Perchloric Acid Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029
Perchloric Acid Market: Introduction
Perchloric acid is a strong non-oxidizing agent under the purity level of 72% and behaves opposite to the mentioned property above 72% purity. Extensive usability, ease of handling with decreasing concentrations, etc., to make perchloric acid capture a major market share around 80%. But with the advent of dispersion of perchloric acid (>72%) over silica tends to make perchloric acid more stable, which makes perchloric acid with purity above 72% stable and opens the door for extensive application and hence throttles the demand of perchloric acid. The perchloric acid market is expected to grow at single-digit CAGR in the 2019-2029 forecast period due to its increasing use in aerospace, defense, and automobile sectors. Ammonium perchlorate is extensively used in airbags and recently in 2019, stringent road safety norms have come into play in India of at least driver-side airbag to be installed in the car, thus expected to substantially increase the demand of perchloric acid. With the increase in the demand for ammonium perchlorate in the manufacturing rocket fuels, the demand for perchloric acid has also witnessed a significant increment. Space expeditions in collaboration of various nations to increasing the demand for perchloric acid. The major portion of the demand share of perchloric acid is captured by rocket fuels of around 48%. In 2018, scientists at the University of Illinois developed an efficient way of fuel production utilizing perchloric acid as a catalyst to produce hydrogen, which can be used as fuel in automobiles and space vehicles, thus substantially expanding the demand of perchloric acid. Perchloric acid used in the purification of crystals to grow at nominal growth. With the abrupt changes in technology, increasing utilization of catalyst for the synthesis of chemicals is stirring the demand of perchloric acid. Increasing use of perchloric acid in the pharmaceuticals sector to intensify the perchloric acid market and expected to grow at 3% CAGR in the forecast period due to the increase in Active Pharmaceutical Ingredients (API) production.
Consistent Demand from End Use Industries to Foster Perchloric Acid Market
Ammonium perchlorate is extensively used in the aerospace industry for rocket launches, throttling the ammonium perchlorate demand. According to the Russian Rocket and Space industry around 112 space launches took place in 2018 and China launched around 39 space vehicles in 2019 which is around 2 times the vehicles launched in 2017. Increasing production battery production and air bags incorporated vehicles to amplify the application of perchloric acid in the automobile sector. In 2019, Honda has developed a new design of airbag, thus increasing the utilization of ammonium perchlorate and in turn magnifying the perchloric acid demand. Such airbag revolution is expected to fortify the ammonium perchlorate application in the automobile industry.
Segmentation analysis of Perchloric Acid Market
The perchloric acid Market is bifurcated into four major segments: By purity, application, by end use and region.
On the basis of purity, the global perchloric acid market is divided into:
On the basis of application, the global perchloric acid market is divided into:
On the basis of end use industry, the global perchloric acid market is divided into:
Perchloric Acid Market: Regional Outlook
A major portion of the demand share of perchloric acid is occupied by North America in 2019 due to its extensive development of the defense and aerospace sector. Followed by North America, Europe is flourishing in the automobile and aerospace sector. Countries such as Germany and Russia are fastest growing markets in Europe due to high automobile production and space technology developments respectively. Thus, enhancing the perchloric acid usage in the automobile sector, chemical synthesis, and aerospace sector. Initiatives such as sustainable hydrogen production by the European Union in 2018 is expected to increase the use of perchloric acid as catalyst in the forecast period of 2019-2029. Followed by Europe, East Asia region is flourishing at a rapid rate in utilization perchloric acid to produce perchlorates. China in East Asia region accounts for the largest share of chemical manufacturing in the world. Thus increase in demand for perchloric acid for the production of various products such as ammonium perchlorate and catalyst grade perchloric acid. Followed by East Asia, South Asia and Oceania are growing at a nominal CAGR. India is an emerging market in South Asia due to its fast-growing pharmaceutical and specialty chemicals industry and traction in these industries is followed by the plant closures in China. Followed by South Asia and Oceania, market expansion in Latin America with the increasing investments in the chemical industry. The Middle East and Africa market are going to stretch due to ease of industrialization, thus grabbing global leaders’ attention. According to the IMF, Ethiopia is the world’s fastest-growing economies with a growth rate of 8.5% and it is expected to attract huge investments in the forecast period 2019-2029.
Key players of perchloric acid Market
Prominent players in the global perchloric acid market are GFS chemicals, Tianjin Xinyuan Chemical, Triveni Chemicals, Seastar etc.,. Various market entrants and regional players to intensify the perchloric acid market.
The research report presents a comprehensive assessment of the perchloric acid market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The perchloric acid market report provides analysis and information, according to market segments such as by purity, application, by end use and region.
The Perchloric Acid Market Report Covers Exhaustive Analysis On:
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The Perchloric Acid Market Report Highlights:
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