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Hydrazine hydrate market to witness heavy demand from agrochemical sector, Asia Pacific to be the dominant region with the fastest growth rate
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The growth can also be attributed to the product’s ability to address the growing need to curtail the carbon emissions in the atmosphere. Along these lines, hydrazine hydrate market is expected to witness lucrative opportunities over the coming seven years, owing to its expanding application as fuel cells. For instance, Daihatsu Motor Co. Ltd, a renowned Japanese vehicle manufacturer has incorporated hydrazine hydrate based fuel cells with almost an equal output density as that of hydrogen fuel cells.
The heavy R&D investments to develop eco-friendly fuel cells will further provide a substantial impetus to the hydrazine hydrate industry. In 2015, hydrazine hydrate market size stood at USD 355.7 million and is estimated to exceed USD 547 million by 2024 with an annual growth rate of 4.9% over the period of 2016-2024.
Polymer and blowing agents sector is another major revenue driver for the overall hydrazine hydrate market. In 2015, polymer & blowing agents sector held over one-third share of the overall hydrazine hydrate industry and is expected to record a CAGR of 5% over the period of 2016-2024.
Growing worldwide population and their nutritional needs have stimulated the agrochemical sector to keep up with the soaring food demand. Use of hydrazine hydrate in insecticides, fungicides, and pesticides to improve crop health has provided a significant push to the market growth. The hydrazine hydrate market from agrochemicals sector collected revenue worth USD 110 million in 2015 with a comparatively higher demand from Asia Pacific.
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Rising demand for hydrazine hydrate in polymer and agrochemical industries, especially in China, India and other countries of South East Asia is projected to thrive the regional revenue share. Accounting for more than 50% of the total volume in 2015, Asia Pacific hydrazine hydrate industry led the global landscape. The polymerization & blowing agents is likely to be the fastest growing segment contributing to Asia Pacific’s fast-paced growth, which is set to exceed USD 300 million by 2024.
Till the late 1990’s, North America was the frontrunner in the global hydrazine hydrate industry landscape. However, the decline in the regional growth rate started with strict regulations pertaining to harmful health threats and rigorous experimental trials on the rodents. Compared to other potential markets such as Asia Pacific, MEA, and Latin America, the growth of North America will be sluggish over the coming years.
Weifang YAXING Chemical, Arkema SA, Lonza Group, Nippon Carbide, Hunan Zhuzhou Group, Tanshang Chen Hong, Otsuka-MGC, Yibin Tianyuan, and LANXESS are some of the prominent hydrazine hydrate industry players.
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