1,6-Hexanediol Market | Key players operating in this market include BASF SE, Fushun Tianfu Chemicals Co., Ltd., Lanxess Aktiengesellschaft, Linshui Nanming Chemical Co., Ltd., Perstorp AB, Ube Industries, Ltd., Shandong Yuanli Science and Technology Co.,

According to recent market research "1,6-Hexanediol Market by Application (Polyurethanes, Coatings, Acrylates, Adhesives, Polyester Resins, and Plasticizers), and Region (Europe, APAC, North America, South America, and Middle East & Africa) - Global Forecast to 2025", The 1,6-hexanediol market size is projected to grow from USD 902 million in 2019 to USD 1,401 million by 2025, at a CAGR of 8% during the forecast period.

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The market size of 1,6-hexanediol is estimated to grow from USD 902 million in 2019 to USD 1,401 million by 2025, at a CAGR of 8%, during the forecast period. Growth of the global polyurethanes (PU) application demand from key end-use industries, such as construction, automotive and furniture, is expected to remain a key driving factor for 1,6-hexanediol market over the next five years. Rigid foams manufactured from PU are extensively used in infrastructure as insulators, sealant, and flooring materials. The PU manufactured flexible foams are extensively used in the furniture applications, such as carpet & seat cushions and mattress padding.

The 1.6-hexanediol market size is projected to grow from USD 902 million in 2019 to USD 1,401 million by 2025, at a CAGR of 8%, during the forecast period. The demand for 1,6-hexanediol has improved in the recent years due to its increased consumption in the APAC region. In addition, the increasing usage of 1,6-hexanediol in varied applications, such as coatings, PU, acrylates, and polyester resins, has further contributed to the growth of this market. As PU is the largest end user of 1,6-hexanediol, it is used as a chain extender in the PU and other resins application segments. It converts the PU into a modified PU with substantially high corrosion resistance. It permeates different properties in PU, such as high mechanical strength, low glass transition temperature, and high heat resistance.

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In terms of regional coverage, the 1.6-hexanediol market has been segmented into five regions, namely, APAC, North America, Europe, South America, and the Middle East & Africa. APAC is expected to record the highest growth rate during the forecast period. This region encompasses a diverse range of economies with different levels of economic development and a large variety of industries. Most of the industries in this region include manufacturing, mining, semiconductors, electronics, oil & natural gas, textile, automobiles, financial services, pharmaceutical, and telecommunication. The construction, automotive, packaging and electronics sectors are growing rapidly in tandem with the rising population. The key manufacturers adopted investment & expansion strategy to tap into the growing demand from various end-use industries. BASF (Germany) is the most active Player in the 1,6- hexanediol production and is continuously updating its existing product portfolio to cater to the growing demand and give a tough competition to its competitors.

Europe is considered to be the most active regions, in terms of strategic initiatives. In September 2018, BASF SE announced an increase in the production capacity of 1,6-hexanediol at its Ludwigshafen Verbund site by more than 50% after the start of production in 2021. After this expansion, the company capacity of 1,6-hexanediol will be more than 70,000 metric tons per year. The 1,6-hexanediol produced from the facility will be used in the high-growth industries, such as automotive, furniture, and packaging.

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Investments & expansions is the one of the major strategies adopted by key players in the global 1,6-hexanediol market. This strategy helped companies to increase their product portfolio and expand their global presence. Companies are also focused on entering new markets by launching technologically advanced and innovative 1,6-hexanediol products for varied applications. Some of the leading manufacturers of 1,6-hexanediol include BASF SE (Germany), Fushun Tianfu Chemicals Co., Ltd. (China), Lanxess Aktiengesellschaft (Germany), Linshui Nanming Chemical Co., Ltd (China), Perstorp AB (Sweden), Ube Industries, Ltd. (Japan), Shandong Yuanli Science and Technology Co., Ltd. (China), Zhengzhou Meiya Chemical Products Co.,Ltd (China), Hefei TNJ Chemical Industry Co.,Ltd. (China) and Prasol Chemicals Pvt. Ltd (India). A few companies from the above-mentioned ones have adopted various organic and inorganic growth strategies to improve their businesses and increase their market shares.

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