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Alumina Trihydrate Market worth $1.9 billion by 2025 : Growing at a CAGR of 5.5%

05-11-2021 04:25 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: MarketsandMarkets.com

The report "Alumina Trihydrate Market by Type (Ground, Wet, Dry, Precipitate), Application (Flame Retardant, Filler, Antacid), End-Use Industry (Plastic, Building & Construction, Paints & Coatings, Pharmaceuticals, Glass, Rubber), Region - Global Forecast to 2025" The global alumina trihydrate market size in 2020 is estimated at USD 1.5 billion and is projected to reach USD 1.9 billion by 2025, at a CAGR of 5.5% from 2020 to 2025. The major drivers for the market include the rising consumer demand for alumina trihydrate in different applications and end-use industries, such as flame retardants, and paints & coatings. However, the substitutes present in the market, for instance, magnesium hydroxide, can restrain the market growth.

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The ground type segment is estimated to account for the largest share of the alumina trihydrate market in 2020.
Based on type, the ground segment is estimated to account for the largest share of the alumina trihydrate market in 2020 in terms of volume. It is widely used in insulating devices, plastics, rubber, catalyst, paper, glass, artificial stone, glass steel, potting, resin, adhesives, grille, carpet, and other industries. It has a higher surface area, irregular particle morphology, and wide particle size distribution. The particle size of ground alumina trihydrate ranges from 1 micron-50 micron. It is an economical and cost-effective fire retardant.

The flame retardant application segment is estimated to account for the largest share of the alumina trihydrate market in 2020.
Based on application, the flame retardant segment is estimated to account for the largest share of the alumina trihydrate market in 2020. The growth of this segment can be attributed to the halogen-free flame retardants being used in various industries, such as electrical & electronics, building & construction, and transportation. They are used in electric wire insulation materials, building materials, automotive parts, textiles, and home furnishings.

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The plastics segment is estimated to be the fastest-growing end-use industry segment of the alumina trihydrate market during the forecast period.
Alumina trihydrate is the most economic and widely used flame retardant and smoke suppressant in the plastics industry. Plastic materials need to be incorporated with flame retardant chemicals, as these materials can easily catch fire. With the growing consumption of plastic materials for various applications, the use of flame retardant chemicals has become inevitable, driving the growth of the market. Alumina trihydrate is used in various applications in the plastics industry, which include engineering thermoplastics, piping, nylon, polyolefin, PVC-flexible, rigid PVC, and Sheet Molding Compound (SMC), among others.

Asia Pacific is expected to be the largest and the fastest growing market in the alumina trihydrate market during the forecast period
The alumina trihydrate market in the Asia Pacific region is projected to grow at the highest CAGR between 2020 and 2025. China, India, and Japan together accounted for the major share of the Asia Pacific alumina trihydrate market in 2019. Moreover, the Asia Pacific region is an emerging and lucrative market for alumina trihydrate, owing to industrial development and improving economic conditions. The presence of a number of plastic products manufacturing plants in China and rapid industrialization in Asia Pacific are expected to drive the alumina trihydrate market during the forecast period.

Major companies such as Sumitomo Chemical Company, Limited (Japan), Hindalco Industries Limited (India), Aluminum Corporation of China Limited (China),Nabaltec AG (Germany), and Huber Engineered Materials (US) and among others.

Huber Engineered Materials is a subsidiary of JM Huber Corporation (US). It is a global leader in industrial chemical manufacturing. Huber Engineered Materials focuses on growth strategies to expand its business. For example, to expand its geographical footprint, the company expanded its Martinswerk facility in Bergheim, Germany in September 2020. It also acquired Miller Chemical & Fertilizer, LLC, which helped it to build a diverse portfolio of small-to-medium sized, competitively advantaged businesses in the chemical and mineral markets.

Sumitomo Chemical Company, Limited has continuously expanded its global presence over the years through strategic acquisitions and expansions. It focuses on extending and maintaining technological leadership, accelerating its penetration in the developing regions, and cash flow generation to enhance its position as a leading player for alumina trihydrate. The extensive distribution network, geographical presence, and reach to diversified end markets positions helps the company to capitalize the propelling growth opportunities. In April 2020, Sumitomo Chemical Company, Limited acquired four South American subsidiaries of Nufarm Limited in Brazil, Argentina, Chile, and Colombia. Through this acquisition, the company expanded its geographical presence in these countries.

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