Rockville, March 27, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global salt hydrate market, after reaching a valuation of US$ 95.8 million in 2024, is forecasted to expand at a CAGR of 10.4% from 2024 to 2034.
Advancements in technology are opening up opportunities for salt hydrate manufacturers in the electronics sector. Salt hydrates can store thermochemical heat with the help of emerging energy storage technology, which can enhance the performance of photovoltaic cells in solar panels. Salt hydrates find application in pharmaceutical manufacturing in materials utilized for smart drug delivery, particularly in cancer treatments. They act as carriers for encapsulating the drug, enabling precise control over its release in a thermal therapy system.
Get FREE Sample Copy of Report (with TOC, List of Tables & Figures, Chart) @
https://www.factmr.com/connectus/sample?flag=S&rep_id=9948
Due to the extraordinary properties of salt hydrates such as high latent heat, relatively high thermal conductivity, and non-toxicity, they are used as the main ingredient for manufacturing more than 50% of products in the chemical manufacturing sector. Hydrated salt is used in the manufacturing of glass, as it saves energy by reducing the melting point of sand, which further gets converted into glass. Besides, it is also used in industrial and domestic water softening systems.
| Report Attribute | Details |
| Value Projection (2034) | US$ 255.4 Million |
| Growth Rate (2024-2034) | 10.4% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 56 Tables |
| No. of Figures | 167 Figures |
Key Takeaways from Market Study
- The global salt hydrate market is projected to expand at 10.4% CAGR and reach US$ 255.4 million by 2034.
- The market expanded at a CAGR of 8.1% from 2019 to 2023.
- Based on end use, the construction segment is projected to occupy a market share of 30.2% by 2034.
- Demand for salt hydrates in North America is forecasted to rise at a CAGR of 10.8% and reach a market valuation of US$ 54.6 million by the end of 2034, up from US$ 19.7 million in 2024.
- East Asia is expected to account for 36.5% market share in 2024.
“High thermal energy storage density of salt hydrates is contributing to their demand across sectors. Market growth is fueled by their rising use in cold storage warehouses and the construction sector, as they promote sustainability,” says a Fact.MR analyst.
Key Companies Profiled in This Report
- Phase Change Products Pty Ltd.
- PCM Products Ltd.
- Rubitherm Technologies GmbH
- RGEES
- Climator Sweden AB
Competitive Landscape
Manufacturers are focusing on research and development and are committed to customer service excellence. Players are looking to set up new partnerships to meet the end customers’ growing demand. Maintaining a long-term relationship with end-use industries to deliver customized and quality products is a key strategy employed by salt hydrate manufacturers.
Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=9948
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the salt hydrate market, presenting historical market data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study reveals essential insights based on type (copper salt, table salt, others) and end use (pharmaceuticals, building & construction, food & beverages, others [textiles, electronics, etc.]), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia and Oceania, and the Middle East & Africa).
Explore More Related Studies Published by Fact.MR Research:
Photovoltaics Market: The global photovoltaics market is valued at US$ 90 billion in 2023 and is projected to expand at a CAGR of 6% to reach US$ 155 billion by 2033-end.
Micronized Salt Market: Global consumption of micronized salt is forecasted to reach a market value of US$ 3.6 billion by 2033.
Fact.MR’s Domain Knowledge in Chemicals and Materials
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs
With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed the chemicals and materials domain across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
Contact:
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
Sales Team: sales@factmr.com
Follow Us: LinkedIn | Twitter | Blog
