Global Hexamine Market Report and Forecast 2023-2028

Global Hexamine Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global hexamine market attained a value of USD 525.8 million in 2022. Aided by the growing demand for hexamine in various industries, including pharmaceuticals, agrochemicals, and plastics, the market is projected to further grow at a CAGR of 4.2% between 2023 and 2028 to reach a value of USD 664.03 million by 2028.

Hexamine, also known as hexamethylenetetramine, is a white crystalline compound derived from the reaction of ammonia and formaldehyde. Hexamine is primarily used as a curing agent for resins and plastics, a corrosion inhibitor, a fuel in solid rocket propellants, and as a precursor for the synthesis of other chemical compounds, such as explosives and pharmaceuticals.

The growing demand for hexamine across various industries is driving the global hexamine market growth. The increasing use of hexamine as a curing agent in the production of phenol-formaldehyde resins and melamine-formaldehyde resins has fuelled the demand for this compound. These resins are widely used in the manufacturing of laminates, plywood, particleboard, and other wood products due to their superior bonding properties and heat resistance.

The expanding pharmaceutical industry has also contributed to the growth of the hexamine market. Hexamine is used as a precursor in the synthesis of various pharmaceutical compounds, such as antibiotics and antimalarial drugs. As the demand for these drugs continues to rise, driven by the growing global population and the increasing prevalence of infectious diseases, the demand for hexamine is expected to grow in tandem.

Another factor boosting the hexamine market expansion is the rising demand for agrochemicals, particularly in developing countries. Hexamine is used in the production of various herbicides, fungicides, and insecticides, which are essential for modern agriculture. With the growing need to increase crop yields to meet the food requirements of the burgeoning population, the demand for agrochemicals, and consequently hexamine, is anticipated to remain strong in the coming years.

The increasing application of hexamine in the production of explosives and propellants for the defence and aerospace industries is also expected to drive the hexamine market. Hexamine is a key ingredient in RDX, a powerful and widely used military explosive. The compound is also utilised as a fuel in solid rocket propellants, which are essential for space exploration and satellite launches.

Market Segmentation

The market can be divided based on grade, application, and region.

Market Breakup by Grade

• Stabilised
• Unstabilised

Market Breakup by Application

• Polymer and Plastics
• Personal Care
• Pharmaceuticals
• Adhesives and Sealants
• Leather and Textile
• Paper
• Mining Explosives
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global hexamine companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Kanoria Chemicals & Industries Ltd
• Mitsubishi Gas Chemical Company, Inc.
• Hexion Inc.
• Methanol Chemicals Company (Chemanol)
• Simalin Chemical Industries Pvt Ltd
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.