Market Trends of Hydrazine Industry
Increasing Demand from Pharmaceutical Sector
- Hydrazine is used as a precursor in several pharmaceutical applications. For example, hydrazine sulfate is used in the treatment of cancer and as a treatment for body wasting associated with cachexia disease.
- Further, Isoniazid, an antibiotic for the treatment of Tuberculosis, is prepared using hydrazine. According to the World Health Organization (WHO), the greatest number of Tuberculosis patients was found in six Asian countries, namely, India (27%), China (9%), Indonesia (8%), the Philippines (6%), Pakistan (6%), and Bangladesh (4%).
- The global pharmaceutical industry is currently driven by innovations and positive implications for the global population's health. The industry has been witnessing decent growth over the past several years.
- According to AstraZeneca, the global pharmaceutical sales in 2022 were USD 1,214 billion, representing a growth of 8.4% compared to the previous year.
- The United States, China, India, and Germany are the largest pharmaceutical industries in the world. CPHI (Convention on Pharmaceutical Ingredients) states that the United States remains the world's largest pharmaceutical market, accounting for 41% of global pharmaceutical spending.
- The United States is home to large pharmaceutical and biopharmaceutical companies, drug developers, and a center of innovation. Owing to years of investment in research and development, the industry is prepared to develop therapeutics and vaccines. Further, according to AstraZeneca, in 2022, the United States had 49.8% of global pharmaceutical sales.
- Therefore, owing to the above-mentioned factors, the market is expected to grow significantly during the forecast period.
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Asia-Pacific to Dominate the Market
- The Asia-Pacific region is expected to account for the largest market for hydrazine during the forecast period owing to expanding pharmaceuticals and agrochemical industries.
- The pharmaceutical industry in China is also one of the largest in the world. The country produces generics, therapeutic medicines, active pharmaceutical ingredients, and traditional Chinese medicine.
- The government in China has implemented the “Healthy China 2030” initiative for developing the healthcare industry, which aims for the market to reach a value of USD 2.4 trillion by 2030.
- Furthermore, in August 2023, China’s State Council released a 24-point list of guidelines aiming to improve the business environment for foreign investment which focuses on advancing Chinese healthcare and biopharma sectors.
- Further, in India, the pharmaceutical sector is also growing significantly. According to a report by Invest India, the pharmaceutical industry in India is anticipated to reach a market value of USD 65 billion by the year 2024, with further growth projected to reach USD 130 billion by 2030. Therefore, the PVP market is expected to rise in the region.
- Moreover, hydrazine is used as a precursor to many agrochemicals, involving fertilizers, pesticides, hormones, and plant growth regulators (PGR) that enable plant and soil protection, improve yield, and maintain and improve the growth process of plants.
- According to the Ministry of Chemicals and fertilizers (India), the pesticide production volume in 2022 accounted for 299 thousand metric tons in India, reflecting an increase of more than 17% compared to 2021. Thus boosting the market growth during the forecast period.
- Therefore, the above-mentioned factors indicate a positive influence of the growing agrochemical and pharmaceutical industry in the Asia-Pacific market on the studied market over the forecast period.
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