1,6-Hexanediol Market Size Projected to Garner Significant Revenues of 2275.9 Million by 2032
1,6-Hexanediol Market: Size & Share by (By Type, By Raw Material and Region) and Forecast Year 2023-2032.
1,6-Hexanediol Market + Report Scope (by Share & Size)
The KD Market Research analyses that the market is likely to grow with a CAGR of 7.9% during the forecast period of 2023 to 2032 and is expected to reach USD 2275.9 Million by 2032. The increase in demand for polyurethanes (PU) is a significant factor driving the market growth for the 1,6-hexanediol market. Global 1,6-Hexanediol Market into by Type Polyurethane, Coatings, Acrylates, Adhesives, Polyester Resins, Plasticizers, and others resins; by Raw Material into Cyclohexane, Adipic Acid; and by Region into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
1,6-Hexanediol Market Insights
Base Year Market Size
USD 1,064.0 Million
Forecast Year Market Size
USD 2,275.9 Million
By Type, By Raw Material and Region
Middle East and Africa
1,6-Hexanediol Market Definition & Overview
1,6-Hexanediol is an organic compound that is colorless in nature. It is miscible with most of the organic solvents, but it is insoluble in water. It is used in the manufacturing of various specialty chemicals such as surfactants, solvents, and plasticizers. It is also used in various applications like coating, polyurethane, polyester plasticizers, and others.
The KD Market Research firm has compiled an in-depth market research report on a global 1,6-hexanediol market. The report is focused on providing insights on market size, year-on-year growth, market drivers, and opportunities, major companies, competitive landscape, forecast to 2032, and market share of companies. This research report includes market segmentation, and a regional analysis, and an analysis of recent 1,6-hexanediol market developments.
Further, the report provides in-depth insights on market share and forecast year as well as market volume, regional and country market share, recent news and developments, customer survey, SWOT analysis, hotbed investment analysis, Porter's five forces analysis, PESTEL analysis, market forecast, and major companies operating in the 1,6-hexanediol market.
1,6-Hexanediol Market Dynamics Growth Drivers and Challenges
1,6-Hexanediol Market Opportunities that Trigger Market Growth
- Rising demand for polyurethanes (PU)
There is a rise in demand for polyurethanes (PU) from end-use industries such as infrastructure and furniture. PU-manufactured rigid foams are extensively used in infrastructure. The flexible foams manufactured from PU are used in furniture. This has increased the demand for the 1,6-hexanediol market. This is because 1,6-hexanediol-based PU offers various features, such as low glass transition temperature, high hydrolysis resistance, and increasing strength.
- Increasing demand for coatings
1,6-hexanediol-based coatings offer advantages such as flexibility and surface hardness. Industrial coatings are used for protection in applications such as automotive. 1,6-Hexanediol is used in various other manufacturing like acrylics, polyesters, and others. High investment is taking place for the development of 1,6-hexanediol, providing growth opportunities.
1,6-Hexanediol Market Hurdles and Challenges
- Storage and transportation
Storage and transportation are difficult for 1,6-hexanediol as it has to be taken care that it should not come in contact with the air or humidity. With this, there should be a watch on temperature as well. Although the chemical is less toxic, it should be handled with proper precautions. Various health problems take place if it comes in contact, like eye irritation, inflammation of the respiratory tract, and others.
- Stringent Regulations
The government has implemented several regulations regarding using and manufacturing of these types of chemicals. This is because the handling of these chemicals is difficult and may lead to several problems. The production and handling of these chemicals are also difficult, which is why the regulations are important to take place. Due to these regulations, market growth is hampered and poses many challenges to the market.
1,6-Hexanediol Market Segmentation, Division, and Categorization
- By Raw Material: Cyclohexane, Adipic Acid
- By Type: Polyurethane, Coatings, Acrylates, Adhesives, Polyester Resins, Plasticizers, Others resins.
- By Region: North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
1,6-Hexanediol Market Industry Developments
Several technological advancements, product launches, and acquisitions have taken place by the key players of 1,6-hexanediol to expand its production. The companies are investing more in research and development and are adopting various strategies to increase their demand in the market.
BASF SE has announced that they will increase their production capacity for 1,6-Hexanediol by more than 50% after introducing a start-up at its Ludwigshafen Verbund in 2021. The announcement was done in September 2018.
LANXESS invested a huge amount in the expansion of its production. At the site, the company is expanding its production of various chemicals, one of which is hexanediol.
1,6-Hexanediol Market Key Featured Companies
- BASF SE
- Linshui Nanming Chemical Co., Ltd
- Novel Chem
- Perstorp Holding AB
- UBE Industries, Ltd
- Shandong Yuanli Science and Technology Co., Ltd.
- Parasol Chemicals Ltd
- Hefei TNJ Chemical Industry Co., Ltd
- Zhengzhou Meiya Chemical Products Co., Ltd
- Other Players
1,6-Hexanediol Market Regional Analysis
Asia-Pacific dominated the market share for the 1,2-hexanediol market. The market is expected to grow in the forecast period due to the rising demand for the 1,6-hexanediol market. The market is driven by the growth and expansion of the automobile industry. The demand for the 1,6-hexanediol is also rising due to urbanization, infrastructural developments, and increasing construction activities. China and Japan are the major markets.
In 2022, North America holds the second-largest share in the 1,6-hexanediol market. The market is driven by rapid industrialization, urbanization, and an increasing preference for lightweight automotive plastics. The United States and Canada are the major markets in this region. Europe accounted for the third largest share in the 1,6-hexanediol market, with Russia, Spain, and Italy being the major markets. The market is driven by the growing construction industry and rising living standards with the shifting consumer preference as well. Latin America, the Middle East, and Africa are experiencing slower growth as compared to other regions due to a lack of technical information and underdeveloped manufacturing facilities.