Asia Pacific is estimated to register more than half of the global Hydrazine hydrate market share which will increase at a significant rate of about 5.5%.
Sellbyville, DE -- (SBWIRE) -- 11/09/2018 -- Hydrazine hydrate market is anticipated to reach over USD 540 million by 2024 according to this new research report. The increasing end-use applications of polymer foams has resulted in increased demand for the product. The increasing trend of use of polymer foams in piping systems & windows, flooring, etc. will spur the Hydrazine hydrate market growth. The rising demand of the product and its derivatives as blowing agents will accelerate the product market growth.
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The demand for polymer foams is anticipated to be high due to the growth in construction, building and automotive industries. Increased urbanization and expansion of automobile sector will ramp up the Hydrazine hydrate market of polymer foams, which in turn will increase the product demand. The infrastructure developments taking place globally will positively impact the product market.
Hydrazine hydrate is widely used as an intermediate in sectors such as water treatment and synthesis of active ingredients, which has propelled the demand for the product. Water reuse and recycling has escalated the use of the product. The use of water treatment equipment has also laid a positive impact on the demand for the product.
Due to the expanding commercial cultivation of crops, the Hydrazine hydrate market for agrochemicals has shown a steep rise. This will fuel the demand for hydrazine hydrate. The declining arable land and the need for higher food production will lead to increased use of agrochemicals which will be profitable for the product market. High value crops like grains and cereals have driven the demand of agrochemicals which will upscale the demand for the product.
Since the product is toxic in nature, there are some health hazards associated with the product, which can hamper the product market.Blowing agents & polymerization sector stood out to be the largest segment with a market share of about 35% of the global share by volume, and is expected to grow at a robust rate. The escalated demand is attributed to the polyurethane foams manufactured with the aid of blowing agents. Agrochemicals sector is estimated to grow with a noticeable rate and the revenue is expected to cross USD 150 million in 2024.
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Asia Pacific is estimated to register more than half of the global Hydrazine hydrate market share which will increase at a significant rate of about 5.5%. The expansion of production facilities in China and other countries will propel the demand for the product. In North America, the Hydrazine hydrate market value of the product is anticipated to exceed USD 80 million by 2024.
The product market is relatively consolidated with the top four players registering more than half of the overall Hydrazine hydrate market share. The key competitors include Arkema SA, Otsuka-MGC Chemical Company, Inc., Lonza Group Ltd., Yibin Tianyuan Group Co., Ltd., Tanshang Chen Hong Industrial Co., Ltd., LANXESS, Hunan Zhuzhou Chemical Industry Group Co. Ltd., Weifang Yaxing Chemical Co., Ltd., Japan FineChem Co. Inc., Nippon Carbide Industries Co., Inc., etc.
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