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Hexamethylenediamine Market Size Intelligence Report Offers Growth Prospects
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Hexamethylenediamine (HMDA) is majorly used as a chemical intermediate, corrosion inhibitor, and curing agent. Over recent years, the chemical industry is witnessing a spurting rise, mainly due to the rapid industrialization across the world. Therefore, Hexamethylenediamine finds extensive applications in various end-use industries such as water treatment, textile, and automotive. Also, HMDA finds applications in the manufacturing of resins used in the production of adhesives and paints.
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Thus increasing consumption of these materials leads to augmented demand and production. Resultantly, the HMDA market is garnering massive traction on the global platform. Market Research Future (MRFR), in its Covid-19 Analysis on the global Hexamethylenediamine market, asserts that the market is estimated to grow with 5.65% CAGR during the forecast period (2020-2027). The market had valued at USD 5.98 MN in 2018, States MRFR, in its Covid-19 HMDA market analysis.
Increasing demand for Hexamethylenediamine in the automotive and textile industries acts as a significant driving force for the market growth. The rising demand for Hexamethylenediamine as a precursor in the production of nylon 6, 6, substantiates the growth of the market excellently. In the automobile industry, Nylon 6, 6, is used to manufacture airbags, electro-insulating elements, and radiator end tanks. Additionally, rising environmental concerns provide impetus to market growth, promoting the demand for bio-based HMDA.
These factors cumulatively create lucrative opportunities for industry players. On the other hand, HMDA is moderately toxic, and direct exposure during its manufacturing can result in eye damage and skin burns. Regulatory agencies such as the American Conference of Governmental Industrial Hygienists (ACGIH) and the European Chemicals Agency (ECHA) have categorized Hexamethylenediamine as a hazardous substance.
Factors such as the toxic nature of HMDA and the demand-supply gap in raw materials required in the production of HMDA are expected to impede the growth of the market. Nevertheless, rising investments in the industry would support market growth throughout the assessment period. Also, a hefty rise in the paints & coatings industry and increasing HMDA usages in the petrochemical industry are projected to fuel the regional market growth.
Hexamethylenediamine Market Size - Segmentations
The market is segmented into three dynamics;
By Application : Nylon Synthesis, Lubricants, Coating, Adhesives, and others.
By End-Use Industry : Textile, Paints & Coatings, Automotive, Water Treatment, Petrochemical, and others.
By Regions : Europe, Americas, Asia Pacific, MEA, and Rest-of-the-World.
Global Hexamethylenediamine Market - Geographical Analysis
Asia Pacific region dominates the global Hexamethylenediamine market. Market growth attributes to the increasing HMDA demand from some of the burgeoning end-use industries, such as textiles, paints and coatings, automotive, petrochemical, and, most importantly, the water treatment sector. Moreover, the continually growing chemical industry led by the rapid industrialization & urbanization in the region substantiates the market demand.
China is the largest consumer market for HMDA in the region on account of the rising nylon exports from the country. Similarly, India and other South-East Asian countries contribute equally to the regional market growth, heading with the increasing use of HMDA in the water treatment sector. Furthermore, the rapidly improving economy in the region boosts market growth, creating numerous opportunities for industry players. The APAC Hexamethylenediamine market is projected to retain its dominance over the global market throughout the review period.
North America stands second in the global Hexamethylenediamine market. The market growth is majorly driven by the growing demand for HMDA as a key raw material in the paints & coating industry and the increasing constructional activities in the region. The US, backed by the rising technological advancements and multifunctional emerging applications such as 3D printing and functional coatings, drives the regional market growth majorly.
The Hexamethylenediamine market in the European region is growing continually. Factors such as increasing uses of HMDA in the manufacturing of automotive components and lubricants and increasing vehicle production in the region foster market growth. Additionally, the presence of major key players such as BASF SE, LANXESS, Merck KGaA, and Evonik Industries AG in the region impacts the growth of the market. The European Hexamethylenediamine market is estimated to grow at an impressive CAGR during the forecast period.
Hexamethylenediamine Market - Competitive Analysis
The Hexamethylenediamine market appears to be highly competitive and fragmented due to the presence of many well-established players. To gain a larger competitive share, players adopt strategies such as mergers & acquisitions, collaboration, expansion, and product/ technology launch. The demand for Hexamethylenediamine is high, as these are sold in volume and well-margined markets. Manufactures adopt digital transformation to drive strategic growth and streamlining the profit, customizing the end application of specialty chemicals.
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BASF SE (Germany), INVISTA (US), Asahi Kasei Corporation (Japan), Merck KGaA (Germany), Toray Industries, Inc. (Japan), Evonik Industries AG (Germany), Ascend Performance Materials (US), Solvay (Belgium), DuPont (US), and LANXESS (Germany), among others.
February 25, 2020 ---- Invista, a fiber, resin, and intermediates company in the US, announced that it is still progressing with its USD 1.2 BN adiponitrile (ADN) project in China, amid the coronavirus outbreak that is causing disruption & creating the risk of an economic slowdown. The 400,000t/yr ADN plant in Shanghai's chemical park had secured an environmental & safety approvals from authorities in January.
The project is on track, and the construction would begin in the same year, with production scheduled to start in 2022. Upon completion, the ADN plant will integrate with Invista's existing hexamethylenediamine (HMD) and polymer facilities to supply raw materials for the production of nylon 6,6 and other high-value products that are hugely used in the electronics and automotive sectors across the APAC.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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