Hexamethylenediamine Market Gaining Traction from Automotive Industry
Hexamethylenediamine (HMDA) is a crucial material used for manufacturing nylon 66. As per a report released by American Chemistry Society (ACS), Nylon 66's market value was a noticeable $3 billion in 2018 and is evaluated to double by 2026. Owing to the fact that nylon demand will accelerate growth prospects of HMDA, the hexamethylenediamine market size is evaluated at $5,545 million in 2018 and opportunities are estimated to swell at compound annual growth rate (CAGR) of 4.86% during the forecast period of 2019-2025, according to a business intelligence report published by IndustryARC.
The report by IndustryARC is titled “
by Application (Nylon Synthesis, Curing Agents, Lubricants, Biocides, Coatings
Intermediate, Adhesives, and Water Treatment Chemical), By End-User
(Automotive, Textile, Paints & Coatings, and Petrochemicals) and Forecast
(2019-2025).” The growing focus of companies towards bio-based production
technology for manufacturing hexamethylenediamine and nylon 66 is spurring the
HMDA market. This report contains imperative information related to hexamethylenediamine market opportunities and forces that will define the market in the upcoming years.
Global Hexamethylenediamine Market: Leading Segments
According to the analyst, APAC was the leading region to have gained maximum demand share of 47% in 2018. High demand for nylon and mounting automotive and textile industry are collectively enhancing the market value in this region. Several emerging economies in the APAC region including China, India, Taiwan, and South Korea are the major consumers of hexamethylenediamine.
Hexamethylenediamine market has found its leading application in the automotive industry. The increasing popularity of lightweight vehicles to reduce fuel efficiency and lower emissions are booming the production rate of vehicles worldwide. The production growth will also enhance the demand for HMDA lubricants and nylon vehicles tire in the market. The automotive sector in the hexamethylenediamine market is estimated to grow with a CAGR of 4.11% through to 2025.
Global Hexamethylenediamine Market: Growth Drivers and Trends
market has a wide range of end users who will help it in witnessing a high demand. Some of these end users are plastics, textiles,
automotive, petrochemicals, and paints and coatings industries. Hexamethylenediamine is used in paint and coatings industries as a curing agent and coating intermediate. The budding demand for paints and coatings industry will drive the HMDA market. Growing usage of HMDA in water treatment process will also add to the revenue earned by this market in the forecast period. The rising use of hexamethylenediamine in the petrochemical industry to manufacture polyamides will enhance the market value. Polyamides are used in 3D printing and the emerging trend of 3D printing will influence the HMDA market. One of the leading player Asahi Kasei, on January 2018, decided to expand the capacity for Leona nylon 66 filament. The increasing demand for airbag in the automotive sector attributed with the high rate of installations will add significant revenue in the hexamethylenediamine market.
Global Hexamethylenediamine Market: Competitive Landscape
Some of the key market players operating in the hexamethylenediamine market and are noticeably ahead of the curve are Oray Industries, Inc., BASF SE, Solvay Group, Asahi Kasei Corporation, Ashland Global Holdings Inc, DowDupont Inc., Evonik AG, East Chemical Company, Rennovia, Invista, and Genomatica.
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