The Global Hydrazine Hydrate Market is estimated to be valued at US$ 505.2 Million in 2022, according to the Global Hydrazine Hydrate Market Report, By End User (Water Treatment, Pharmaceutical, Agrochemicals, Polymerization & Blowing Agents, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa), published by Coherent Market Insights.
The global hydrazine hydrate market was valued at US$ 505.2 Million in 2022. The market is expected to register a CAGR of 6.1% over the forecast period (2023-2030), to reach US$ 811.3 Million by 2030. Hydrazine hydrate is an inorganic chemical compound with the chemical formula N2H4. It is highly reactive in nature with a pungent smell. It is widely used across the polymerization, water treatment, and mining, pharmaceutical, and agrochemical industries. It is also used in oxygen scavenger applications due to its antioxidant properties. Moreover, hydrazine hydrate is also rapidly gaining demand from fuel cell application. Furthermore, it is used as an intermediate for the synthesis of various chemicals for various end-use applications.
The COVID-19 pandemic has moderately affected the global hydrazine hydrate market, with the demand for polymers and blowing agents slumping on a global scale. Also, restrictions on international trade and lockdown regulations on the operations of the chemicals industry is projected to limit short term
Drivers:
The increasing demand for hydrazine hydrate from the agrochemical industry is augmenting the market growth. Hydrazine hydrate is widely used in the manufacturing of hydrogels, pesticides, and plant growth regulators, which are further used in improving the production yield. The growing demand for food due to the increasing population globally is creating a need for high production yield. This is augmenting the demand for pesticides and fertilizers, which, in turn, is fostering the market growth.
The growing demand from the water treatment industry is also propelling the global hydrazine hydrate market growth. It easily removes contaminants and heavy metals from water and offers higher productivity and reliability in water treatment. The rising demand for clean water due to the reduced availability of water is boosting the demand for hydrazine hydrate for treating wastewater and making it drinkable and reusable.
Restraints:
The toxic and carcinogenic nature of hydrazine hydrate is expected to restrict its adoption across various industries. Thus, health risks associated with hydrazine hydrate is expected to hinder the market growth over the forecast period. The increasing availability of substitutes of hydrazine hydrate for water treatment applications is further hindering the market growth. Diethyl-hydroxylamine and 1-Amino-pyrrolizidine are the major substitutes that are gaining traction in the water treatment industry.
Key Trends and Analysis of the Global Hydrazine Hydrate Market:
- Growing focus on enhancing the production capacity of hydrazine hydrate is likely to result in a higher growth rate in the market. Increasing investments in R&D (research and development) for developing innovative products with enhanced properties and exploring more properties of hydrazine hydrate is one of the growing trends in the market. Moreover, various initiatives by governments as well as manufacturers for increasing the production capacity of high-performance polymers in order to meet the rising demand from end users is further anticipated to bolster the global hydrazine hydrate market growth over the forecast period.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/hydrazine-hhydrate-market-4128
Key Takeaways of the Global Hydrazine Hydrate Market:
- On the basis of end user, the polymerization & blowing agents segment dominated the global hydrazine hydrate market in 2022, accounting for 38.4% share in terms of value, followed by the agrochemicals and water treatment segments
- The increasing applications of hydrazine hydrate in fuel cells is expected to provide lucrative growth opportunities. Its low-cost, alkalinity, and easy availability properties makes it a favorable substitute of oxygen and hydrogen in fuel cells. Thus, the growing applications of hydrazine hydrate fuel cells, which are further used across vehicles such as motorcycles, buses, and forklifts is expected to foster the global hydrazine hydrate market growth over the forecast period.
- New product launches, merger and acquisitions, strategic partnership expansions, and research and development activities od hydrazine hydrate are the key strategies adopted by players in the global hydrazine hydrate market
