The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Alumina Trihydrate Market.
It was estimated prior to this unanticipated outbreak that the Alumina Trihydrate Market was expected to grow at a CAGR of 5.8% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Alumina trihydrate is a powdery, odorless, white, solid substance. With its role as a non-halogen flame retardant and smoke suppressant, it is also used as an antacid that can be ingested in order to buffer the pH within the stomach.
Alumina trihydrate can be used for different applications, such as flame retardant, filler, antacid, and others, which are used in various end-use industry such as plastics, building & construction, paints & coatings, pharmaceuticals, glass, rubber, others.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the application type, the market is segmented as flame retardant, filler, antacid, and others. The flame-retardant segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period due to stringent regulations of flame retardancy across many countries in building & construction, plastics, and many other industries.
Based on the end-use industry type, the market is segmented as plastics, building & construction, paints & coatings, pharmaceuticals, glass, rubber, others. The plastics segment dominated the alumina trihydrate market in 2019, and is likely to maintain its dominance during the forecast period. The growth of the segment is owing to the properties of Alumina trihydrate, which is known to be very effective for flame retardant and filler applications. The need for fire safety is also a major factor contributing to the demand for plastics.
In terms of regions, Asia-Pacific is estimated to be the largest-growing market for alumina trihydrate during the forecast period. The growth of the market is on account of enormous opportunities that are available in the region. Growing application of flame retardants in various end-use industries, such as building & construction and plastics is also a major factor driving the market, globally.
Key Players:
Some of the major alumina trihydrate manufacturers are-