Albany, New York, Feb. 11, 2019 (GLOBE NEWSWIRE) -- The global hydrazine hydrate market seems to be consolidated, as few key players in the market held nearly 50% share in the global market. Weifang YAXING Chemical, Otsuka-MGC, Arkema SA, Lonza Group, Yibin Tianyuan, and LANXESS are the key players holding substantial shares in the market. Leading players in the global hydrazine hydrate market are also focusing on expanding their businesses by using advanced business development strategies such as mergers, collaboration, partnership, and innovation. These players are also engaged in research and development activities to provided better and advanced products to customers.
Transparency Market Research in its recent report on the global hydrazine hydrate market showed that this market is anticipated to accumulate a valuation of US$0.536 bn by the end of 2022. In 2013, the market earned US$0.35 bn. As per the projection made, the market is likely to progress at 4.9% CAGR over the projected period from 2014 to 2022.
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The highest demand for hydrazine hydrate is seen in the blowing agents and polymerization segment. In 2013, this segment held above 35% share in the overall market and likely to hold a significant share in the coming years. Apart from this, the agrochemicals and water treatment segment are also expected to hold a substantial share in this market in the coming years. The rise in the manufacturing of intermediates used in fungicides and insecticides are likely to drive the demand for this in the agrochemical market in the coming years. In terms of geography, Asia Pacific is estimated to lead the market during the forecast period. In this region, there is a high demand for hydrazine hydrate and its derivatives that are used as foaming or chemical blowing agents in various plastic processes.
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Rising Application in Various End-Use Industries to Fuel Hydrazine Hydrate Market
Hydrazine hydrate is employed in various end-use industries, which has boosted its demand across the globe at a significant rate. In addition, the growing aerospace industry and substantial growth in space exploration have fueled the demand in this market. Hydrazine hydrate is also used as fuel in rockets for space missions and as gas precursors in preparing air bags.
Adding further, growth in disposable incomes of people in developing regions due to rapid growth in economies has created lucrative opportunities in the global hydrazine hydrate market. Application of hydrazine hydrate is also seen in products such as food containers, foamed core pipes, wood grain furniture, structural foam, and vinyl sheets. On account these factors, the demand in the global hydrazine hydrate market is likely to rise at a high rate in the near future.
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Toxicity of Hydrazine Might Obstruct Market’s Performance
Despite the increasing demand for hydrazine hydrate, few restraining factors are still lingering that might obstruct the growth in this market. Serious health threats related to extreme toxicity of hydrazine is considered as a key restraining factor deterring the growth of this market. However, the rising application of hydrazine hydrate in various end-use industries is anticipated to benefit the market’s growth. Its application is also seen in fuel cells that work as an effective substitute to hydrogen. This is also expected to provide better growth opportunity in this market.
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The information presented in this review is based on a TMR report, titled “Hydrazine Hydrate Market (End-User - Water Treatment, Pharmaceuticals, Agrochemicals, Polymerization and Blowing Agents and Metal Purification) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022.”
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