Growing Uses of Hexamine across Various End-Use Industries is Enhancing the Market Growth. India Hexamine Market size is forecast to reach $33.7 million by 2026, after growing at a CAGR of 6.5% during 2021-2026.
Hexamine is being extensively utilized in applications such as coatings, adhesives, sealing compounds, as corrosion inhibitor for steel, as cross-linking agent for vulcanizing rubber and hardening phenol-formaldehyde resins, and more. And these applications demand are high in various end-use industries such as construction and automotive. As a result, the adoption of hexamine to manufacture paints, coatings, adhesives, sealing compounds, rubber, phenolic resins, and more is growing in a variety of end-use industries, which is positively uplifting the market growth.
Hexamine is used as a cross-linking agent during the vulcanization of rubber and is also used to manufacture dinitrosopentamethylene-tetramine, a blowing agent for rubber. It also serves as a catalyst in the development of vulcanized rubber, which is used in the manufacture of car tires. Rise in disposable income of consumers, and developing manufacturing sector in India further contribute to the market growth. According to Invest India, by 2026, India is projected to be the third-largest automotive market in the world in terms of volume. According to the India Brand Equity Foundation (IBEF), Indian passenger vehicle sales increased and reached 3,10,294 units in October 2020, compared with 2,71,737 units of October 2019, a 14.19% growth. As per the Federation of Automobile Dealers Associations (FADA), passenger vehicle sales in November 2020 stood at 291,001 units, compared with 2,79,365 units in November 2019, registering a 4.17% growth in India. In such context, India's increased automobile production has resulted in an increase in rubber production for tire manufacturing. And the hexamine demand has expanded as a result of increased rubber production.
The rapid expansion of coronavirus has had a huge effect on Indian markets as large markets had been locked up because of this pandemic in 2020. Because of the nationwide lockdown, suddenly the production and supply demand for chemicals such as hexamine was declined in the year 2020. The shutdown of all forms of domestic transport within the country was also one of the major factors which affected the growth of the India hexamine industry. The pandemic has also had a huge effect on India's GDP growth rate. According to the International Monetary Fund, the estimated actual GDP of India for the year 2020 (a percentage change) was -10.3% at a glance of 2021. Besides, various sectors including the manufacturing sector have slowed down the demand for goods’ production and exports of hexamine which has declined the India hexamine market growth.
West India holds a major share of the India hexamine market. Hexamine are extensively utilized to manufacture paints, coatings, adhesives, sealants, rubber tires, and phenolic resins. And these are then extensively employed in the automotive industry to manufacture automobiles components and provide durability to these components and in the construction industry to build residential, commercial, industrial, and infrastructural structures. 0PMI Electro Mobility Solutions and China's Foton Motors have agreed to invest INR 1K crore in Pune to produce electric vehicles (EVs). In March 2021, the Maharashtra government announced that an updated E-vehicles policy will be launched this year, which will include incentives and create infrastructure for private and public vehicles to make the transition to E-vehicles. Goa is the newest Indian state to concentrate on electric vehicles, providing incentives to two-wheeler owners who prefer the environmentally friendly mode of transportation. In February 2021, the Clean Mobility Scheme was initiated by the Goa government. The scheme would apply to the first 10,000 electric two-wheelers sold in the state, resulting in an annual reduction of 5,000 tonnes of CO2 emissions and the removal of 10% of polluting vehicles from roads. Tata Motors will introduce its electric vehicles in Goa as part of its tender with EESL in 2021, in collaboration with the Department of New and Renewable Energy. And since the automotive industry is burgeoning in West Indian states, it is anticipated that there will be an escalating demand for hexamine in these states to manufacture paints, coatings, adhesives, sealants, rubber tires, and phenolic resins during the forecast period.
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India Hexamine Market Growth Drivers:
Rising Usage of Hexamine as Accelerators in the Rubber and Tire Industry
Hexamine is a translucent, crystalline powder that is used as a starting material for the manufacture of rubber and tire compounds in micronized form. Majority of rubber products manufactured are vulcanized. Vulcanized rubber is used in a wide range of applications, including hoses, shoe soles, hockey pucks, toys, bowling balls, tyres, and bouncing balls, among others. The term vulcanized rubber was coined to describe the treatment of natural rubber with sulphur, which is still the most common process. In the rubber industry, hexamine is used to prevent vulcanized rubber from blocking and is also used as an accelerator. For all sulphur curing systems, accelerators are an important component which increases the curing ratio and sulphur bonding to rubber macromolecules in the form of cross-links. Additionally, hexamethylenetetramine, also known as hexamine, is a fast accelerator for chloroprene rubber compounds, but it tends to be a slower accelerator or even a non-coloring antioxidant in other rubber compounds. Therefore, owing to the alluring properties, the usage of hexamine as accelerators in the rubber and tire industry is rising, thus, this is projected to fuel the market for India hexamine during the forecast period.
New technology and product innovation solemnly helps in driving the market growth. Significant R&D investments in the market aim at developing high-performing hexamine that comply with legal requirements and are low toxic, while being competitively priced. The goal at this time is to find ways to use new and existing technology to reduce the toxicity of hexamine in a cost-effective manner. Currently, for the period of 2020-April 2021 there are as such no R&D investments across the country but it is estimated that in the future there will be increasing R&D investments in the market.
Major Players of Market Include
The major companies in hexamine market include Simalin Chemical Industries Pvt. Ltd., Kanoria Chemicals & Industries Limited (KCI), Newton Engineering & Chemicals Ltd., Kothari Phytochemicals Industries Ltd., SISCO Research Laboratory Pvt. Ltd., Finar Limited, Shreenathji Rasavan Pvt. Ltd., Shraddha Associates (GUJ) Pvt. Ltd., Wintime Chemicals & Minerals Private Limited, and Paragon Chemicals.
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