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(MoneyNewsWire.Net, March 28, 2018 ) The global 1,6-Hexanediol market is projected to reach USD 1,042.1 Million by 2021, at a CAGR of 7.44% from 2016 to 2021. This market has been segmented on the basis of application and region. 1,6-Hexanediol is used as an intermediate in different applications across varied industry verticals. The current industry growth is backed by the increasing demand for 1,6-Hexanediol from the Asia-Pacific region and the improved captive consumption by manufacturers across varied industry verticals. 1,6-Hexanediol is a multi-characteristic and ideal material used in polyurethanes, coatings, acrylates, and polyester resins, among other applications.
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1,6-Hexanediol offers high quality, flexibility, high temperature resistance, and efficient performance to various end products in comparison to other diols. It is used as an intermediate in varied end-use applications, such as coatings, PU, and acrylates. It can be completely converted into end products, as it is readily biodegradable. Thus, high performance and low environmental impacts during operational exposure to workers are key factors contributing to the improved consumption of 1,6-Hexanediol.
The demand of 1,6-Hexanediol has improved in recent years due to its increased consumption in the Asia-Pacific region. There is a rising demand for 1,6-Hexanediol from emerging countries of the Asia-Pacific region, such as India, China, South Korea, Vietnam, and Singapore, among others. In addition to this, the increasing use of 1,6-Hexanediol in various end-use applications such as coatings, PU, acrylates, and polyester resins, among others, is expected to drive the demand and consumption of 1,6-hexanediol, globally.
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In terms of volume, Europe is the largest regional segment of the global 1,6-Hexanediol market, as key manufacturers of 1,6-Hexanediol are based in this region. In addition, awareness about the benefits of 1,6-Hexanediol in the building & construction industry has led to the surge in the popularity of 1,6-Hexanediol in the European region. German players BASF and Lanxess, Sweden-based Perstorp AB, and Japan-based Ube Industries are key manufacturers of 1,6-Hexanediol that have already expanded their presence across the European region as well as enhanced their production capacities to cater to the increased demand for 1,6-Hexanediol.
The emergence of substitute products and their widespread availability is acting as a restraint to the growth of the global 1,6-Hexanediol market. For instance, 1,5-pentanediol can be used in applications, wherein low melting point intermediates are demanded. BASF SE (Germany), Fushun Tianfu Chemicals Co. Ltd. (China), Lanxess Aktiengesellschaft (Germany), Lishui Nanming (China), Perstorp AB (Sweden), Ube Industries, Ltd. (Japan), and Shandong Yuanli Science and Technology Co., Ltd. (China) are key players operating in the global 1,6-Hexanediol market.
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