The 1.6-hexanediol market size is projected to grow from USD 902 million in 2019 to USD 1,401 million by 2025, at a CAGR of 8%, during the forecast period. The demand for 1,6-hexanediol has improved in the recent years due to its increased consumption in the APAC region. In addition, the increasing usage of 1,6-hexanediol in varied applications, such as coatings, PU, acrylates, and polyester resins, has further contributed to the growth of this market. As PU is the largest end user of 1,6-hexanediol, it is used as a chain extender in the PU and other resins application segments. It converts the PU into a modified PU with substantially high corrosion resistance. It permeates different properties in PU, such as high mechanical strength, low glass transition temperature, and high heat resistance.
Investments & expansions is the one of the major strategies adopted by key players in the global 1,6-hexanediol market. This strategy helped companies to increase their product portfolio and expand their global presence. Companies are also focused on entering new markets by launching technologically advanced and innovative 1,6-hexanediol products for varied applications. Some of the leading manufacturers of 1,6-hexanediol include BASF SE (Germany), Fushun Tianfu Chemicals Co., Ltd. (China), Lanxess Aktiengesellschaft (Germany), Linshui Nanming Chemical Co., Ltd (China), Perstorp AB (Sweden), Ube Industries, Ltd. (Japan), Shandong Yuanli Science and Technology Co., Ltd. (China), Zhengzhou Meiya Chemical Products Co.,Ltd (China), Hefei TNJ Chemical Industry Co.,Ltd. (China) and Prasol Chemicals Pvt. Ltd (India). A few companies from the above-mentioned ones have adopted various organic and inorganic growth strategies to improve their businesses and increase their market shares.
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Europe is considered to be the most active regions, in terms of strategic initiatives. In September 2018, BASF SE announced an increase in the production capacity of 1,6-hexanediol at its Ludwigshafen Verbund site by more than 50% after the start of production in 2021. After this expansion, the company capacity of 1,6-hexanediol will be more than 70,000 metric tons per year. The 1,6-hexanediol produced from the facility will be used in the high-growth industries, such as automotive, furniture, and packaging.
1,6-Hexanediol Market by Application (Polyurethanes, Coatings, Acrylates, Adhesives, Polyester Resins, and Plasticizers), and Region (Europe, APAC, North America, South America, and Middle East & Africa) - Global Forecast to 2025
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