1,6-Hexanediol Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|CAGR||> 6.98 %|
|Fastest Growing Market||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
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1,6-Hexanediol Market Analysis
The 1,6-Hexanediol market is estimated to be at USD 0.99 billion by the end of this year and is projected to reach USD 1.34 billion in the next five years, registering a CAGR of over 6.98% during the forecast period.
The Covid-19 outbreak had a negative impact on various industries including the construction industry where 1,6-Hexanediol is used in the coatings. This has a negative impact on the market. However, in 2021 and 2022, the market has gained momentum which has led to pre-pandemic demand for 1,6-Hexanediol.
- Major factors driving the market studied are the increasing usage as feedstock for manufacturing chemical compounds and rising demand from the wind energy sector.
- On the other side, the availability of substitutes such as butanediol and pentanediol is hindering the growth of the market.
- Advancement in technology and the development of bio-based raw materials is expected to provide new opportunities for the 1,6-Hexanediol market.
- Europe region represents the largest market owing to the consumption from countries such as Germany and the United Kingdom.
1,6-Hexanediol Market Trends
Increasing Demand from the Polyurethane and Coatings Segment
- The growth of polyurethanes is attributed to the high demand for paint and coatings, elastomers, and foams. 1,6-hexanediol is used as a chain extender in the polyurethane application segment. It converts the polyurethane into a modified polyurethane with substantially high corrosion resistance.
- Also, it permeates different properties in polyurethanes, such as high mechanical strength, low glass transition temperature, and high heat resistance.
- A key factor for the growth of polyurethanes is the demand for their sub-applications or derivatives, such as thermoplastic polyurethanes elastomers, coatings, and foams, across varied regions. To serve the growing demand from several industries, expansion projects related to paints, coating, and adhesives are being carried out globally.
- In August 2022, TIGER Drylacannounced an expansion project that will be carried out at its existing facility in St. Charles Illinois in the United States. Through this expansion project, the company aims to expand its powder coatings business.
- Further, Pearl Polyurethane Systems launched a new polyurethane-based adhesive by the name PearlBond adhesive in April 2023. This adhesive can be used in jogging tracks, kids’ playground mats, and garden tiles as a binder. It can also be used in the construction of sandwich panel insulation as a lamination adhesive, for structural purposes as wood binders, and as a roofing adhesive for a variety of construction uses.
- Further, according to the United States Census Bureau, in the year 2022, the total value of commerical construction in the country was valued at USD 114.7 billion while in the year 2021, it was USD 94.5 billion. Such trends in the construction industry are likely to boost the demand for paints and coatings and hence the demand for 1,6-Hexanediol used in the production of paints over the forecast period.
- Hence, such factors and trends are likely to boost the demand for 1,6-Hexanediol over the forecast period.
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Asia-Pacific is the Fastest Growing Market
- Asia-Pacific is the fastest-growing market for 1,6-hexanediol and is projected to remain so owing to steady consumption by manufacturers of adhesives, softening agents, lacquers, acrylics, and several other consumer products, which are driving the growth of the 1,6-hexanediol market.
- The use of chemicals in the manufacturing of acrylates will be particularly notable in Europe. Germany and Italy are among the key importers in the region mainly attributable to the increasing demand for Polyurethane in automobile applications.
- In May 2023, Sirca Paints India Limited signed an agreement with Sirca S.p.A (Italy) to manufacture 10 different Polyurethane wood coating products in India. This step comes towards reducing the import dependency of Sirca Paints India Limited and meeting the growing demand for polyurethane paints and coatings in India.
- Further, in August 2022, BASF SE launched a new invisible Thermoplastic Polyurethane (TPU) Paint Protection Film (PPF) to better serve the automotive industry in the Asia-Pacific region.
- All such aforementioned factors are likely to enhance the demand for 1,6-hexanediol market in the region.
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1,6-Hexanediol Industry Overview
The global 1,6-hexanediol market is partially consolidated in nature with a few major players dominating a significant portion of the market. Some of the major players (not in any particular order) are BASF SE, LANXESS, UBE Corporation, Perstorp Holding AB, and Prasol Chemicals Limited.
1,6-Hexanediol Market Leaders
Prasol Chemicals Limited
Perstorp (PETRONAS Chemicals Group Berhad)
*Disclaimer: Major Players sorted in no particular order
1,6-Hexanediol Market News
- In April 2023, LANXESS announced that under the Scopeblue brand label, it has been successful to develop 1,6-Hexanediol more sustainably. While manufacturing, the product either offers a carbon footprint of less than half of that of its conventional counterparts or uses sustainable raw material content of more than 50 percent.
- In October 2022, PETRONAS Chemicals Group Berhad completed the acquisition of Perstorp. Through this acquisition, Perstorp is now a wholly-owned subsidiary of PETRONAS Chemicals Group Berhad. PETRONAS Chemicals Group Berhad looks at this acquisition as a new platform for growth in the specialty chemicals industry.
1,6-Hexanediol Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increasing Usage as Feedstock for Manufacturing Chemical Compounds
4.1.2 Rising Demand from the Wind Energy Sector
4.1.3 Other Drivers
4.2.1 Availability of Substitutes
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Price Trend Analysis
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Raw Material
5.1.2 Adipic Acid
5.2.5 Polyester Resins
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.2 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.3.4 South America
18.104.22.168 Rest of South America
5.3.5 Middle-East and Africa
22.214.171.124 Saudi Arabia
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BASF SE
6.4.2 Central Drug House
6.4.3 Hefei TNJ Chemical Industry Co., Ltd.
6.4.5 Perstorp (PETRONAS Chemicals Group Berhad)
6.4.6 Prasol Chemicals Limited
6.4.7 UBE Corporation
6.4.8 YUANLI SCIENCE AND TECHNOLOGY
6.4.9 Zhejiang Lishui Nanming Chemical Co.,Ltd.
6.4.10 Zhengzhou Meiya Chemical Products Co., Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Advancement in Technology and Development of Bio-Based Raw Material
7.2 Other Opportunities
1,6-Hexanediol Market Research FAQs
What is the study period of this market?
The 1,6-Hexanediol Market is studied from 2018 - 2028.
What is the growth rate of 1,6-Hexanediol Market?
The 1,6-Hexanediol Market is growing at a CAGR of >6.98% over the next 5 years.
Which region has highest growth rate in 1,6-Hexanediol Market?
Asia Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in 1,6-Hexanediol Market?
Europe holds highest share in 2022.
Who are the key players in 1,6-Hexanediol Market?
BASF SE, LANXESS, Prasol Chemicals Limited, UBE Corporation, Perstorp (PETRONAS Chemicals Group Berhad) are the major companies operating in 1,6-Hexanediol Market.
1,6-Hexanediol Industry Report
Statistics for the 2023 1,6-Hexanediol market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. 1,6-Hexanediol analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.