The fine hydrate industry is predicted to be worth US$ 428 million in 2023 and rise to US$ 802.5 million by 2033. Demand was initially growing at a market CAGR of 6.5% between 2018 and 2022.
The fine hydrate is expected to rise as more people use it instead of titanium dioxide to manufacture pigments. Paints and coatings are commonly utilized in vehicle refinishing, protection coatings, construction coatings, and timber coatings.
Polymers are in high demand in the automotive sector because they are used to build lighter parts for cars, resulting in more fuel-efficient vehicles. Fine hydrate is frequently used as a result of increased plastic demand from the vehicle industry.
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The market share is expected to grow due to rising demand for fire hydrants in the consumer electronics sector, notably in Asia Pacific. Furthermore, increased urbanization is predicted to fuel fire retardant demand, which will likely promote market expansion.
Alternatives such as zinc hydroxy stannate and magnesium hydroxide are predicted to limit the expansion of the fine hydrate sector over the forecast period.
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.
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.
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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.
Top Key Players in the Global Industry
- 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
Key Segmentation
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
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