Market Trends of Hexamethylenediamine Industry
Textile End-User Industry to Dominate the Market
- A high amount of hexamethylenediamine produced is consumed for the manufacturing of nylon 66. Nylon 66 is made of two monomers, each containing six carbon atoms, hexamethylenediamine and adipic acid. The nylon 66 is widely used in the textile industry.
- Nylon 66 is used to manufacture fabric materials that provide better durability and tearing resistance. The nylon-based fabrics are used for various applications and reinforcement for outdoor equipment textiles.
- Asia-Pacific and Europe are the largest markets for textiles across the globe. According to the European Commission, The EU's textiles ecosystem generates value and opens up opportunities for investment and innovation. Textiles and clothing (T&C) is one of Europe's largest and most diversified industrial sectors, with a workforce of 1.5 million.
- According to Apparel Resources, in 2022, the textile and clothing market in the European Union registered EUR 200 billion (USD 217 billion) in revenue. It is further expected to increase in the coming years. Thus, the increasing market for textile products is expected to drive the demand for hexamethylenediamine in the region.
- Similarly, according to the World Trade Organization, in 2022, China was the top-ranked global textile exporter, with a value of approximately USD 148 billion. Similarly, the European Union ranked in second place, with an export value of around USD 71 billion. The export value of textiles is further expected to increase in the coming years, thereby driving the current studied market.
- For instance, in India, with an increase in foreign direct investment (FDI) in the textile industry from the past decade, the production of textiles is increasing, thus resulting in increased use of flock adhesives. According to the Indian Brand Equity Foundation, India's textile and apparel industry is expected to reach USD 190 billion by 2025-26.
- Thus, the textile end-user industry segment will dominate the market for hexamethylenediamine during the forecast period.
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Asia-Pacific to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for hexamethylenediamine due to rising demand from the textile, automotive, and plastics end-user industries.
- The increasing usage of nylon fibers is increasing in the textile industry expected to drive the market for hexamethylenediamine in the region through the years to come. Asia-Pacific is expected to dominate the global market, owing to the highly developed textile sector in China, coupled with continuous investments in the automotive sectors.
- China and Bangladesh are the largest markets for Textiles in the region. According to the National Bureau of Statistics of China, the textile production volume in China accounted for 38.2 billion meters in 2022, compared to 23.5 billion meters during the same period in the previous year. Thus, the increase in the production volume of textiles is expected to drive the current studied market.
- Bangladesh is the second-largest market for textiles in the region. According to the World Trade Statistical Review 2023, the country exported textiles worth USD 45 billion in the year 2022. The country's share in global clothing exports increased to 7.9% in the year 2022, as compared to 6.4 % registered in the previous year. Thus, the growth in the textile market will drive the market for hexamethylenediamine in the country.
- The focus on reducing vehicle weight for greater fuel efficiency and lower emissions will increase the demand for lightweight composite nylon resins in automotive under-the-hood components. China is the largest automotive vehicle manufacturer in the region. According to OICA (The Organisation Internationale des Constructeurs d'Automobiles), automotive vehicle production in China reached a total of 27.02 million units in 2022, an increase of 3% over the previous year for the same period.
- Similarly, India has become the second-largest automotive vehicle manufacturer in the region. According to OICA, the total production volume of automotive vehicles reached 5.45 million units in 2022, indicating a growth of 24% as compared to 4.39 million units registered in 2021.
- Furthermore, to meet the growing demand in India, various manufacturers have announced their expansion plans to increase the production capacity of automotive vehicles in the country. For instance, in January 2023, MG Motor India announced to invest USD 100 million to expand capacity and register a growth of 70% by the end of 2023. Thus, an increase in automotive vehicle production is expected to drive the market for nylon fibers, thereby driving the current studied market.
- Overall, the growth in industries such as textile and automotive end-user industries is likely to drive the market for hexamethylenediamine in the region during the forecast period.
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