1,6-Hexanediol Market: Key Research Findings
Global sales of 1,6-Hexanediol closed in on US$ 780 Mn in 2018.
1,6-Hexanediol market revenues slated to expand at a healthy CAGR during 2019-2027.
Application of 1,6-Hexanediol in coatings industry is poised to remain prominent.
Asia Pacific (APEJ) is likely to remain a highly lucrative investment pocket for the manufacturers and investors active in the 1,6-Hexanediol industry.
APEJ’s 1,6-Hexanediol market is expected to demonstrate nearly 2X growth between 2019 and 2027.
FMI research attributes this growth of APEJ market to the notably increasing demand for biocompatible products.
Medical devices are likely to develop into an attractive end use area for 1,6-Hexanediol manufacturers.
Top Influencers Shaping the 1,6-Hexanediol Industry
Coatings Industry Remains among the Prime Consumers of 1,6-Hexanediol
Among the valued intermediate products, 1,6-Hexanediol has been applicable in specialty chemicals synthesis, in addition to the production of a variety of polymeric systems. Research however highlights that the 1,6-Hexanediol market will be prominently driven by sustained adoption for industrial applications such as acrylates, coatings and polyester (PE) resins, and PU (polyurethane)among others. A sizeable share of the overall consumption of 1,6-Hexanediol is accounted by its application in the manufacturing of coatings and coating materials, followed by that of PE and PU plasticizers.
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In recent years, the consumption volume of 1,6-Hexanediol is on a constant high, particularly in the wind energy sector. While this has been particularly observed in the case of Asia Pacific region, it is highly likely that while catering to this bulging demand, the manufacturers will continue to face challenges such as volatile raw material pricing and higher availability of better and cost-effective substitutes such as Pentanediol and Butanediol.
Growth of Polymer Industry to Trigger Innovations in 1,6-Hexanediol Market
One of the top selling polymers in the industry, PU has been registering remarkable adoption of 1,6-Hexanediol for its production. With the number of new players entering the PU manufacturing space, it is highly likely that consumption of 1,6-Hexanediol will also experience a significant boost in forthcoming years.
To complement the requisites of the ever-competitive space of polymer production, 1,6-Hexanediol manufacturers are particularly investing in innovative technology platforms, which are likely to offer them an edge over the globally leading Chinese brands as well as fast-progressing local manufacturing companies.
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1,6-Hexanediol Consumption Continues to be Healthy in Emerging Economies
The global market for 1,6 Hexanediol is estimated to witness steady growth in developing regions such as Asia Pacific excluding Japan (APEJ). Increasing penetration of new players and a substantial presence of Chinese manufacturers in the 1,6-Hexanediol market are cited as prime factors impacting the overall production rate in the region.
The PU industry is expected to grow in the North American region, owing to the rise in R&D, government regulations, cost advantage, skilled workforce and better manufacturing facilities, thereby, fostering the consumption rate of 1,6-Hexanediol market.
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While BASF, Lanxess, Ube Industries, and Shandong Yuanli Science and Technology are cited as the leading companies competing in the global 1,6-Hexanediol marketplace, BASF has been a major shareholder in the industry.
Research reveals that the 1,6-Hexanediol industry continues to be governed by a relatively lesser number of manufacturing companies.
One of the prominent challenges hitting others investing efforts in entering the mainstream market is their inability to combat the presence of higher number of technical barriers.
Despite this consolidated scenario, 1,6-Hexanediol continues to receive strong demand from downstream consumer groups, which plays an important role in maintaining the frequency of overall trade flow of 1,6-Hexanediol in the global market.
To align strategic efforts with the current demand trends, a majority of 1,6 Hexanediol manufacturers are focusing on catering to key application areas such as acrylates, PU, coatings and adhesives, and PE resins and plasticizers.
In addition to production capacity expansion, some of the leading manufacturers are also augmenting investments in the R&D of bio-based 1,6 Hexanediol variants, as a sustainable step toward greenhouse gas reduction.
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