According to a new report by Future Market Insights (FMI), hydrazine hydrate market surpassed US$ 426 million in revenues in 2019, and is projected to grow at a steady 4.9% CAGR through 2030. The latest study takes into account the impact of COVID-19 on hydrazine hydrate market.
According to the study, demand for hydrazine has witnessed a notable slump in 2020 owing to the ongoing covid-19 outbreak. Restrictions on manufacturing, automotive, and polyester industries, coupled with disruptions to raw material supply chains has limited growth of the industry for the short term.
As per the report, innovations in polymerization and agriculture chemicals, and new, cost-effective production methods, will support the market in the long term.
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Despite the upwards trajectory of the hydrazine hydrate market between 2020 and 2030, environmental and health concerns associated with the carcinogenic and toxic nature of hydrazine hydrate, and the resultant strict regulations on handling, storage, and use of the material is expected to limit the growth of the sector.
The study by FMI encompasses a wide-ranging overview of the market, with data on key dynamics of the hydrazine hydrate industry. Some of the prominent takeaways include:
- The hydrazine hydrate market size was estimated at over 426 Mn in 2019, at over 157 thousand tons with growth diminishing moderately for the duration of the coronavirus outbreak, owing to lockdown restrictions and reduced demand for polymer foams and agrochemicals.
- At over 60 thousand tons of hydrazine hydrate used in 2019, the polymerization and blowing agent application segment is expected to account for more than 37% of the market share over the forecast period.
- Water treatment and pharmaceutical applications of hydrazine hydrate are unlikely to be affected by the covid-19 pandemic, reflecting over 4.5% CAGR during the crisis period.
- With a production volume of over 66 thousand tons in 2019, East Asia will remain a leading market for hydrazine hydrate, supported by the presence of production facilities by international market leaders in China and Japan, and high volumes of production and exports. Also, South Asia and Pacific is expected to reflect relatively strong growth on the back of agrochemical demand from agrarian economies in the region.
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“Aside from conventional applications of hydrazine hydrate in polymer and agrochemical sectors, demand arising from the aerospace industry in recent years and larger investments into space exploration is likely to aid the prospects of the market over the projection period,” said a lead analyst from FMI.
Covid-19 Impact on Hydrazine Hydrate Market
The coronavirus pandemic has moderately affected the hydrazine hydrate market, with the demand for polymers and blowing agents slumping on a global scale. Also, restrictions on international trade and lockdown regulations on the operations of the chemicals industry is projected to limit short term demand in the market.
Further, foam manufacturers are being forced to shut down or limit production processes, for non-essential applications. However, demand for hydrazine hydrate in the pharmaceutical and water treatment segments are unlikely to be affected by the coronavirus crisis. Applications as pharma intermediates, and demand for potable water will help to partially mitigate any loses arising during this time.
These factors, compounded by a decrease in consumer spending has shrunken market size, made investors hesitant, and has hurt the average growth rate. However, the market is likely to reflect gradual recovery towards 2021, with relaxation of lockdown restrictions.
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Who is Winning?
In its latest report, Future Market Insights have provided an in-depth overview of the business strategies that have been observed in the hydrazine hydrate market. Major market players in the industry have largely invested their resources into research and development endeavors for the development of optimized production technologies. Strategic acquisitions and capacity expansions are gaining prominence in the hydrazine hydrate sector.
Hunan Zhuzhou Chemical Industry Group Co Ltd., Otsuka-MGC Chemical Company Inc., Tangshan Chenhong Industrial Co. Ltd., Arkema SA, Lonza Group Ltd., Weifang Yaxing Chemical Co Ltd., Nippon Carbide Industries Co. Inc., Yibin Tianyuan Group Co. Ltd., LANXESS, and Japan FineChem Company are some of the more prominent players in the hydrazine hydrate market.
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