segment that will drive the market growth. In 2015, it had revenue of more than USD 110 million and will have a steady growth throughout the forecast timeframe.
Asia Pacific accounted for the highest demand in 2015 with more than 35% of the global market share. This domination is a result of the global shift of the application sector to this region due to strict regulations in North America and Europe. Also, increasing demand of the emerging nations such as China and India will catalyst the hydrazine hydrate market growth in this region.
APAC will have the fastest growth in the forecast period and is anticipated to cross USD 300 million in 2024 with polymerization and blowing agents as the fastest growing segment with a CAGR of more than 5.5%. U.S. is anticipated to reach a total revenue of close to USD 75 million in 2024.
In 2015, the global market share was consolidated as key industry players accounted for more than half of the total market share. Some of the major hydrazine hydrate industry contributors were Otsuka-MGC, Yibin Tianyuan, Arkema SA, Lonza Group, Weifang YAXING Chemical, and LANXESS. Some other companies include Tanshang Chen Hong, Japan Fine-Chem, Nippon Carbide, Hunan Zhuzhou Group, and others.
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