Asia Pacific Hydrazine Hydrate Market to witness massive gains over 2016-2024, China to be the major growth avenue
U.S Hydrazine Hydrate Market size, by end-user, 2015 & 2024 (USD ‘000)
In response to the surging global population and the increasing food demand curve, agrochemical sector is prominently driving the application landscape. The urgent need to increase the crop yield and improve food quality is in a way pushing the demand for agrochemicals. In 2015, overall agrochemical market accounted for a revenue of USD 70 billion and is estimated to grow significantly at an annual rate of 6 % over the coming seven years, significantly impacting the growth prospect of hydrazine hydrate market as well. These inorganic polymers are in high demand in pesticides manufacturing units, as they are extensively used in making pyrazole and its related derivatives. Agrochemical sector majorly contributed toward the global share in 2015, by accounting for almost 30% of the total market. With Asia Pacific at the growth forefront, agrochemical applications are foreseen to boost overall hydrazine hydrate market share in the years ahead.
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Asia Pacific hydrazine hydrate industry led the global market in 2015, covering almost 35% of the total volume. High hydrazine hydrates demand in polymer and agrochemical industries is catering the regional market growth. Heavy manufacturing and production base in India, China, and Southwest Asian countries is encouraging the regional market expansion. With blowing agents and polymerization as the prime growing segments, APAC hydrazine hydrate market is slated to record highest growth rate in the next seven years, with a revenue projection of USD 300 million by 2024.Till late 90’s, the industry was mainly dominated by North American countries. However, following the implementation of stringent regulatory norms by the government in regard to the minimal usage of the product, due to the associated health hazards, North America hydrazine hydrate market had experienced a downfall pertaining to its growth rate.
Pharmaceutical and water treatment sectors are the two other end-use industries that are gradually involving in the market nowadays. Extensive usage of hydrazine hydrates in the manufacturing of veterinary drugs and tuberculosis treatment is further boosting the penetration of hydrazine hydrate market in the pharmaceutical space.
Global hydrazine hydrate industry is highly consolidated with leading market players accounting for almost half of the overall share. With a diversified application forum, this market is set to witness massive growth in future. Some of the prominent industry participants include Yibin Tianyuan, Lonza Group, Arkema SA, Otsuka-MGC, LANXESS, and Weifang YAXING Chemical.
Author Name :Satarupa De