1,6-Hexanediol Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

1,6-Hexanediol Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global market for 1,6-Hexanediol is expected to grow at a CAGR of about 7% during the forecast period. 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, presence of substitutes such as like butanediol and pentanediol and unfavorable conditions arising due to COVID-19 outbreak are the major restraints, which is hindering the growth of the market.

Key Highlights

• Advancement in technology and development of bio-based raw material is expected to provide new opportunities for 1,6-Hexanediol market.
• The polyurethane and coatings segments are expected to dominate the global 1,6-hexanediol market over the forecast period owing to its wide range of usage in paints and coatings industries.
• Europe region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the consumption from countries such as Germany and United Kingdom.

Key Market TrendsIncreasing Demand from the Polyurethane and Coatings Segment

• The growth of polyurethanes is attributed to the high demand for paint and coatings, elastomers, foams. 1,6-hexanediol is used as a chain extender in the polyurethane’s 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 its sub-applications or derivatives, such as thermoplastic polyurethanes elastomers, coatings, and foams, across varied regions.
• In addition, expanding need for mechanical coatings attributable to strong end-user industry development is driving the market growth. Protective coatings are utilized on enormous scale in applications, for instance, car, foundation and apparatus and gears to improve quality and aesthetic properties of the item. Thus, robust industry development is predicted to surge the global 1,6 hexanediol market.

Europe Region to Dominate the Market

• Europe 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 increasing demand of PU in automobile applications.
• The construction industry is projected to witness significant growth over the years, on account of hefty investments in new infrastructure developments, housing projects, and renovation/repaint of residential and commercial buildings.
• Also, the presence of leading companies such as BASF SE, Perstorp AB, and others further escalates the demand for the product in the region. These industry participants are heavily investing to expand their presence in the emerging market by launching cost-effective 1,6-hexanediol based products.
• All such aforementioned factors is likely to enhnace the demand for 1,6-hexaxnediol market in the region.

Competitive Landscape

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 companies are BASF SE, Perstorp, LANXESS, UBE INDUSTRIES,LTD., and Prasol Chemicals Pvt. Ltd. among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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