It is projected to expand at a CAGR of 3.3% within a forecast period from 2016 to 2024.
Albany, NY -- (SBWIRE) -- 02/10/2017 -- Global Anhydrous Aluminum Chloride Market: Snapshot
The leading factor augmenting the growth rate of the global anhydrous aluminum chloride market currently, is the steady and sure growth in the demand and production of dyestuff and pigments. This demand is apparently much higher in Asia Pacific than other regions. The demand for anhydrous aluminum chloride across the world is also being driven by its increasing scope of use in the industries of consumer goods, pharmaceuticals, and especially cosmetics. However, the global anhydrous aluminum chloride market is being restricted in its growth by factors such as the growing concern regarding manufacturing emissions and their consequences on the environmental health. Steps are being taken to avoid breaching regulatory constraints for the same, but at the cost of increased maintenance efforts and prices.
The global anhydrous aluminum chloride market was valued at US$683.9 mn in 2015. It is projected to expand at a CAGR of 3.3% within a forecast period from 2016 to 2024. By the end of 2024, this market's revenue is estimated to reach US$912.3 mn.
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Dyestuff and Pigment Makers Show Spike in Anhydrous Aluminum Chloride Demand
The global anhydrous aluminum chloride market has been segmented on the basis of form, into powder and granules. Anhydrous aluminum chloride granules are widely used in various key applications of the market and are therefore showing a far greater rate of increase in production over powders. Thus, granules are expected to keep leading the global anhydrous aluminum chloride market on the basis of form.
Based on applications, the market has been segmented into dyestuff & pigments, hydrocarbon resins, pharmaceuticals, fumed alumina, and flavors & fragrances. The segment of dyestuff and pigments is the leading application of anhydrous aluminum chloride due to their broad spectrum of use in the production of ethyl benzene and common dyes. Anhydrous aluminum chloride is heavily used in the dyestuff industry as a catalyst for the production of pigments and derivatives of anthraquinone. By volume, the dyestuff and pigments segment held over 24% of the global anhydrous aluminum chloride market in 2015.
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APAC to Continue Surge in Anhydrous Aluminum Chloride Demand
Asia Pacific held the leading share in the global anhydrous aluminum chloride market for 2015 in terms of both growth rate and volume consumed. The Asia Pacific rise in demand is primarily attributed to the increasing demand for pharmaceuticals and consumer goods in China and India, the two highly promising countries of the world in terms of industrial evolution rate and increase in consumption and product demand. By volume, Asia Pacific held more than 44% of the global anhydrous aluminum chloride market in 2015. It is also expected to lead the global scenario for anhydrous aluminum chloride in terms of growth rate expansion over the coming years.
Europe constituted a significant share in this market's revenue in 2015. However, Europe is expected to show a marginal decrease in consumption levels over the coming years given the current recovery phase of this region's economy. The Middle East & Africa region is an attractive market as well, driven by the increasing developments in the pharmaceutical and petrochemical industries.
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The global anhydrous aluminum chloride market is highly fragmented in nature and the leaders of the market do not hold significantly high shares outside of their core regions of operations. As of 2015 the leading players in the global anhydrous aluminum chloride market included BASF SE, Gulbrandsen, Aditya Birla Chemicals, Gujarat Alkalies & Chemicals Ltd., Nippon Light Metal Company Ltd., and Base Metal Group.
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