Rising automotive and electronics sectors in the United States fuel strong demand for fine hydrates, poised for 5.2% growth in North America per forecast period. The China fine hydrate market is poised for growth, primarily driven by the expansion of the consumer electronics sector.
NEWARK, Del, Nov. 28, 2023 (GLOBE NEWSWIRE) — The fine hydrate market is predicted to be worth US$ 428 million in 2023 and rise to US$ 802.5 million by 2033. Demand was initially expanding at a market CAGR of 7.0% between 2018 and 2022.
The fine hydrate is expected to rise as more people use it as an alternative to titanium dioxide to create pigments. The refinishing of automobiles, protective coatings, building, and timber coatings all use paints and coatings extensively.
The automotive sector has a high need for polymers as they are used to create parts for cars that are lighter overall and produce more fuel-efficient automobiles. Thus, increased demand for plastic from the automotive sector leads to high adoption of fine hydrate.
Due to the increased need for fire hydrants in the consumer electronics sector, particularly in the Asia Pacific, the market share is anticipated to grow. Additionally, rising urbanization is expected to fuel fire retardant demand, which is likely to support the expansion of the market.
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Throughout the anticipated period, alternatives such as zinc hydroxy stannate and magnesium hydroxide are expected to restrain the growth of the fine hydrate industry.
Key Takeaways
- By 2033, the fine hydrate market in the United Kingdom is likely to expand, with a CAGR of 5.5%.
- In 2023, the United States is projected to dominate the market share of 19.3% in the fine hydrate sector.
- The fine hydrate market was significantly expanding, with a size of US$ 398.3 million in 2022.
- By 2033, the fine hydrate market in China is projected to expand, with a CAGR of 7.3%.
- In 2023, Germany is expected to expand significantly in the fine hydrate business, with an expected share of 5.2%.
- By 2033, India is projected to grow considerably in the fine hydrate market, with a share of 7.7%.
- In 2023, Australia is likely to develop substantially in the fine hydrate business, with an expected share of 0.7%.
- Japan’s fine hydrate industry share is likely to expand significantly, with a 4.7% share in 2023.
- In 2023, the cable compound is expected to lead the market with a share of 67.4% and is likely to hold a top spot in the market in terms of application by 2033.
“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 Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Competitors Winning Strategies
Fine hydrate businesses are implementing a variety of techniques to promote market expansion. Several companies are pursuing organic growth strategies, including launching new goods, getting those items approved, and planning events.
Industry observers have noted inorganic growth tactics such as partnerships and acquisitions. The business operations and consumer reach of market participants have been significantly expanded due to these activities.
Certain fine hydrate producers increased their production capabilities to accommodate the rising demand. This required spending money on more factories, machinery, and infrastructure to boost their output capacity.
Key Players
- 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
Recent Development:
Huber Engineered Materials acquired Magnesita’s 50% ownership in the 50/50 joint venture MAGNIFIN Magnesiaprodukte GmbH & Co. KG (“MAGNIFIN”) on January 10, 2022. MAGNIFIN manufactures a variety of specialist aluminum oxides, halogen-free fire retardants, and smoke suppressants.
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Fine Hydrate Market Key Segments:
By Application:
- Cable Compounds
- Sheet Molding Compounds
- Bulk Molding Compounds
- Others
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Author by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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