1,6 Hexanediol Market to Discern Magnified Growth During 2016 - 2023
1,6 hexanediol market has witnessed high growth along with its end use markets such as polyurethane, coatings and acrylates among others over the last few years. The compound has made significant progress with the end use industries which is helped by the fact that 1,6 hexanediol can be customized in order to suit the standards and safety requirements of the end use product. 1,6 hexanediol is basically a colorless crystalline solid with high affinity towards water.
The main applications of 1,6 hexanediol are in the production of polyurethanes, acrylates, coatings, adhesives, plasticizers, and unsaturated polyester resins among others. Polyurethane, acrylic and coating applications account for the lion’s share of the global demand. One of the primary drivers of this market is the demand generated from the emerging countries in the Asia Pacific region. China and India in particular witnessed significant growth in the demand for 1,6 hexanediol over the past few years. Majority of the demand is generated from polyurethanes, which is one of the most versatile polymers in existence in the market.
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Polyurethanes are available in the market in varied forms and find a host of end-use applications. It is available as flexible or rigid foams as well as stiff and robust elastomers and are used in a wide range of end use industries such as insulation industry, electronics industry, and construction industry among some others. The high demand for different grades of polyurethane results in the indirect demand for its upstream chemical which is 1,6 hexanediol. Research and development is highly imperative for 1,6 hexanediol market as new applications such as UV curable resins, epoxy resins system and alkalyd resins are potentially huge markets and can drive the market in the future.
1,6 Hexanediol Market: Drivers and Trends
The impending technological advancements, and development of bio based raw materials are expected to influence the growth of the 1,6 hexanediol market. However, there are a few restraints to the 1,6 hexanediol market. Storage and transportation is a major challenge for this chemically active substance. 1,6 hexanediol is highly hygroscopic in nature and measures need to be taken in order to minimize its interaction with air or moisture. Temperature of the product should be maintained between 55°C and 70°C at all times to optimize its utility. 1,6 hexanediol has been found to exhibit low toxicity and proper precautions need to be undertaken while handling the chemical. It causes eye irritation and diffuse opacity of cornea upon contact with eyes. Vapors or dust of 1,6 hexanediol also causes respiratory tract irritation. Proper protective garments should be worn by people handing the substance so as to minimize skin contact.
1,6 Hexanediol Market: Regional Insight
The largest consumer of 1,6 hexanediol is Europe by volume as well as revenue generation. Demand from Europe is followed by Asia Pacific and North America. Asia Pacific market is expected to exhibit the swiftest growth rate owing to the increased applicability and demand from end use industries. The fact that the manufacturing hub of the world is located in this region also drives the growth in Asia Pacific. India, China, Russia, and Brazil are expected to show persistent demand in the foreseeable future.
Some of the major companies who are involved in the manufacturing of 1,6 Hexanediol are BASF SE (Germany), Ube Industries (Japan), Perstop AB (Sweden), Fushun Tianfu Chemicals Co., Ltd. (China), Lanxess (Germany), and Lishui Nanming (China) among many others.
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