Hydrazine hydrate is an inorganic chemical compound with chemical formula N 2H 4. It is highly reactive in nature with a pungent smell. It is widely used across polymerization, water treatment, mining, pharmaceutical, and agrochemical industry. It is also used across oxygen scavenger applications due to its antioxidant property. Moreover, hydrazine hydrate are also rapidly gaining demand from fuel cell application. Furthermore, it is also used as intermediate for the synthesis of various chemicals for various end-user applications.
The global Hydrazine Hydrate Market is estimated to account for US$ 4,28,257.7 Thousand in terms of value and 1,40,956.7 Thousand Tons in terms of volume by the end of 2019.
High demand for the product across the polymer industry is predominantly fueling the market growth of hydrazine hydrate. It is used in the production of foaming plastic which further has application across food containers, vinyl sheets, foamed core pipes, and foam wood grain furniture. Moreover, foaming plastic is also used automotive, footwear, and electronics industry. Thus growing demand for polymers from the aforementioned industries is propelling the demand for hydrazine hydrate, thereby fueling the market growth.
The expansion of the global chemical industry due to growing synthesis of various chemicals in order to meet the rising demand for chemicals is expected to bring new market opportunities in the near future. According to the Cefic Facts & Figures 2020, in 2018, the global chemical turnover was valued at €3,347 billion and the sales grew by 2.5% from €3,266 billion in 2017 to €3,347 billion in 2018. Hence, robust growth in the chemical industry will favor the market growth of the hydrazine hydrate in the near future.
Strict environmental rules and regulations associated with the disposable and waste generated during the production is expected to hamper market growth. As it is highly toxic to aquatic as well as terrestrial lives. Thus strict rules and regulations regarding the use of product is expected to restrict the market growth of the hydrazine hydrate over the forecast period.
Global Hydrazine hydrate market was valued at US$ 4, 28,257.7 Thousand in 2019 and is forecast to reach a value of US$ 6, 30,013.6 Thousand by 2027 at a CAGR of 4.8% between 2019 and 2027.
The polymerization and blowing agents segment dominated the global hydrazine hydrate market in 2019, accounting for 38.4% share in terms of value, followed by agrochemicals and water treatment segment, respectively.
The growing focus on the enhancing production capacity of the hydrazine hydrate is likely to serve a higher growth rate in the market. For instance, in December 2018, Gujarat Alkalies and Chemicals Limited has established a Hydrazine Hydrate plant with the aim of increasing production capacity. The company has gained the approval of this project through the engineering, procurement, construction, and management (EPCM) mode at Dahej with a revised cost of Rs405.50cr.
Increasing investment in R& D for developing an innovative product with enhanced properties and explore more properties of the hydrazine product is one of the growing trends in the market. Moreover, growing various initiatives by government as well as manufacturer for increasing production capacity of high-performance polymers in order to meet the rising demand from end-user applications is further anticipated to bolster the market growth of the hydrazine hydrate over the foreseeable timeframe.
Global Hydrazine Hydrate Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 outbreak has caused disruptions in the supply chain management and trade supplies across the globe. The agrochemical industry is one of the worst affected industry during the current situation. The US chemical industry has rigorously affected due to increased oil price.
Agrochemical prices that were going down during last year saw a prompt rush over 20-25%. Hence, hinders the growth of hydrazine hydrate market over the forecast period.
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