Portland, OR -- (SBWire) -- 06/14/2017 --Hydrazine market was valued at $314 million in 2015 and is projected to reach $485 million by 2022, growing at a CAGR of 6.5% from 2016 to 2022, according to new research published by Allied Market Research. The blowing agents segment held nearly one-third of the total market in 2015.
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Hydrazine is mainly used during polymerization, for the treatment of water, and as a blowing agent. It is also used in the preparation of gas precursors used in air bags in automobiles. The chemical also finds its application in space vehicles in the form of propellant to reduce the overall concentration of dissolved oxygen and as a rocket fuel.
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At present, the global hydrazine market witnesses vivid opportunities due to rise in demand for polymer foams in the industry. Moreover, wide array of applications of hydrazine in a vast range of products such as foamed core pipes, food containers, structural foam, wood grain furniture, and vinyl sheets is another factor anticipated to propel the growth of the market during the forecast period. In addition, rise in need for agrochemicals due to demand for high-quality agricultural products especially for food is another key aspect that drives the global hydrazine market.
Hydrazine is expected to register the highest growth in blowing agent (foaming agents) applications owing to rise in use as a reducing agent. Furthermore, as a reducing agent, hydrazine possesses advantages such as higher operating reliability, longer equipment life cycle, energy saving, and maintenance cost reduction. In addition, the increase in use of agrochemicals to increase the crop yield and the demand for improved quality of agricultural products is expected to empower the hydrazine market growth.
Various end use industries have initiated the use of hydrazine especially as a precursor to blowing agents to provide improved outputs and to avoid undesirable corrosion. Thus, increase in demand for hydrazine hydrate and its derivatives among thermal power plants pose lucrative opportunities for players in the global hydrazine market.
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Agrochemicals segment accounted for around one-fifth share, in terms of volume, in 2015. In response to the perennial modifications in the agrochemical industry, efficient agrochemicals are currently in high demand across the globe. Thus increase in demand for high tech agricultural solutions along with rise in adoption of modern agricultural techniques involving the use of agrochemicals fuel the demand for hydrazine across the globe.
Key Findings of Hydrazine Market:
- In terms of value, the agrochemicals segment is projected to be the fastest growing segment during the analysis period.
- Asia-Pacific is projected to maintain its lead position throughout 2022 and will grow at a CAGR of 5.0%, in terms of volume.
- Blowing agents application segment occupied for approximately one-third of the total market in 2015.
- China occupied for around one-fourth of the total Asia-Pacific hydrazine market in 2015.
- In terms of value, Korea is expected to grow at the fastest rate and is expected to grow at a CAGR of 8.0% from 2016 to 2022
In 2015, Asia-Pacific and LAMEA collectively accounted for around three-seventh of the total hydrazine market and are expected to continue this trend due to increase in infrastructural development, specifically in China, India, Brazil, and other developing economies. Moreover, rise in urban population demanding thermal power plants is the main reason for the growth of hydrazine market in the Asia-Pacific region.
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The major companies profiled in the report include Arkema Inc., Bayer AG, Fisons plc, Arrow Fine Chemicals, Arch Chemicals, Inc., Nippon Carbide Industries Co. Inc., Japan Finechem Company, Inc., Lanxess AG, Lansdowne Chemicals, and Hidkim.
