Hydrazine Hydrate Market To Generate USD 441.1 Million Revenue by 2030
- Published: October 2023
The hydrazine hydrate market size is expected to advance at a CAGR of 5.9% during 2024–2030, to reach USD 441.1 million by 2030. This is ascribed to the growing pharmaceutical sector and increasing levels of water pollution.
In addition, it is used in several types of hydrogen fuel cells in order to reduce carbon emissions. Further, the chemical can be stored easily at room temperatures, and it produces more energy compared to hydrogen. Along with this, it is stable at a wide range of temperatures, which makes it ideal as a component of rocket fuel.
Growing Levels of Water Pollution Boost Hydrazine Hydrate Demand
The rising concerns over unsafe drinking water, due to its pollution all over the globe, are expected to propel the demand for hydrazine hydrate. According to the WHO, in 2022, more than 2 billion individuals lived in water-stressed countries and approximately 2 billion people drank water that is not safe and contaminated with feces. Contaminated water contains various chemicals, such as fluorides and nitrates, and several other contaminants, including polyfluoroalkyl substances and pesticides. It causes water-borne diseases, such as cholera, diarrhea, typhoid, and dysentery; diarrhea causes about 4,85,000 deaths every year.
The water discharged from industries and agricultural fields contains waste and, thus, requires to be treated, so that it can be used again, thus propelling the consumption of hydrazine. Governments across the world have implemented various rules and regulations and taken initiatives to create awareness among individuals about the consequences of contamination and the presence of less quantity of water on earth. Hydrazine can eliminate oxygen and, hence, prevent corrosion in industrial boilers.
Europe Holds Second-Highest Position in the Market
Europe holds the second-highest position, with a share of 20%, attributed to the growing water pollution levels and presence of several major automotive players. Moreover, the rising stringency of the regulations governing emissions from automobiles in several countries, including France, Germany, the U.K., and Italy, drive the market. This is because hydrazine hydrate has the capability to minimize carbon emissions as it emits nitrogen and water upon combustion.
The most-significant hydrazine hydrate market players are Arkema, LANXESS AG, Weifang Yaxing Chemical Co. Ltd., Otsuka Chemical Co. Ltd., Nippon Carbide Industries Co. Inc., LGC Limited, Thermo Fisher Scientific Inc., Lonza Group AG, HPL Additives Limited, and Yibin Tianyuan Group.