1,6-Hexanediol Market Revenues Slated to Expand at a 6% CAGR by 2027- Research Report Insights
VALLEY COTTAGE, New York, May 15, 2019 /PRNewswire/ -- Nearly 185 Th Tons of 1,6-Hexanediol was consumed by the end of 2018, globally. As indicated by a recent research study of Research Report Insights (RRI), the global consumption rate of 1,6-Hexanediol will observe a healthy 5% Y-o-Y growth in 2019 and ahead – primarily driven by sustained demand from building and construction, and automotive industries.
While both the aforementioned industries continue to register the collective share of over half of the overall consumed 1,6-Hexanediol, thriving demand for coatings, adhesives, and polymeric materials from consumer goods and medical devices industries will be a major highlight boosting market revenues in the forthcoming years.
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Application in Manufacturing of Acrylates & Polymer Resins Remains Noteworthy
The demand for polyester resin is significantly increased due to its substantial use in building panels, concrete forming pans, household structures, and in the building & construction sector for roofing. Further, polyester resins, which are widely used in the manufacturing of kayaks, powerboats, sailboats, and a number of automobile parts, which remains a significant booster for the demand for 1,6 Hexanediol in the global market.
The 1,6 Hexanediol market is primarily driven by the rise in the demand for acrylates, and plasticizers among the manufacturing industries, which is prevailing 1,6 Hexanediol market throughout the forecast period. Increase in demand for 1,6 Hexanediol for variety of application is being noticed worldwide and is expected to grow further during the forecast period, 2019-2027. The 1,6 Hexanediol market is moderately driven by the automotive industry and consumer goods, which in turn helps to increase the sales of 1,6 Hexanediol across the globe.
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Moreover, steady consumption by manufacturers of adhesives, softening agents, lacquers, acrylics, and several other consumer products will translate into modest growth in the revenues of 1,6-Hexanediol market. Application of the chemical in manufacturing of acrylates will be particularly notable.
China to Remain at the Vanguard of Global Market Growth
Several companies engaged in the production and distribution of 1,6-Hexanediol are strategically planning to amplify their 1,6-Hexanediol production footprint across emerging regional markets. APEJ, envisaged to remain in the forefront of the global market, will account for over 2/5th of the global consumption volume in 2019, according to the report. MEA and Latin America regions are slated to present multiple incremental opportunities for 1,6-Hexanediol manufacturers owing to increasing business footprint of key manufacturing companies in these regions. According to RRI's analysis, China, owing to the cost benefit and strong presence of manufacturers implementing innovative manufacturing technologies, will be the leading market for 1,6-Hexanediol.
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Bio-based Innovations to Remain in the Focal Point for Manufacturers
In an effort to achieve a surge in the overall sales of 1,6-Hexanediol, several manufacturing companies are strategizing on manufacturing plant expansion and R&D of bio-compatible variants of 1,6-Hexanediol. Rennovia Inc., one of the leading bio-chemicals producers, announced the commencement of the new plant (2017) exclusively for processing bio-based 1,6 Hexanediol. The company believes that the recent hike in raw material prices and multiple environmental concerns regarding conventional 1,6 Hexanediol production processes and end products have reinforced the need for bio-based variants. This, according to RRI study, will be among the trendsetters and direct a mass shift to bio-based 1,6 Hexanediol processing practices, across the 1,6 Hexanediol industry.
More recently, in 2018, BASF announced that plan for a massive increase in the 1,6 Hexanediol production capacity, i.e. by almost 50% of the current, at its Ludwigshafen site. While the company aspires the new facility to start post 2021, the estimated total 1,6 Hexanediol production capacity of 70 Kilo Tons is expected to serve fast-growing Asian markets as well as European, which has been providing a significantly strong customer base. Leading chemical companies such as BASF and UBE industries are also increasing their production footprint of 1,6-Hexanediol across various countries such as Germany, Thailand, and the US owing to availability of better infrastructure, and manufacturing facilities.
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Further, the high demand for various grades of polyurethane indirectly impacts the demand for 1,6-Hexanediol. The manufacturers are also capitalizing on emerging applications of 1,6-Hexanediol such as epoxy resins system, alkalyd resins, and UV curable resins. Currently, some companies are prominently manufacturing 1,6-Hexanediol for synthetic lubricants, laminations, and textile industry.
This study examines global 1,6-Hexanediol market between 2019 and 2027. More insights on the same can be availed.
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