The global anhydrous aluminum chloride market is anticipated to exhibit a healthy competition amongst its market players in the next few years, says Transparency Market Research according to a recently published report. The competitive landscape of this market is substantially fragmented, wherein numerous small and medium-sized players comprise a large volume of the industry.
As most of the companies are trying out new methodologies to stay alive in the competition, a high rate of development thorough market players is expected to occur in future. Most businesses are launching new products that make use of the anhydrous aluminum compound, which are used in various sectors. Few key market players are: Nippon Light Metal Co., BASF SE, Aditya Birla Chemicals, Gulbrandsen, Base Metal Group, and several others.
As per the report published by TMR, the global anhydrous aluminum market’s valuation regarding market shares in 2015 was US$683.9 mn, which is further anticipated to be valued at US$912.3 mn by 2024. This growth is likely to occur at a CAGR of 3.3% during the forecast period from 2016 to 2024.
Of all the segments that exist in the global anhydrous aluminum chloride market, the granules form of the material is its top leading segment. This is mainly due to various applications where the granules are used, thus being more valuable than the powdered form. This preference is expected to continue in future. Another segment of the global aluminum chloride market that holds a significant spot with respect to market shares involves the use of dyes and pigments, based on applications.
The global anhydrous aluminum chloride market may be riding high on the wave of several beneficial factors, but there are a few obstacles that are dampening the market’s effect up to a certain degree. One of the foremost hindrances is the growing apprehension of the product’ use based on several harmful emissions produced during manufacturing and their undesirable effects on the environment. The maintenance costs are quite high when it comes to taking immense effort required by manpower to put a lid on the emissions.