Technavio analyzes that the Mercury Market is expected to grow at a CAGR of 2.94% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 695.42 million.There are various factors that contribute to the growth of the market. Mercury market has experienced significant growth due to the increasing adoption of mercury in button cell batteries. This trend is driven by the superior performance of mercury in producing higher energy density and longer battery life. Mercury's unique properties enable it to act as an electrode in button cells, making it an essential component in various portable devices such as watches, hearing aids, and calculators. The demand for mercury in battery production is expected to continue, given the market's reliance on efficient and long-lasting power sources.
In the global mercury market, electrical and electronics applications represent a significant segment, driven by mercury's distinctive properties, including high electrical and thermal conductivity, and its stable liquid state at room temperature. Mercury is extensively utilized in various electrical devices and electronic components due to these properties. For instance, mercury vapor lamps, such as low-pressure fluorescent lamps, generate light through mercury's interaction with fluorescence. These lamps contain approximately 5-7 mg of mercury in a 40 W linear fluorescent lamp manufactured in Japan. Mercury's unique characteristics also contribute to its usage in environmental monitoring and remediation, as well as the aerospace industry.
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Mercury Market Segmentation
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The Mercury market encompasses various sectors including Electronics, Healthcare, Recycling, and Chemical industries. Products range from Medical instruments like thermometers and dental amalgams, to Lighting systems and Sensors. Automotive switches and Mercury testing services are also part of this market. Economic activities such as Construction and Small-Scale Gold Mining contribute significantly. Bans on Mercury-containing products impact the market, particularly Medical devices, Measuring devices, and Mercury-based components in Consumer electronics. Mine production and ASGM are key supply sources, while Health and safety concerns continue to shape market trends. Metals, Alloys, and Compounds are other significant areas of application.
The Mercury market is a significant segment of the global diversified metals and mining industry, encompassing companies involved in the production or extraction of this precious metal. Mercury is classified as a non-ferrous metal, alongside others such as lead, nickel, tin, and zinc. This sector also covers the extraction of salt and borate, phosphate rock, and various mining operations. The global diversified metals and mining market's size is determined by Technavio based on the combined revenue generated from the production or extraction of metals and minerals, including mercury, and diversified mining operations. Key products within the mercury market include medical instruments, thermometers, dental amalgams, and recycling and recovery processes.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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