Hexamethylenediamine Market to Grow with a CAGR of 5.02% through 2028
Surge in research and development activities are expected to drive the Global
Hexamethylenediamine Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Hexamethylenediamine
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Hexamethylenediamine Market stood at USD 8.75 billion in 2022 and is anticipated to grow with a CAGR of 5.02% in the forecast
period, 2023-2028. The initiatives taken by government based on hexamethylenediamine
has led to favorable market conditions for the Global Hexamethylenediamine
Market. Several factors contribute to the growth of various hexamethylenediamine
products. Government initiatives aimed at promoting environmentally friendly
products and reducing carbon footprints have sparked a significant surge in the
demand for HMDA. For instance, the European Union has been actively supporting
the adoption of sustainable practices, which has had a positive impact on the
HMDA market. This versatile compound is a key ingredient in the production of
bio-based nylons, offering a greener alternative to traditional petroleum-based
nylons and addressing growing environmental concerns. In addition to
government initiatives, regulatory measures are also instrumental in shaping
the HMDA market. The Australian Government Department of Health, for example,
has conducted a comprehensive tier II assessment of 1,6-Hexanediamine, another
name for HMDA. This assessment underscores the significance of understanding
the potential impact of HMDA on human health. As a result, more stringent
regulations may be imposed, influencing both the production and use of HMDA in
various industries.
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Hexamethylenediamine Market”
One significant
area of focus for research and development (R&D) in the Home Mortgage
Disclosure Act (HMDA) market is sustainability. As the world places a growing
emphasis on environmental conservation, there is an urgent need for
eco-friendly alternatives to traditional HMDA production methods. R&D
efforts are therefore directed towards developing bio-based HMDA or enhancing
existing processes to minimize their environmental impact. These initiatives
not only contribute to the well-being of our planet but also align with the
increasing demand for sustainable products from both consumers and various
industries. By investing in sustainable practices, we can pave the way for a
more environmentally conscious and responsible future.
The Global
Hexamethylenediamine Market is segmented into application, end user, regional
distribution, and company. Based on its application, the nylon synthesis segment
held the largest share in the market. The demand for hexamethylenediamine
(HMDA) in the nylon synthesis application segment has witnessed a significant
increase in recent times. This surge in demand can be attributed to the growing
need for nylon 66, a versatile material widely used in key industries like
automotive and textile. The exceptional properties of nylon 66, including its
strength, durability, and heat resistance, make it a preferred choice for
various applications. As a result, the demand for HMDA, a crucial component in
the production of nylon 66, has been steadily rising to meet the requirements
of these industries.
Based on region, North America segment is expected to
grow during the forecast period. The United States and Mexico are the major players in
the regional hexamethylenediamine market. Both countries have well-established
markets, which contribute to their steady growth over the forecast period. With
their robust infrastructure and strong industry presence, these regions are
poised to maintain their market dominance and continue to drive the growth of
the hexamethylenediamine industry.
Major companies operating in Global
Hexamethylenediamine Market are:
- Asahi Kasei Corporation
- Ascend Performance Materials Inc
- BASF SE
- Evonik Industries AG
- Genomatica Inc.
- INVISTA Sarl
- Merck KGaA
- Radici Partecipazioni SpA
- Shenma Industrial Co. Ltd
- TORAY INDUSTRIES INC.
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“Growing application of hexamethylenediamine in
various end user industries are key drivers of the hexamethylenediamine market.
Growth in competitive landscape and presence of well-established companies in
the market who are dedicated to enhance their productivity of hexamethylenediamine
with every passing year are anticipated to register an impressive growth to Global
Hexamethylenediamine Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Hexamethylenediamine Market By Application (Nylon
Production, Nylon Synthesis, Biocides, Curing Agents, Lubricants, Others), By End
User (Textile, Fiber, Plastic, Automotive, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Hexamethylenediamine Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Hexamethylenediamine Market.
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