The automobile industry in the United Kingdom is experiencing robust growth, characterized by an exponential rise. The increasing adoption of electric vehicles is poised to significantly propel market expansion. According to data from the United Kingdom government, electric vehicle sales witnessed a substantial 77% increase in 2022 when compared to 2020. These figures underscore the promising outlook for hydrazine hydrate during the forecast period, as it finds applications in various sectors, including the burgeoning electric vehicle market.
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The pharmaceutical industry has been facing a massive demand for hydrazine hydrate. From acting as tranquilizers to treating tuberculosis, the demand is expected to surge during the forecast period. Hydrazine hydrate is employed for industrial purpose as well. These are mainly employed to remove oxygen from water, as a result of which the metals do not get corroded.
The automobile industry has also been making use of hydrazine hydrate. The ability to control carbon emissions is something which has attracted a lot of attention from the automobile stakeholders. Only nitrogen and water are emitted, which presents massive prospects in front of the market. Increased adoption of electric vehicles presents a world of opportunities in front of the market.
The pesticide industry has been making use of hydrazine hydrate. These are added in regulated quantities to pulverize rodents.
However, the application of hydrazine hydrate has serious side effects on human health. Increased exposure may lead to seizures, tumors, and improper functioning of nervous system.
Thus, from the insights provided by FMI researchers, it can be inferred that ‘surging aerospace and pharmaceutical market, application in automobile to reduce carbon emissions, and a number of other factors are expected to increase the hydrazine hydrate market share during the forecast period.’
Key Takeaways:
- The market is expected to surge at 4.8% during the forecast period.
- The market valuation is expected to be at US$ 488.9 million in 2023.
- By 2033, the valuation is expected to cross US$ 784 million.
- The United Kingdom market is projected to advance at 5.1%.
- On the basis of application, the polymerization and blowing agents segment is expected to hold the leading market share, and might advance at 4.5%.
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Competitive Landscape
By understanding the complexity associated with the usage of hydrazine hydrate, the key players are investing mainly on the safe storage of these chemicals. There are also lots of investments being made on mergers and acquisitions. The manufacturers are also laying a lot of emphasis on strategic collaborations, as this would enable them to get an in-depth understanding of customer needs. Based on this, they can also decide on forward or backward integration. The key players are also looking to recruit some of the best minds with a view to broaden their strategy. This would also help them to recruit the industry leaders, whose tactical moves had made a massive impact on the companies they had served before.
In November 2022, Arkema and Nippon Shokubai decided to reinforce their climate plans with EDF energy services.
Top Key Player in the Global Market
- Arkema
- Otsuka-MGC Chemical Company Inc
- Yibin Tianyuan Group Co. Ltd
Key Segmentation
By Application:
- Water Treatment
- Pharmaceutical Industries
- Agrochemical Industries
- Polymer and Blowing Agent
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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