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Salt Hydrate Market to Witness Steady Growth During the Forecast Period
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Increasing disposable income and emerging economies have led to growth in several end user segments such as electronics, refrigeration and energy among others. High economic growth rate has been the foremost driver for the market growth. Growth in construction industry has also been a major factor driving market. Environmental hazards associated with several salt hydrates have been a major restraint for market growth. Research and development activities to increase the application scope and efficiency of salt hydrates are expected to offer huge growth opportunity in the coming future.
North America dominates the global salt hydrates market in terms of consumption and the trend is expected to continue during the forecast period. Europe has been the second largest geographic segment for salt hydrates. The demand in Europe is mainly driven by growth in electronics segment. Asia Pacific is expected to be the fastest growing region during the forecast period. High growth rate in the developing economies of India and China is expected to drive the market growth in the region. In the RoW region, emerging economies in Latin America are expected to drive the demand for salt hydrates.
Major players in the salt hydrate market include BASF, Dow Building Solutions, E.I. du Pont de Nemours & Company, Honeywell International, Phase Change Products Pty Ltd and Rubitherm Technologies GmbH among others
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