Global hexamine market is projected to reach $394.2 million by 2023, according to P&S Market Research.
Growing demand from different end use industries and increasing use from the plastic industry are the key factors driving the hexamine market growth. Hexamine is an organic chemical, mainly used as a hardening component in the production of phenolic formaldehyde resins, and related molding compounds. It is also known as methenamine, urotropine, formin, aminoform, or hexamethylenetetramine.
Insights into market segments
The unstabilized grade is the dominant type in the hexamine market, with an estimated contribution of more than 85.0% revenue in 2017. This can be attributed to the wide use of the chemical in the preservation of hides, as cross-linking agent for hardening phenol-formaldehyde resins and vulcanizing rubber, as corrosion inhibitor for steel, as dye fixative, and as urinary antiseptic, besides others.
Of all application categories in the hexamine market, resin accounted for the highest consumption of the chemical, with a contribution of more than 50% in 2017. This is attributed to the fact that it acts as an important component in thermosetting the resin production by working as a curing agent.
Browse report overview with 90 tables and 48 figures spread through 122 pages and detailed TOC on "Hexamine Market by Type (Stabilized Grade, Unstabilized Grade), by Application (Resin, Rubber, Pharmaceutical, Explosive), by Geography (U.S., Canada, Russia, Germany, France, China, India, Saudi Arabia, U.A.E., Iran) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/hexamine-market
APAC seizes the leading position in the hexamine market
Globally, Asia-Pacific (APAC) has been the largest hexamine market, with a contribution of more than 50.0% revenue in 2017. It is also expected to be the fastest growing market during the forecast period, with 4.5% CAGR. Increasing demand for the chemical from different industries, such as rubber, resin, and pharmaceutical, is driving the growth of the market in the region.
Increasing demand in plastic industry is expected to drive the market growth
This chemical is used in the synthesis of plastics, and construction and packaging industries are the major end users of plastics. With the rise in population, there has been an increase in the construction projects, especially the sewage projects, attributing to the increased use of plastic pipes. Also, there has been rapid increase in the use of plastics from the packaging industry, owing to the expanding food, beverages, and pharmaceuticals industries. The increasing use of plastics from the construction and the packaging industries is expected to stimulate the hexamine market growth in the coming years.
Adverse health implications act as a restraint to market growth
The white crystalline heterocyclic organic compound, i.e., hexamine, is highly soluble in water and organic solvents. However, there are certain side effects of taking it as a medication. The most common side effects of taking this as a medication are vomiting, diarrhea, loss of appetite, and stomach cramps, rashes, swelling of tongue, difficulty in breathing, and dizziness. Thus, these effects act as a restraint to the growth of the hexamine market.
Hexamine market competitive landscape
PJSC Metafrax and INEOS Group Holdings S.A. are some of the major players with significant production capacity and prominent shares in the market. These companies are majorly serve the demand of European countries, and also export a certain quantity to other regions such as APAC.
Some of the other major players operating in the hexamine market are Hexion Inc., Sina Chemical Industries Company, “JSC” Shchekinoazat United Chemical Company, Simalin Chemical Industries Pvt Ltd., Mitsubishi Gas Chemical Company Inc., Chemanol (Methanol Chemicals Company), Shandong Dongping Tongda Imp. & Exp. Co. Ltd., Kanoria Chemicals & Industries Limited, Ascend Performance Materials, and Lanxess AG.
GLOBAL HEXAMINE MARKET SEGMENTATION