NEW YORK, Sept. 11, 2019 /PRNewswire/ --
Market Overview
The market for aluminum hydroxide (Alumina Trihydrate) is
anticipated to register a CAGR of 4.86%, in terms of volume, during
the forecast period 2019-2024. Major factors driving the market
studied include increasing usage in polymer applications, primarily
as fire retardants and rise in safety standards in building
construction. Increasing health risks, primarily due to exposure to
aluminum hydroxide, are expected to hinder the growth of the market
studied.
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- Industrial grade dominated the market in 2018 and is expected
to grow during the forecast period owing to the diverse industrial
applications, like flame retardant chemicals, fillers and coatings,
adhesives, sealants, and elastomers.
- Increasing usage in batteries and chemicals are expected to act
as a growth opportunity for the market studied over the forecast
period.
Key Market Trends
Increasing Use in Polymer Applications as Fire Retardants
- Alumina trihydrate is majorly used in plastics as a flame
retardant. Almost 50%-60% of the alumina trihydrate produced is
being used in the plastics industry.
- In thermoplastics, flame retardant substances are added to the
polymer matrix in molten state during extrusion, while in
thermosetting plastics, the flame-retardant materials are
incorporated in the polymer structure by means of polycondensation
or grafting.
- Plastics are being used in different end user industries, owing
to the advantages, such as low cost, less weight, durable, water
resistant, etc. Some of the major end-user industries include
automotive and transportation, construction, and electrical and
electronics, among others.
- Growing demand for lightweight and fire-resistant materials in
the automotive industry, in order to provide increased efficiency
and design flexibility, is primarily responsible for the growth of
the plastics market. High-performance plastics offer manufacturers
the advantages of design and comparable strength of steel, thus,
this helps in reducing the overall weight and controlling
greenhouse gas emissions.
- The electrical industry is seeking substitutes for halogens, as
flame retardants, due to health, safety, and recycling reasons. The
non-halogenated materials are being used as replacement for
halogenated materials in electrical applications, such as the
insulating elements and housings for circuit breakers, contactors,
transformers, and motors.
- The increase in polymer production activities in the Asia-Pacific and European regions is likely to
drive the aluminum hydroxide market during the forecast period.
China to dominate in Asia-Pacific
- China dominated the Asia-Pacific's market in 2018. China has one of the world's largest chemical
markets, and exerts a significant impact on the regional market.
There was a rapid growth in cross-border mergers and acquisitions
by state-owned enterprises and private entities, as well as
outbound greenfield investments, in the recent years.
- During the ongoing 13th five year plan, China's chemical industry is expected to enter
a new stage, which is characterized by green development,
industrial upgradation, and structural developments.
- The Chinese healthcare sector is also growing at a rapid pace. As
a part of Beijing's "Made in
China 2025" industry plan,
President Xi Jinping announced his plans to focus on the innovation
and homegrown R&D concerning the pharmaceutical sector.
- China's largest pharmaceutical
company, Jiangsu Hengrui, had a market capitalization of
USD 39.8 billion in 2018, which was
about half of Johnson & Johnson's (the largest global
pharmaceutical company) market capitalization, i.e., USD 80.7 billion, in the same year.
- All such factors are expected to drive the Chinese aluminum
hydroxide market during the forecast period.
Competitive Landscape
The aluminum hydroxide market is fragmented in nature, with several
manufacturers across the world. The major companies include
Aluminum Corporation of China Limited (Chalco), Nabaltec AG, TOR
Minerals International Inc., Huber Engineered Materials, and LKAB
Minerals AB.
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