Global 1,6-Hexanediol Market to Grow at 8% CAGR during 2019 to 2025

1,6-Hexanediol is an organic compound widely used in industrial settings to produce polyester and polyurethane. Due to the presence of a considerably long hydrocarbon chain, 1,6-hexanediol can enhance the hardness and flexibility of polyesters. It is also used as a chain extender in polyurethane, which in turn, imparts resistance to hydrolysis and greater mechanical strength to the modified polyurethane. The resulting polyurethane also possesses a low glass transition temperature.

The global 1,6-hexanediol market is expected to maintain a CAGR of 8% during the period 2019 - 2025. The market was valued at USD 902 million in 2019 and is projected to reach USD 1,401 million by 2025. The increasing demand for 1,6-hexanediol for various applications like the production of coatings, polyester resins, adhesives, and acrylates is fueling the growth of the global market.

1,6-hexanediol has low toxicity and low flammability, which makes it safe for industrial use. The consumption of 1,6-hexanediol for polyurethane production has increased significantly in emerging economies, especially those in the Asia-Pacific region. This has increased the demand for this organic compound in recent times and has given a major boost to the global 1,6-hexanediol market growth.

Increasing demand for polyurethane from industries like infrastructure and furniture is expected to be another key driving factor for the global 1,6-hexanediol market. Rigid foams manufactured from polyurethane is widely used as sealants, insulators, and flooring materials in infrastructure applications, while flexible foams manufactured from polyurethane is used in furniture applications like mattress padding and carpet & seat cushions.

Growing demand for these products will eventually result in an increase in demand for 1,6-hexanediol for producing polyurethane. Similarly, growing demand for protective and industrial coatings will also affect the growth of the global market for 1,6-hexanediol positively. The high-temperature resistance and high performance offered by 1,6-hexanediol will also play an important role in the growth of the global market.

The environmental impact of 1,6-hexanediol is low and hence, it is considered to have low operational hazard to workers. This too is expected to contribute towards the growth of the global market. New growth opportunities are likely to be generated by an increase in investment in research for developing products in niche applications, as well as advancement in technologies and development of bio-based materials.

On the other hand, difficulties associated with the storage and transportation of 1,6-hexanediol may restrict the growth of the global market to some extent. Similarly, the availability of substitutes can also slow down the growth of the global 1,6-hexanediol market in the coming days.       

The global market for 1,6-hexanediol is presently dominated by Europe due to increasing demand for polyurethane in the automotive industry. In 2018, the region held about 37.1% share of the global market. The European market is followed by the North American and Asia-Pacific markets. The Asia-Pacific region is projected to register the highest CAGR over the next couple of years due to high consumption of 1,6-hexanediol in China and India.

The global 1,6-hexanediol market is presently being dominated by prominent players like BASF SE, Prasol Chemicals Pvt. Ltd., Fushun Tianfu Chemicals Co., Ltd., Lishui Nanming Chemical Co., Ltd., Perstorp AB, Ube Industries, Ltd., Shandong Yuanli Science and Technology Co., Ltd, Lanxess Aktiengesellschaft, Zhengzhou Meiya Chemical Products Co., Ltd, and Hefei TNJ Chemical Industry Co., Ltd.

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