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Albany, New York, Jan. 22, 2019 (GLOBE NEWSWIRE) -- The global anhydrous aluminum chloride market is largely fragmented due to the presence of multiple large and small players operating in the market. As many players are operating in the market, the competition is expected to rise at an in the coming years. Leading players are striving hard to keep pace the changing market dynamics. They are developing new products and diversifying their product portfolio. They are also experimenting with new methodologies to keep pace with the growing competition in the market. Mergers, collaboration, innovation, and expansion are some other strategies used by these players. Currently, some of the few companies that are having dominance in the market are Gulbrandsen, Aditya Birla Chemicals, BASF SE, Nippon Light Metal Company Ltd., Gujarat Alkalis & Chemicals Ltd., and Base Metal Group.
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With the growing competition in the market, Transparency Market Research has thoroughly analyzed this report. According to the report, the global anhydrous aluminum chloride market is likely to rise at 3.3% CAGR during the forecast period between 2016 and 2024. During this tenure, the market valuation is expected to cross US$ 0.912 bn, progressing from US$ 0.683 bn earned in 2015.
Depending on the type of analysis, the granules segment is expected to lead the market over the forecast period. The granules of anhydrous aluminum chloride are more valuable than the powdered form that is why its demand is much higher in the market. In terms of region, Asia Pacific held a significant share in the global market. The demand anhydrous aluminum chloride has grown significantly in countries like China and India and widely used in pharmaceutical and consumer goods industries.
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Growing Application in Multiple Industries to Drive Market Growth
Rising application of anhydrous aluminum chloride in various industries including pharmaceuticals, hydrocarbon resins, fumed and alumina, dyestuff and pigments, and flavors and fragrances have fueled growth in this market. It is also employed in the automotive, chemical, manufacturing, and cosmetic industry. Asia Pacific is noted as the largest consumer for anhydrous aluminum chloride. Rising industrialization and rapid urbanization in the several countries in this region is attributed to the growth on Asia Pacific anhydrous aluminum chloride market. Moreover, the adoption of organic growth strategies and strategically positioned research and development centers in this region has further augmented demand in this market.
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Anhydrous Aluminum Chloride Impacts Environment Adversely that Might Reduce its Demand
On the contrary, few restraints are likely to deter the growth in the global anhydrous aluminum chloride market. One of the major restraint is rising awareness about the harmful emission while manufacturing. While using anhydrous aluminum chloride, there is it also badly affect the environment to a great extent. These factors have refrained a large number of people to use this product. Strict government regulations and high maintenance cost are some other factors obstructing the growth of anhydrous aluminum chloride. Moreover, the material is quite toxic if it is accidentally inhaled or ingested. It can also cause irritation and skin burn if not used with precaution.
The information presented in this review is based on a TMR report, titled “Anhydrous Aluminum Chloride Market (Forms - Powder and Granules; Applications - Dyestuff and Pigments, Hydrocarbon Resins, Pharmaceuticals, Fumed Alumina, and Flavors and Fragrances) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The Global Anhydrous Aluminum Chloride Market has been segmented as presented below:
Global Anhydrous Aluminum Chloride Market: Form Analysis
Global Anhydrous Aluminum Chloride Market: Application Analysis
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