1,6 Hexanediol industry is projected to be worth USD 1204.8 Billion by 2030, registering a CAGR of 9.50% during the forecast period (2021 - 2030)
Market Overview and Growth Factors:
The advancements of technologies and the development of bio-based raw materials are expected to influence the growth of the 1,6 Hexanediol industry for the forecasted period. However, there are a few restraints to the 1,6 Hexanediol industry. 1,6 hexanediol is highly hygroscopic in nature and measures need to be taken in order to minimize its interaction with air or moisture. The temperature of the product should be maintained between 55°C and 70°C at all times to optimize its utility. It causes eye irritation and diffuse opacity of cornea upon contact with eyes. Vapors or dust of 1,6 hexanediol also causes respiratory tract irritation. Proper protective garments should be worn by people handing the substance so as to minimize skin contact. In addition, Storage and transportation is a major challenges for this chemically active substance.
1, 6 Hexanediol market is segmented into by application: polyurethane, paints & coatings, acrylics, adhesives, polyester resins, and unsaturated, plasticizers. 1, 6 Hexanediol is used in polyurethane, polyurethane had the largest market share in 2016 owing to rising energy conversation importance due to increasing cost along with shift in preference towards high efficiency and low GHG material. Paints & Coatings are the second largest segment in 2016, the market is anticipated to touch down in millions by 2022.
The construction industry is anticipated to witness significant for the forecasted period, owing to huge investments in new infrastructure developments, new housing projects, and renovation/repaint of residential and commercial buildings in the U.S., China, India, Indonesia, and Brazil. The demand for coatings in the Asia-Pacific region has increased significantly, and this trend is expected to continue in the near future. The coatings industry is moving towards consolidation as top coating players are acquiring other local and foreign players. Carlyle Group acquired DuPont to form Axalta, the decorative coatings business of Sherwin Williams was acquired by Berger Paints (India), and PPG’s acquisition of AkzoNobel are examples of significant acquisitions that took place in the global 1,6-Hexanediol market.
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Asia-Pacific and Europe created huge global demand for 1,6 Hexanediol. APAC is one of the growing regions due to its economy, cheap labor cost in APAC and economical material used for the production process. Moreover, Asia Pacific is projected to be the fastest growing market mainly due to fertilizers, pharmaceuticals, refrigerants, household, food and others applications. While Middle East & Africa regions are at the emerging stage in the 1,6 Hexanediol market Expansion.
Geographically, North America is expected to be the largest market for 1,6 Hexanediol accounting for more than one-third of the total market. North-America is the most prominent market and its market share has accounted for second largest share in 2015, North America has been growing at faster pace due to rising manufacturing industries and demand for refractories will aid in rise in growth of 1,6 Hexanediol industry. U.S has accounted for the largest share in 2016.
The key players in market includes BASF SE, Ube Industries, Perstop AB, Lishui Nanming, Shandong Yuanli Science and Technology Co., Fushun Tianfu Chemicals Co., Ltd., Lanxess, Ltd. and others.
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