- Adipic Acid
1,6-Hexanediol Market was valued at USD 1,023.8 million in 2022 and is poised to grow at a CAGR of 7.6% over 2023-2029. 1,6-Hexanediol is a chemical compound prepared by the hydrogenation of adipic acid or its esters and is a type of diol, that is used in the production of various products, including polymers, coatings, and cosmetics. The rising demand for various polymers, including polyurethanes and polyester resins in automotive, construction, and packaging industries is expected to drive the market. According to ACEA, May 2023 report, in 2022, 85.4 million motor vehicles were produced around the world, an increase of 5.7% compared to 2021. Furthermore, the increased demand for coatings and paints in the construction and automotive sectors, where 1,6-Hexanediol is used as a component to improve performance and durability is anticipated to propel the market demand.
In Addition, the advancement in the cosmetics and personal care industry to develop effective skincare and beauty products has provided several opportunities for manufacturers to develop new formulations and applications for 1,6-Hexanediol to align with consumer preferences for natural and effective ingredients. Currently, the availability of options to customize chemical solutions, and formulations of 1,6-Hexanediol to tailor to meet specific industry needs has become popular in the market. But the adoption of strict regulatory compliance, safety, and environmental standards by several country’s governments for chemical industries may hinder market growth. However, the increased demand from several end-user industries, increased key market players, and increased investments by the government are anticipated to burgeon the market growth during forecast years.
Fastest Growing Market
The market is expected to rise due to increased usage of polyurethane in the construction industry, consumer products industry, and automotive industry has increased tremendously. The need for polyurethanes' sub-applications or derivatives, such as thermoplastic polyurethane elastomers, coatings, and foams, across numerous geographies, is a key driver of the material's growth. Additionally, the increased demand for flexible foams that are made from PU used extensively to make furniture components including carpet, seat cushions, and mattress padding drives the market. Owing to the durability, flexibility, and versatility of 1,6-Hexanediol is used in various industries. Furthermore, the increased demand for foams and coatings for insulation, roofing, and sealants in the construction industry drives the market. For instance, in December 2022, Dow launched the V PLUS Perform next, an evolution of its legacy V PLUS Perform polyurethane technology for insulated metal panels for buildings that require energy-efficient insulation with decreased embodied carbon
The 1,6-Hexanediol market valued at USD 1,023.8 million in 2022 and is expected to grow at 7.6% CAGR over the forecast period 2023 – 2029.
BASF SE (Germany), LANXESS (Germany), UBE Corporation (Japan), Zhejiang Lishui Nanming Chemical Co., Ltd. (China), Hefei TNJ Chemical Industry Co., Ltd. (China), Perstorp (Sweden), Technology Ltd (U.K.), Zhengzhou Meiya Chemical Products Co., Ltd (China), Prasol Chemicals Limited. (India), Henan Tianfu Chemical Co., Ltd (China), and YUANLI SCIENCE AND TECHNOLOGY (China) are a few companies operating in the 1,6-Hexanediol market.
Asia Pacific dominates the market and is anticipated to grow with 8.1% CAGR over the forecast period 2023-2029.