Global 1,6 hexanediol Market Size, Share & Trends Analysis Report, By Raw Material, by Application, By Region Forecasts, 2023 - 2030

Global 1,6 hexanediol Market Size, Share & Trends Analysis Report, By Raw Material, by Application, By Region Forecasts, 2023 - 2030

Global 1,6 hexanediol Market was valued at US $ 1.2 Billion in 2022 and is expected to reach USD 2.1 Billion by 2030 growing at a CAGR of 7.1% during the forecast period 2023 – 2030.

The global or regional economy that is involved in the manufacture, distribution, and consumption of 1,6 hexanediol—a chemical molecule that is largely employed as a crucial raw material in many industries—is encompassed by the 1,6 hexanediol market. This market includes the manufacture and distribution of 1,6 hexanediol in addition to a variety of end users and applications, such as the creation of textiles, adhesives, coatings, plastics, and other chemical compounds. In addition to working with both conventional and novel formulations, it competes with well-known chemical suppliers, manufacturers, and customers. A number of variables, including supply and demand, technology developments, sustainability trends, and prevailing economic situations, might impact market dynamics in this industry.

Growth in the market is greatly impacted by the wind energy sector's soaring demand, particularly in the chemical industry. For parts like turbine blades and nacelles, wind energy uses cutting-edge materials, coatings, and adhesives. The availability and manufacture of novel chemicals and raw materials are rising in response to the expanding demand. Because of the industry's dedication to innovation, chemistry and material sciences departments do a great deal of research and development. This allows chemical businesses to design customised solutions, which in turn promotes innovation and market expansion. The wind energy industry's expansion propels a rise in manufacturing scale. To accommodate the increasing demand, chemical businesses expand their manufacturing capacity, which increases production levels and spurs market growth overall. A major emphasis on sustainability directs the creation of eco-friendly and bio-based chemicals in accordance with environmentally beneficial objectives.

“Adipic Acid segment, by raw material, to be dominating market from 2023 to 2030.”

The leading and fastest-growing raw material in the 1,6-hexanediol industry is adipic acid. This importance stems from the growing need for polyurethane resins, which are made with 1,6-hexanediol and adipic acid. These polyurethane resins are widely used in a variety of industries, such as consumer products, construction, and automotive. In addition, the growing market for 1,6-hexanediol is heavily impacted by the growing demand for bio-based products. Bio-based 1,6-hexanediol is a sustainable and environmentally beneficial alternative to its petroleum-based cousin because it comes from renewable sources like corn and sugarcane. This transition to bio-based production is in line with eco-friendly methods and helps create a more sustainable industrial environment.

“Polyurethane segment, by application, to be dominating market from 2023 to 2030.”

The primary factor driving the rise of polyurethanes is the increasing need for a variety of products, such as paints, coatings, elastomers, and foams. Specifically, 1,6-hexanediol is an essential ingredient in the polyurethane industry, acting as a chain extender. When added to polyurethane formulations, it produces modified polyurethanes with remarkable resistance to corrosion. In addition, 1,6-hexanediol gives polyurethanes a number of advantageous characteristics, such as increased heat resistance, decreased glass transition temperature, and increased mechanical strength. The growing demand for polyurethane derivative products, such as thermoplastic polyurethane elastomers, coatings, and foams, across a range of geographic locations, is one of the main reasons propelling the market's expansion.

“North America to be largest and fastest growing region in 1,6 hexanediol market.”

With almost 42.7 percent of the 1,6-hexanediol market, the APAC region dominated the industry, with North America and Europe trailing closely behind. The reason for this domination is the growing demand from nations like South Korea, China, Japan, and India for 1,6-hexanediol. China is positioned to play a significant role in the 1,6-hexanediol market because of its heightened production of coatings and polyurethane, which is being driven by a rise in construction activities. The construction industry is expanding rapidly in the US, China, India, and Brazil as a result of large expenditures made in new infrastructure projects, home developments, and the renovation of existing residential and commercial structures. Simultaneously, the demand for coatings has increased significantly in the APAC area, and this increasing trend is expected to continue for the foreseeable future.

1,6 hexanediol Competitive Landscape

The competitive landscape of the 1,6 hexanediol market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of 1,6 hexanediol technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The 1,6 hexanediol market is highly competitive, with numerous companies vying for market share. Prominent companies in the 1,6 hexanediol Market include:

Henan Tianfu Chemical Co., Ltd, YUANLI SCIENCE AND TECHNOLOGY, Prasol Chemicals Limited., Technolog Ltd, Perstorp, Zhengzhou Meiya Chemical Products Co.,Ltd, Hefei TNJ Chemical Industry Co.,Ltd., UBE Corporation, LANXESS, Zhejiang Lishui Nanming Chemical Co.,Ltd., BASF SE, Central Drug House, Celanese Corporation, Eastman Chemical Company, Shell plc, Mitsubishi Chemical Corporation, TotalEnergies SE, Toray Industries, Inc., Huntsman Corporation, Solvay SA

Recent Developments

LANXESS made a big announcement about its Scopeblue brand label in April 2023. They were successful in creating 1,6-Hexanediol that is more environmentally friendly. This novel product uses sustainable raw materials, which make up more than 50% of its composition, throughout production, achieving a carbon footprint that is less than half that of its conventional counterparts.

PETRONAS Chemicals Group Berhad successfully completed the acquisition of Perstorp in October 2022. As a result of this acquisition, PETRONAS Chemicals Group Berhad now owns 100% of Perstorp. This acquisition offers PETRONAS Chemicals Group Berhad a good chance to expand in the specialty chemicals sector.

Sirca Paints India Limited and Sirca S.p.A. (Italy) partnered in May 2023 to manufacture ten different polyurethane wood painting products in India. By taking this calculated risk, Sirca Paints India Limited hopes to reduce its dependency on imports while meeting the growing demand in the Indian market for polyurethane paints and coatings.

To strengthen its support for the Asia-Pacific automobile sector, BASF SE unveiled a novel transparent Thermoplastic Polyurethane (TPU) Paint Protection Film (PPF) in August 2022.