INORGANIC CHEMICALS MARKET ANALYSIS
Key Developments
Increasing adoption of inorganic chemicals in various industries is expected to boost the market growth. For instance, on September 10, 2019, Reflect Scientific, Inc., a provider of products and services for the biotechnology, pharmaceutical and transportation industries, released the Cryometrix L-80 liquid chiller, for the cannabis extraction market. The L-80 liquid chiller uses a liquid nitrogen cooling technology.
Key players in the market are focused on gaining product approvals to expand their product portfolio. For instance, in February 2018, Evonik Industries received pharmaceutical approvals for hydrogen peroxide (ASPERIX Vet) from the European Medicines Agency for salmon farming in the United Kingdom, Norway, and Iceland.
Key players in the market are focused on adopting partnership strategies to enhance their production capabilities in order to enhance their market share. For instance, in February 2018, AkzoNobel Specialty Chemicals and Evonik Industries started production of chlorine and potassium hydroxide at their new joint venture in Germany. The facility has a production capacity of 120,000 metric tons of potassium hydroxide and 75,000 metric tons of chlorine, annually.
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