New York (US), June 02, 2023 (GLOBE NEWSWIRE) -- Mercury Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Mercury Market Information by Application, and Region - Forecast till 2032", The mercury market size was valued at USD 4.06 Billion in 2022 and is projected to grow from USD 4.11684 Billion in 2023 to USD 5.12 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 2.35% during the forecast period 2023 - 2032.
Market Scope
One of the types of metals is mercury, which is also known by its scientific name, hydragyrum, and has the atomic number 80 and the symbol Hg. Quicksilver is another common name for it. Since it remains liquid at room temperature, mercury has a special quality that sets it apart from other metals. Mercury is a poor heat conductor and has a silver color. The most widely employed mineral type for the extraction of mercury is cinnabar. It is a rock with a red color that contains mercury sulfide (HgS). There are many different industries that employ mercury, including the healthcare sector. Mercury is a component of many pieces of medical equipment, including thermometers, barometers, and electric devices.
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Market Competitive Landscape:
The important companies active in the market for mercury are
- HCL Technologies
- Hocho
- Speyside Pitch
- Pitch Technologies
- Sulzer Chemtech
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size | USD 5.12 Billion |
| CAGR | 2.35% (2023-2032) |
| Base Year | 2021 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application And Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
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For the consolidation of their industry position, major businesses are concentrating on adopting a variety of activities, including mergers, acquisitions, and partnership agreements. Increased investment in research efforts and the creation and introduction of new products to the market are a few of the other initiatives.
Market USP Covered:
Market Drivers:
Mercury can be utilized as medicine because of its density and compactness. Artisanal and small-scale gold mining is made possible by the distinctive qualities of mercury, which enable the extraction of gold from ore. Mercury presents a number of unique difficulties. Mercury use is declining due to health risks and environmental impacts. The expansion of the mercury market was impeded by these factors. Long-term mercury exposure can cause a number of health risks, such as kidney damage, nerve damage, skin irritation, and others. Serious environmental risks may result from the excessive discharge of mercury into the environment.
In the mining industry, mercury is mostly used to recover gold. Although it is not the best method of extraction, it is a conservative method that encourages the use of mercury in electrical switches. Mercury is mostly used in thermometers, sphygmomanometers, and dentistry. As there are numerous health risks associated with mercury use, hospitals are issuing recommendations to reduce its use. Due to mercury's extremely low melting point and extremely high boiling point, which is used in switches, the electrical and lighting industry saw a spike in demand for mercury.
Sphygmomanometers frequently employ mercury to measure blood pressure. Additionally, due to environmental concerns, mercury is banned in some European nations, and its supply is only allowed for medical purposes in the USA. The Minamata Convention, which stipulates that mercury-containing goods shall be banned from import and export by 2030, was signed by emerging economies.
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Market Restraints:
The dangerous characteristics of mercury are probably going to limit commercial expansion. Mercury-containing batteries, thermometers, barometers, and blood pressure monitors have all been outlawed due to their toxic nature, which has an impact on the market under study.
Given the significant demand coming from China and India, the Asia Pacific region will offer many opportunities to global vendors in the future.
COVID 19 Analysis
One of the most often reported aspects of the COVID-19 (coronavirus) epidemic is panic buying. Due to a global phenomenon, health systems are threatened in their ability to prevent and cure the coronavirus due to a lack of hand sanitizers, masks, and painkillers. Chloroquine and hydroxychloroquine, which are essential medications for autoimmune disorders like lupus but remain unproven for COVID-19, may run out if prospective remedies are overbought in a panic.
As a result of supply chain disruptions, governments around the world are stockpiling and limiting additional medications while attempting to get masks, protective gear, and ventilators. Demand is outpacing supply, shortages of basic materials are raising prices, and political pressure is greater than ever.
However, our analysts are constantly keeping an eye on the global situation, and are confident that, in the wake of the COVID-19 conundrum, the market will offer producers lucrative opportunities.
Market Segmentation
By Type
The market for mercury is divided into four main categories: ionic, organic, inorganic, and elemental. With a total market share of 36.8% in 2018, the organic category is predicted to be the market's largest sector. This is due to the rising usage of mercury in organic industrial products and applications, including agrochemicals and chlorine alkali chemicals.
Since mercury is widely used in the production of silver backsheets for photovoltaic cells, the elemental segment is also anticipated to experience significant growth over the course of the forecast period. In addition, some businesses have also employed mercury to purify and store hydrogen fuel.
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Regional Insights
The biggest market for mercury is in the Asia Pacific. China and Kyrgyzstan are the two countries that produce the most mercury in the Asia-Pacific area. China also has the largest deposits and mine production of mercury in the world. Additionally, in China, vinyl chloride monomer was produced using coal and catalysts containing mercury compounds.
Additionally, Artisanal Small-Scale Gold Mining (ASGM) has a vast operation that spans over 55 nations in Asia, South America, and Africa. For these nations, ASGM serves as a microeconomic source, but it also has detrimental effects on the environment and human health. Dental amalgams have been used in China since 1000 AD. Today's amalgams are made of mercury and an alloy of copper, tin, and silver metals.
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