Hexamine Market: Highlights The Competitive Scenario Of The Market, Major Competitors And Benchmarking

The global hexamine market is estimated to be valued at $315.4 million in 2017 and is projected to reach $394.2 million by 2023, witnessing a CAGR of 3.7% during the forecast period. Growing demand of the chemical from end use industries and its increasing use in the plastic industry are the key factors driving the hexamine market growth. Hexamine is a white crystalline compound made via the chemical combination of formaldehyde and amine. It is primarily used in applications related to resins and explosives. The material possesses a heterocyclic organic structure, slightly amine odor, and great solubility in polar solvents such as water, alcohol, and chloroform.

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The major trend witnessed in the hexamine market in recent years is the increasing production of the chemical in APAC. Comparatively lenient regulations regarding its production, and availability of cheap labor and raw materials help in decreasing the minimum efficiency scale (MES) for the its production in the region. Producers are shifting their base to APAC owing to stringent environmental rules and regulations laid down by the governments of various countries in other regions, particularly Europe, banning the use of hexamine in paint striper application. The regulations have been set up by REACH, which is the European Regulation on Registration, Evaluation, Authorisation and Restriction of Chemicals.

The hexamine market in developing countries is on the rise. Emerging economies such as India, are seeing a high use of the chemical in the plastic and adhesives industries. For example, in India, Simalin Chemical Industries Pvt Ltd. is a major producer of the chemical, that produces it for use in the pharmaceutical, plastic, and adhesives industry. Thus, increasing demand from developing countries is creating ample growth opportunities in the market for industry players.

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Hexamine is used in many industries including pharmaceutical, rubber, explosives, fuels, and others. With the rise in population, there has been an increasing need from the pharmaceutical industry for medical products. This is because the increasing population is resulting in poverty, which is attributing to a rise in diseases, like urinary tract infection and neurological diseases. The chemical is used as an antibiotic for the treatment of urinary tract infection and also for the suppression of bacteriuria in patients having neurological diseases.

Some of the major players operating in the hexamine market are INEOS Group Holding S.A., Hexion Inc., PJSC Metafrax, Sina Chemical Industries Company, “JSC” Shchekinoazat United Chemical Company, Simalin Chemical Industries Pvt Ltd., Mitsubishi Gas Chemical Company Inc., Chemanol (Methanol Chemicals Company), Shandong Dongping Tongda Imp. & Exp. Co. Ltd., Kanoria Chemicals & Industries Limited, Ascend Performance Materials, and Lanxess AG.

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