Rising trend of nanotechnology in polymers is expected to propel sales of fine hydrates. Polymer producers are utilizing flame retardants such as fine hydrates with nanoclays to improve the performance of polymer additives.
Increasing use of fine hydrate as fillers in cables & wires, cross-linked elastomers, insulation, polyester resins, and epoxy resins is propelling the demand in the market. As per a recent study by FMI, the global fine hydrate market is estimated to reach US$ 371.6 Mn in 2021.
Historically, the fine hydrate market grew at 2.7% CAGR between 2016 and 2020. However, rising adoption of fine hydrate in the production of engineered plastic and thermoplastics is fueling the demand in the market.
Hence, increasing demand for these plastics across automotive and consumer electronics, owing to their lightweight and durability is anticipated to boost the market. As per FMI, the market is poised to expand at 7.2% CAGR during the forecast period from 2021 and 2031.
Further, fine hydrates are non-toxic, halogen-free, non-corrosive, and excellent flame retardant which imparts at relatively high temperatures. Attributed to these properties, they are finding a wide range of applications in paints and coatings, adhesives, fire hydrants, varnishes, and polyvinyl chloride (PVC) sectors, which is in turn, boosting the market.
In addition to this, increasing use of fine hydrate as a substitute to titanium dioxide in the production of pigments is estimated to accelerate the sales at year-over-year growth of 7.40% through 2021.
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Based on applications, the cable compound is projected to remain the dominant segment in the market for the assessment period. Surging applications of fine hydrates in insulating and jacketing compounds for wires with varying voltage requirements are favoring the growth in the segment.
“With the introduction of nanotechnology, key players in the market are emphasizing on introducing novel product using fine hydrates and nanoclays to reduce the flammability of matrices and enhance the quality of non-halogenic fire retardants. This is expected to accelerate the growth in the market in forthcoming years,” says a FMI analyst.
Key Takeaways from Fine Hydrate Market Study
Competitive Landscape
As per FMI, leading players operating in the global fine hydrate market are Huber Engineered Materials, Nabaltec AG, Hindalco Industries Ltd., Aluminum Corporation of China Ltd., and Suimoto Chemicals Co. Ltd. As per FMI, these companies are projected to account for around 55% to 60% of the total market share in 2021.
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Key manufacturers are aiming at collaborations, mergers, acquisitions, joint ventures and partnerships to expand their production facilities. To gain a competitive edge in the market, some of the players are investing in research and development (R&D) activities to improve their product portfolios. For instance,
Some of the key players operating in the market profiled by FMI are:
Fine Hydrate Market by Category
By Application:
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Apr 20, 2023