Mercury Market Segmentation By application (Chemical manufacturing, Artisanal Gold Mining, Batteries Measurement and Control Devices, Electrical and lighting, Healthcare and Pharmaceuticals) - Global Demand Analysis & Opportunity Outlook 2027
Buy Now Report ID: 1169 | Published Date: Feb 07, 2023
Our in-depth analysis segmented the Global mercury market in the following segments:
By application
By Regional
Global mercury Market is further classified on the basis of region as follows:
Mercury is used for several medical equipment’s such as barometers, thermometers and electric equipment among others. In these products, mercury is generally trapped in a casing or bottle. The exposure to mercury can lead to several health hazards including kidney damage, nerve damage and skin irritation among others. The surplus release of mercury in the environment can pose serious environmental threats. The CAGR of global mercury market is expected to be around 1.2% during the year 2017-2027.
The global mercury market is segmented on the basis of application type. Moreover, On the basis of application type health and pharmaceuticals expected to lead the market. The main uses of mercury are in dentistry, sphygmomanometers and thermometers. Though modern day’s hospitals are issuing guidelines to reduce the use of mercury as several health hazards can be caused once mercury is released in the environment. On the other hand, Electrical and lighting segment also witnessing an increase in demand of mercury on the account of use mercury in switches as it has the very low melting point(-38.83◦C) a very high boiling point(356.7◦C).
By region, global mercury market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. Asia Pacific leads the global mercury market and the trend is anticipated to continue during the forecasted period. The application segment is witnessing high investment and increasing development in countries such as China and India. Moreover, in North America and Europe the intervention from government bodies to reduce the use of mercury is the main reason for the sluggish growth of global mercury market in the respective region. This has hampered the demand of mercury in the region.
The density and compactness enable mercury to be used for medicinal purpose. The high melting point and low boiling point enable mercury to be used in electrical appliance nowadays. It also enables mercury to measure high temperature. The distinctive properties of mercury enables the extraction of gold from ore in artisanal and in small scale gold mining.
Various distinct challenges are associated with mercury. The Minamata disease caused by mercury in Japan forced the international organizations to pose the restriction on the use of mercury. The various health hazards and environmental effects are reducing the use of mercury.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
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