Global Aluminum Hydroxide Market - Segmented by Product Type, End-User Industry and Geography - Growth, Trends and Forecast (2018 - 2023)
The global aluminum hydroxide market is expected to witness a CAGR of approximately 4.6% during the forecasted period. The major factor driving the market is the rapid increase in demand for aluminum compounds and the increasing usage in polymer applications, as fire retardants.
Growing Usage in Fire Retardants
Aluminum hydroxides find application as fire retardants in polymer applications, as these compounds address the need for safety, durability, and insulation in many applications. It is used as a fire retardant similar to magnesium hydroxide for polymer applications, since it decomposes at around 18000 Celsius, and absorbs a huge amount of heat energy during this process in order to emit water vapor. Aluminum hydroxide is also used as a smoke suppressant for a wide range of polymers, such as, polyesters, acrylics, rubber, and PVC. With the increase in concerns for fire accidents, the demand for fire retardants is expected to grow at a great pace. This, in turn, is expected to drive the market for aluminum hydroxide during the forecast period.
Pharmaceuticals Dominates the Market
Aluminum hydroxide is majorly used as an antacid in the pharmaceutical sector. It primarily aids in reducing acidity, which if left unattended, further alleviates the symptoms of ulcers, or dyspepsia, and heartburn. There has been a significant rise in the demand for such medications due to the enormous growth in the number of general health issues, primarily due to changing lifestyle and food habits. Consequently, increasing the demand for aluminum hydroxide in the manufacturing of antacids, in the pharmaceutical sector.
Asia-Pacific Dominating the Market
Asia-Pacific is expected to witness the highest demand for aluminum hydroxide during the forecast period. Most of the demand is expected to arise from developing economies, including China, India, Malaysia, and Indonesia. This is majorly owing to the increase in safety concerns in these countries. The flame-retardants market in China has been growing at a rapid pace, owing to the policy requirements in the country. Hence, these factors are expected to boost the demand for aluminum hydroxide from the retardants segment in Asia-Pacific. North America is expected to witness the second highest demand followed by Europe. Various regulators, such as CEPA in Canada, EPA in the United States, and WEEE and REACH in Europe, lay down various legislations for safety of buildings, environment, and consumers by regulating the policies pertaining to flame-retardants.
Key Developments in the Market
March 2017: Nabaltec AG has concluded an agreement to acquire the 49% membership interest in the Nashtec LLC joint venture held by Allied Alumina LLC, an affiliate of Sherwin Alumina Company LLC
The major players include – Albemarle Corporation, P S Corporation, Showa Denko, Sumitomo Chemical and Nabeltec AG, amongst others.
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