The market is expected to generate an incremental $ opportunity of US$ 70.5 Mn between 2022 and 2032
Category: Chemicals & Materials Published Date : October 2022 ID: CVC-00237 Format: PDF Pages: 290
Global Hexylene Glycol Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Hexylene Glycol Market was worth US$ 177.6 Mn and is expected to grow at a CAGR of 3.4% over the forecast period. While the historical CAGR is 2.7%, the market is expected to hit US$ 248.1 Mn by 2032 end.
A colorless chemical substance known as 2-methyl-2, 4-pentanediol is hexylene glycol (MPD). Hexylene glycol is a viscous substance that can mix with fatty acids, water, and other organic solvents. It is produced using the hydrogenation process using diacetone alcohol. Hexylene glycol has a high level of emulsion stabilizing abilities and low volatility.
In addition to its employment in coatings, it also functions as a setting agent in the production of textiles and as an intermediary in the synthesis of agrochemicals and pharmaceuticals.
Growth in the paints & coatings industry is benefiting the hexylene glycol market
Hexylene glycol is typically employed as a solvent in the paint and coatings sector. Due to the increase in construction activity worldwide, the paints and coatings market is anticipated to rise rapidly during the forecast period.
Consequently, it is anticipated that this will increase demand for hexylene glycol during the forecast period. In addition to the building sector, the automotive industry, which has experienced rapid growth over the past few years, makes extensive use of paints and coatings. The use of paints and coatings is anticipated to rise along with the increase in automotive production.
Rising Preference for Hexylene Glycol due to its excellent properties across various applications
Hexylene glycol is an excellent solvent due to its low evaporation rate and complete miscibility with water. As a result, its use in various end-use industries is expected to increase, driving market growth over the forecast period.
Hexylene glycol is in high demand in the personal care and cosmetics industries because it is used as a surfactant, emulsifier, and viscosity decreasing agent in various products. Furthermore, developing the use of hexylene glycol as a direct solvent in paints and coatings, household and commercial cleaners, and so on.
Market Segments Covered in Report
By Region and Country:
How will the growth of the Pharmaceuticals sector impact Hexylene Glycol Market?
Hexylene glycol demand has increased significantly in the pharmaceutical sector in the past few years. Pharma-grade hexylene glycol is utilized as a processing solvent in producing pharmaceuticals and manufacturing medical wipes and various medication formulations. Rising R&D spending and healthcare costs are expected to expand significantly in the upcoming years, favorably affecting the consumption of hexylene glycol.
In addition, the need for medications is rising as the world’s population ages. Changing eating, sleeping, and lifestyle patterns are some elements influencing the pharmaceutical industry’s expansion. The pharmaceutical sector is anticipated to account for a sizeable portion of the worldwide hexylene glycol market and reach a value of US$ 65.6 Mn.
What will be the Growth Outlook for the Paints & Coatings Industry?
According to end use, the paints and coatings industry is anticipated to account for around 36.0% of total consumption. During the forecast period, increasing demand for paints and coatings is expected to affect the hexylene glycol market’s growth positively. The paint and coatings sector uses hexylene glycol as a solvent.
Due to the global expansion of the construction and automotive industries, the paints and coatings market is anticipated to rise rapidly during the forecast period. Consequently, it is expected that this will increase demand for hexylene glycol during the forecast period.
The demand for paints and coatings is anticipated to increase as more homes and businesses are built. The use of colors and layers is expected to rise as vehicle manufacturing grows, which is anticipated to be good for the market’s expansion.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa.
To fulfill the rising demand for mono propylene glycol, manufacturers have recently shifted their attention and focus to developing nations. Several significant firms are also concentrating on increasing their manufacturing capacity, releasing cutting-edge products, and focusing on mergers and acquisitions.
The key developments in the Global Hexylene Glycol Market are:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Grade, End-Use, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|