The global hydrazine hydrate market, according to data released by market research firm Transparency Market Research, is expected to grow at a moderate yet steady CAGR of 4.9% during the forecast period of 2014 to 2022. In 2013, the global hydrazine hydrate market was worth US$350.0 million and is projected to be worth US$536.3 million by 2022. The global hydrazine hydrate market will benefit from the increasing demand from its end-use industries.
Increasing Demand for Hydrazine Hydrate from Diverse Industries to Drive Market
Hydrazine hydrate is an inorganic compound used in various end-use industries, as it has a wide range of characteristics that can be employed in industrial processes.
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The demand for hydrazine hydrate is high in the following industries:
- Polymer Industry: Hydrazine hydrate is mostly used in the polymer industry as a blowing agent. Application of hydrazine hydrate in the polymer industry is the primary factor driving the global hydrazine hydrate market. The polymerization and blowing agents segment stood out as the largest end-use segment in the global hydrazine hydrate market. This segment held over 35% of the market in 2013 and is expected to grow at the highest CAGR of 4.3% during the forecast period.
- Agrochemical Industry: Demand for hydrazine hydrate is high in the agrochemical industry, which will drive this market in the coming few years. The rising production of intermediates used in fungicides and insecticides is projected to boost demand for hydrazine hydrate in the global agrochemical market in the foreseeable future.
- Fuel Cells Industry: The demand for hydrazine hydrate in the manufacture of fuel cells is gradually rising. Hydrazine hydrate can act as a substitute to hydrogen, which will further fuel this end-use industry. This trend is expected to act as a good market opportunity for players operating in the market. In December 2014, the University of New Mexico, with Daihatsu Motors, developed a fuel cell for electric cars, which used liquid hydrazine hydrate.
Besides these end-use industries, the demand for hydrazine hydrate is gradually rising in water treatment, pharmaceuticals, and metal purification. This will further boost the global hydrazine hydride market.
Geography-wise, the global hydrazine hydrate market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Asia Pacific led the global hydrazine hydrate market with a share of over 55% in 2013. The rising demand for hydrazine hydrate in the polymer industry in Asia Pacific is driving this regional market. Furthermore, several China-based producers of hydrazine hydrate are expanding their production facilities to meet the local needs of hydrazine hydrate, which is majorly required in the polymer industry.
The Latin America hydrazine hydrate market is also projected to experience substantial growth in the coming few years due to the rising demand of hydrazine hydrate in water treatment and agrochemicals. A similar trend will be observed in the MEA market.
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The key companies operating in the global hydrazine hydrate market are Nippon Carbide, Tanshang Chen Hong, Lonza Group, Arkema, Otsuka-MGC Chemical, Weifang Yaxing Chemical, Yibin Tianyuan Group, and Japan FineChem.
Though the global hydrazine hydrate market will experience good growth in several regional markets, it will be suppressed due to the fact that hydrazine hydrate tends to be harmful to human health and the environment.