Growing Demand for 1,6-Hexanediol Market to Significantly Increase CAGR Through 2026

increase in the use of 1,6-Hexanediol in polyurethanes across emerging nations and an increase in the research and development from leading players are expected to drive the growth of the 1,6-hexanediol market. The global 1,6-hexanediol market was valued at USD 955.5 million in 2018 and is expected to reach USD 1,848.7 million in 2026, growing at a CAGR of 8.5% during the forecast period.

Increase in demand for polyurethanes across end-use industries such as infrastructure and furniture, which primarily expected to drive the growth for the 1,6-hexanediol market. Additionally, this application is expected to dominate the market by accounting for almost half of total polyurethanes market demand. Rigid foams made from polyurethanes are broadly consumed in infrastructure as insulators, sealant,s and flooring materials. Polyurethanes are primarily manufactured for flexible foams, which are widely adopted in furniture applications such as carpet & seat cushions and mattress padding.

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Considering the current scenario, the increase in investments for research for product development in end-use applications is expected to create opportunities in the market for industry participants. The 1,6-hexanediol is widely consumed across new applications such as ultraviolet curable resins and alkyd & epoxy resins and further potentials are expected to provide growth opportunities during the forecast period. The global market for 1,6-hexanediol is on the growth stage for being a possible nylon-6 precursor. Moreover, the increase in advancement in technologies and development of bio-based raw materials are expected to enhance the market size. This also expected to open growth opportunities in the global market for the manufacturers in the coming years.

An increase in the use of 1,6-Hexanediol in polyurethanes across emerging nations and an increase in the research and development from leading players are the main drivers for the market growth of the global 1,6-hexanediol market over the forecast period. However, the storage and transportation of 1,6-Hexanediol and wide availability of substitute are expected to hamper the growth of the global 1,6-hexanediol market during the forecast period.

Key Findings:

Based on the application, the polyurethanes application segment accounted for approximately 35.2% of the share in the global 1,6-hexanediol market in 2018.
Europe accounted for nearly 37.1% share of the global 1,6-hexanediol market in 2018.
Recent News:

In September 2018, BASF SE announced its expansion strategy to increase the manufacturing capacity of 1,6-Hexanediol at its Ludwigshafen Verbund site.
In April 2017, Lanxess invested nearly USD 111.96 million for the expansion of intermediates production facility across Leverkusen and Krefeld-Uerdingen.

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This release was published on openPR.