In a recent market survey, Future Market Insights (FMI) has projected the global fine hydrates market size to total US$ 371.6 Mn in 2021, with sales growing at a robust 7.2% CAGR throughout the forecast period. Growing demand for fine hydrates for the production of thermoplastics, polyester resins, and engineered plastic from various end-use industries is expected to drive growth of the market.
As per FMI, demand for fine hydrate is expected to grow year-over-year by 7.40% between 2020 and 2021, with total volume reaching 531.1 Mn Tons in 2021. Fine hydrates are increasingly adopted in the automotive sector to produce lightweight vehicles. Shifting consumer preference for lighter vehicles driven by stringent regulations to curb carbon emissions is expected to have a positive impact on demand for fine hydrates in the forthcoming years.
Besides this, fine hydrates are used in the paints and coatings industry for improving the color payoff in pigments and enhancing transparency in coatings. Rising focus on the visual appeal of automobiles is spurring demand for fine hydrates in the paints and coatings segment for automotive refinishing. This trend is expected to bode well for the fine hydrate market.
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The advent of nanotechnology to reduce the particle size of fine hydrate will continue propelling sales over the forecast period. Smaller particle size of fine hydrates will make them more effective in fire retardants, which in turn will fuel prospects for the sales in the market.
As per the report, the U.S., Germany, and China are projected to emerge as key exporters of fine hydrates. Demand for fine hydrates in the automotive sector in the U.S. is expected to remain high. Meanwhile, expansion of the construction and consumer electronics sector will continue augmenting sales in Germany and China.
“Growing demand for non-halogenic fire retardants made from eco-friendly materials is expected to fuel the demand for fine hydrates. Apart from this, increasing adoption of fine hydrates in nanoclays for applications in wires and cables in the construction sector will continue augmenting growth of the market through 2031,” says an FMI analyst.
Key Takeaways:
- In terms of applications, sales of fine hydrate in the cable compound segment are projected to remain high over the forecast period.
- The U.S. is expected to dominate the North America fine hydrate market. Sales in North America are projected to rise at 5.20% CAGR.
- Germany will emerge as a lucrative fine hydrate market. Demand for fine hydrate in Europe is anticipated to increase at 6.4% CAGR through 2031.
- Sales of fine hydrate in China are projected to continue rising, positioning it as an attractive fine hydrate market in East Asia.
- Japan and South Korea will collectively account for 6.9% of the total fine hydrate market share in 2021.
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Competitive Landscape
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., and Henan Kingway Chemicals Co., Ltd are among the leading manufacturers of fine hydrate.
As per FMI, top 5 fine hydrate players comprising Huber Engineering Materials, Nabaltec AG, Hindalco Industries Ltd., Aluminum Corporation of China Limited, and Sumitomo Chemicals Co. Ltd are expected to command 55-60% of the total fine hydrates market in 2021.
Leading fine hydrate market players are aiming to expand their production facilities through mergers, acquisitions, and joint ventures to gain a competitive edge in the market. Further, players are investing in research and development to diversify applications of fine hydrates in various end-use industries. For instance:
- In August 2020, Nabaltec AG, announced the opening of their latest U.S. production facility called Naprotec LLC located in Chattanooga, Tennessee. The new state-of-the-art plant is dedicated to the production of a wide variety of Alumina Trihydrate (ATH), fine precipitated ATH grades, and performance enhanced ATH products.
More Insights into the Fine Hydrate Market Report
In its latest report, FMI offers an unbiased analysis of the global fine hydrate market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031.
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In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of applications (cable compound, sheet molding compounds, and bulk molding compounds) across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).
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