Geocells Market expected at a CAGR of ~ 7.2% & US$ 371.6 Mn during the forecast period 2021–2031

As per a recent study by FMI, the global fine hydrate market is estimated to reach US$ 371.6 Mn in 2021. Increasing use of fine hydrate as fillers in cables & wires, cross-linked elastomers, insulation, polyester resins, and epoxy resins is propelling the demand in the market.

Historically, the fine hydrate market grew at 2.7% CAGR between 2016 and 2020. However, rising adoption of fine hydrate in the production of engineered plastic and thermoplastics is fueling the demand in the market.

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Hence, increasing demand for these plastics across automotive and consumer electronics, owing to their lightweight and durability is anticipated to boost the market. As per FMI, the market is poised to expand at 7.2% CAGR during the forecast period from 2021 and 2031.

Further, fine hydrates are non-toxic, halogen-free, non-corrosive, and excellent flame retardant which imparts at relatively high temperatures. Attributed to these properties, they are finding a wide range of applications in paints and coatings, adhesives, fire hydrants, varnishes, and polyvinyl chloride (PVC) sectors, which is in turn, boosting the market.

In addition to this, increasing use of fine hydrate as a substitute to titanium dioxide in the production of pigments is estimated to accelerate the sales at year-over-year growth of 7.40% through 2021.

Based on applications, the cable compound is projected to remain the dominant segment in the market for the assessment period. Surging applications of fine hydrates in insulating and jacketing compounds for wires with varying voltage requirements are favoring the growth in the segment.

Key Takeaways from Fine Hydrate Market Study

Sales in North America are estimated to rise at 5.20% CAGR owing to the increasing application in the paints & coatings and plastic polymers sector in the U.S.
Europe fine hydrate market is poised to expand at 6.4% CAGR between 2021 and 2031, favored by surging demand for engineered plastic across the automotive sector in Germany.
China is anticipated to account for the largest demand share in the East Asia market, on the back of expansion of consumer electronics industry.
South Korea and Japan are projected to emerge as a highly lucrative market, collectively accounting for nearly 6.90% of the total fine hydrate sales in 2021.
India is forecast to hold a significant share in the South Asia market, driven by the growing adoption of fire retardant across the construction sector.

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Key Drivers

Suring demand for fire retardants in electrical and electronic devices such as computers, mobile phones, laptops, and household appliances is increasing the sales of fine hydrate across the consumer electronics industry.
Increasing use of fine hydrate in wires and cables owing its optimal flame retardance and low smoke generation properties is propelling the demand in the cable compounds segment.

Key Restraints

High cost of fine hydrate and availability of substitutes such as magnesium hydroxide and zinc hydroxystannate (ZHS) is hindering the sales in the market.
Implementation of stringent regulations regarding the use of chemical-based flame retardants such as fine hydrates is hampering the growth in the market.

Competitive Landscape

As per FMI, leading players operating in the global fine hydrate market are Huber Engineered Materials, Nabaltec AG, Hindalco Industries Ltd., Aluminum Corporation of China Ltd., and Suimoto Chemicals Co. Ltd. As per FMI, these companies are projected to account for around 55% to 60% of the total market share in 2021.

Key manufacturers are aiming at collaborations, mergers, acquisitions, joint ventures and partnerships to expand their production facilities. To gain a competitive edge in the market, some of the players are investing in research and development (R&D) activities to improve their product portfolios. For instance,

In May 2021, Huber Corporation announced entering into an agreement with a leading supplier of refractory products, RHI Magnesita (RHIM) to acquire 50% stake of the companies' 50/50 joint venture, MAGNIFIN Magnesiaprodukte GmbH & Co. KG. As per the acquisition, MAGNIFIN, as a part of Martinswerk will now became a part of the Huber Corporation. This will assist the company to provide a wide range of halogen-free products for smoke suppression and fire retardant applications.
In December 2020, Hindalco Industries Limited, an Indian aluminium and copper manufacturing company, announced its expansion of its production capacity by opening a new extrusion plant at Silvassa, India. The new plant will increasing the production by 34,000 Tons to service the fast-growing market for extruded aluminum products in the southern and western regions.

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Some of the key players operating in the market profiled by FMI are:

Nabaltec AG
Huber Engineered Materials
Hindalco Industries Limited
Sumitomo Chemical Co. Ltd.
Alumina Castables & Chemicals Private Limited
Aluminium Corporation of China Limited (CHALCO)
JINAN CHENXU CHEMICAL CO., LTD.
Henan Kingway Chemicals Co., Ltd.
Others

More Valuable Insights on Fine Hydrate Market

The latest report by FMI provides a detailed analysis of the global fine hydrate market, providing credible insights into key factor driving the market through 2021 and beyond. The study also disclosed growth projections on in fine hydrate market with detailed segmentation:

By Application:

Cable Compounds
Sheet Molding Compounds
Bulk Molding Compounds
Others

Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa

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