Fine hydrate, also known as aluminum hydroxide, is a versatile compound with various applications. Its flame-retardant properties make it valuable in industries like construction, electrical, and automotive. Additionally, fine hydrate is used as a filler in rubber, plastics, and coatings, offering improved performance and enhancing the overall quality of end products.
As per a recent study by FMI, the global fine hydrate market size is estimated to reach US$ 428 million in 2023. Increasing 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. 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 6.5% CAGR during the forecast period from 2023 and 2033.
Historically, the fine hydrate market grew at 2.7% CAGR between 2016 and 2020. However, rising adoption of fine hydrate in the production of engineered plastic and thermoplastics is fueling the demand in the market.
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 use of fine hydrate as a substitute to 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.
Download our Sample Report to discover how recent industry developments, like: https://www.futuremarketinsights.com/reports/sample/rep-gb-2567
“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 a 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 fine hydrate market is poised to expand at 6.4% CAGR between 2023 and 2033, 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 expansion of 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 retardant across the construction sector.
Competitive Landscape in Fine Hydrate 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 Suimoto Chemicals Co. Ltd. As per FMI, 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 50% stake of the companies’ 50/50 joint venture, MAGNIFIN Magnesiaprodukte GmbH & Co. KG. As per the acquisition, MAGNIFIN, as a part of Martinswerk will now became 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 aluminium and copper manufacturing company, announced its expansion of its production capacity by opening a new extrusion plant at Silvassa, India. The new plant will increasing the production by 34,000 Tons to service the fast-growing market for extruded aluminum products in the southern and western regions.
Customize Your Report: Tailor the Exclusive Insights to Your Fine Hydrate Market Strategy! https://www.futuremarketinsights.com/customization-available/rep-gb-2567
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.
- Others
Fine Hydrate Market by Category
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
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
LinkedIn| Twitter| Blogs
