The most recent study conducted by Report Ocean, titled “Global Hexamethylenediamine Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Hexamethylenediamine. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Hexamethylenediamine Market is valued at approximately USD $ million in 2021 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2022-2028. Hexamethylenediamine {H2N(CH2) 6NH2} is a colorless organic solid with a strong amine odor. Hexamethylenediamine is created from a hexamethylene hydrocarbon chain with an amine functional group at the end.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
It is used as a corrosion inhibitor, chemical intermediate, and curing agent in industries such as automotive, textile, paint & coatings, petrochemicals, and many others. Factors such as the extensive use of hexamethylenediamine in manufacturing nylon 66 (PA 66), surging demand for polyamides in 3D printing, and growing need in the automotive and textile industries are the key factors contributing to the market demand around the world.
For instance, according to Statista, in 2019, the market size of the PA 66 or Nylon 66 segment was estimated to account for USD 12,131 million and it is projected that the segment grows and reach USD 16,302.1 million by 2025. Thereby, the demand for Nylon 66 is bolstering the growth of the Hexamethylenediamine Market in the impending years. However, rising environmental concerns and increasing R&D activities to find a replacement for hexamethylenediamine impede the growth of the market over the forecast period of 2022-2028. Also, the growth of bio-based hexamethylenediamine and increasing initiatives by the key market players are anticipated to act as catalyzing factors for the market demand during the forecast period.
The key regions considered for the global Hexamethylenediamine Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the rapid expansion of automotive industry and high production of nylon 66. Whereas, Asia-Pacific is anticipated to exhibit the highest CAGR over the forecast period 2022-2028. Factors such as the availability of cheap labor and raw materials, as well as growth of end-use industry, would create lucrative growth prospects for the Hexamethylenediamine Market across the Asia-Pacific region.
Major market players included in this report are:
BASF SE
DuPont
Asahi Kasei Corporation
Toray Industries, Inc.
Merck KGaA
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Evonik Industries AG
Solvay S.A.
Ashland Global Holdings, Inc.
Invista
Ascend Performance Materials
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Application:
Nylon Synthesis
Curing Agents
Lubricants
Biocides
Adhesives
Water Treatment Chemicals
Others
By End-Use Industry:
Automotive
Textile
Paint & Coatings
Petrochemicals
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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