(MENAFN- ACCESSWIRE) Rising demand for alumina trihydrate in chemical industries remain pivotal to the development of the market.
DUBAI, UAE / ACCESSWIRE / November 5, 2020 / Advancement in technology and cost efficient solutions are positively affecting the alumina trihydrate market . Extending applicability across industrial vehicles coupled with its utility in production of alum will present an impressive growth curve through 2029.
& quot;Growing applications in cosmetics and increasing demand for high quality fire retardants with added emphasis on safety concerns will lead to notable growth in automotive industry, & quot;
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Alumina Trihydrate Market - Key Highlights
- Market is anticipated to grow at a CAGR of 8% through 2029.
- Application wise, plastics and chemical industries will remain prime areas to invest in alumina trihydrate.
- ATH reduces overall production costs by 25% in paints and paper industries.
- US and APEJ region collectively accounts for a major revenue share in the market.
Alumina Trihydrate Market - Driving Factors
- Demand for flame retardants in automotive and transportation industries are major driving factors.
- Bolstering demand in industrial coatings, wooden coatings, and automotive refurnishing will present substantial growth opportunities.
- Low solubility in water and better sustainability improves its adoption rate in manufacturing processes.
- Use of Alumina trihydrate extends in pharmaceuticals, architecture, construction and water-treatment industries.
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Alumina Trihydrate Market - Key restraints
- Uncertain price structure of alumina trihydrate creates bottlenecks in the market.
- Restricted thermal stability during high temperature applications can act as a stumbling block in the market.
Impact on Market by Coronavirus Outbreak
The Covid-19 outbreak is expected to pose challenges to the manufacturing centres and end-users. Though it may take considerable time to go back to normal but end of 2020 is likely to present growth opportunities. Growth of paint and coating industry in APEJ region will present lucrative opportunities in 2021. United States & #39; paints and coatings market is estimated to expand at 4% CAGR through the assessment period due to relaxed restrictions and improved product portfolio.
Competition Landscape
Some of the key players in the market include Sumitomo Chemical Co. Ltd., Aluminum Corp. of China Ltd., Nabaltec AG, National Alumina Company Ltd., Huber Engineered Materials, Almatis GmbH, and Albemarle Corporation, among others. Manufacturers are making investments to expand their production capacity and enhance quality to gain a competitive edge in the market.
Huber Engineered Materials announced investments in ATH production capacities. The manufacturers focussed on improving the quality by working on research and development activities.
In 2018, Albermarle Corporation and Dupont announced collaboration in hydroprocessing to license isotherming and hydrocracking technology in order to extend the application of the product.
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More on the Report
The report gives an insight into major macro-economic factors and a region-wise analysis of the market (North America, Europe, India, China etc.) and end-users (paints, coatings, adhesives, plastics, paper, pharmaceutical etc. The report throws light on dominant factors and key strategies that have been adopted by the players across the globe.
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