Fine hydrate is widely used in cable and wire products, and its increased use in the manufacturing of electronic goods is anticipated to continue the trend. This substance provides excellent powder processing and outstanding compound properties, making it a desirable flame retardant additive. Fine hydrate is commonly used for cable compounds and bulk molding. It is also used for various other applications, such as food and beverage packaging. Owing to the high versatility of this chemical, it is widely used as a fire retardant in electrical devices and electronics. Whether it is used in fire retardants or in food packaging, it can be found in many applications.
Major companies contributing to the global fine hydrate market include Sumitomo Chemical Co. Ltd., Hindalco Industries Limited, Nabaltec AG, Henan Kingway Chemicals Co., Ltd., Huber Engineered Materials, Jinan Chenxu Chemical Co., Ltd., and Aluminum Corporation of China Limited (CHALCO).
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High demand from the molding and electronic industries for making engineered plastics is expected to foster growth of the fine hydrate market over the projected timeframe.
In addition to this, growing government initiatives to promote the adoption of fine hydrates in lieu of halogenated flame retardants are expected to supplement growth in the fine hydrate market during the forecast period.
Summary of the COVID-19 Aftermath
The outbreak of the COVID-19 virus has created a hindrance in the progression of the global fine hydrate market. Closure of manufacturing facilities and supply chain disruptions have majorly reduced the volume of product launches. On the contrary, a growing consumer preference towards eco-friendly products is broadening the scope of the market.
The fine hydrate market is anticipated to grow at a CAGR of 7.3% over the forecast period on the heels of increasing capacity expansions and the imposition of stringent government regulations. For instance, in December 2021, Ascensus Specialties, a specialty chemicals provider, acquired Wychem Limited, a fine chemicals maker for the pharmaceutical sector, to expand its footprint in the European region.
From a geographical standpoint, the Asia Pacific region is a big destination for the global fine hydrate market in view of the growing demand for various plastic products across the consumer electronics sector.
In the runner-up spot, the North American region is another profit hub for the global fine hydrate market on account of the increasing application of fine hydrate in the paint and coatings industry.
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– In-depth market segmentation by Type, Application, etc.
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– Recent industry trends and developments
– Competitive landscape of Market
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