Rockville, July 28, 2023 (GLOBE NEWSWIRE) -- As per this detailed report by Fact.MR, the global Hexamethylenediamine Market is predicted to soar at a CAGR of 8.5% and reach a valuation of US$ 17 billion by 2033.
The market is predicted to benefit from the rising demand for bio-based chemicals over the coming years. As substitutes for petroleum-based lubricants and plastics, bio-based compounds, such as biodegradable materials, have evolved. Eco-friendly lubricants aid in lowering the amount of harmful and VOC gasoline emissions from vehicles, preserving the ecological harmony of the atmosphere. The bio-based resin sector has benefited from the increased need for waste management.
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Hexamethylenediamine (HMDA), which has numerous applications in the chemical industry, is produced from adiponitrile. It is also used to make inks, coatings, curing agents, additives for the petrochemical industry, and scale and corrosion inhibitors for chemicals used in water treatment.
HMDA is an important chemical compound that serves as a building block for the production of high-performance materials in diverse industries. Its versatility, along with its unique chemical and physical properties, makes it a valuable ingredient in the synthesis of polymers, resins, and other specialty chemicals.
Demand for hexamethylenediamine will be driven during the forecast period by an increase in nylon 66 production for use in the textile industry. The characteristics of nylon 66 include a high melting point, a low water absorption rate, wear resistance, radiation resistance at high energies, and chemical resistance to acids.
Expanding use of hexamethylenediamine in the production of polyamides in the petrochemical industry is also assisting market expansion. Polyamides are utilized in 3D printing, and this new trend will increase demand for them, which will have a positive effect on the HMDA market.
Key Takeaways from Market Study
- The global hexamethylenediamine market stands at a value of US$ 7.5 billion in 2023.
- The market is forecasted to reach US$ 17 billion by 2033-end.
- Global demand for hexamethylenediamine is predicted to increase at a CAGR of 8.5% from 2023 to 2033.
- The automotive industry is leading global demand with 50% market share.
- North America accounts for 40% share of the global market in 2023.
“Hexamethylenediamine offers excellent thermal stability when incorporated into lubricants. It helps prevent oxidation and degradation of the lubricant at high temperatures, thus extending the lubricant's useful life. By maintaining the stability of the lubricant, HMDA ensures optimal performance in demanding operating conditions, such as in heavy machinery, engines, and industrial equipment,” says a Fact.MR analyst
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Winning Strategy
According to this latest industry analysis by Fact.MR, a market research and competitive intelligence provider, top manufacturers are focusing on the development of bio-based hexamethylenediamine derived from renewable feedstock. This sustainable alternative reduces the carbon footprint and addresses environmental concerns associated with conventional hexamethylenediamine production.
Key manufacturers of hexamethylenediamine are entering into collaborations and partnerships to strengthen their market position and expand their product portfolios. These partnerships aim to enhance manufacturing capabilities, research and development activities, and global distribution networks.
For instance,
- Toray Industries Inc. is a Japanese multinational corporation known for its expertise in advanced materials. The company produces hexamethylenediamine as a key component for the production of nylon 66 and other high-performance materials used in the automotive industry.
Key Companies Profiled
- Invista
- Asahi Kasei Corporation
- Ascend Performance Materials
- BASF SE
- Evonik Industries AG
- Genomatica Inc.
- Merck KGaA
- Radici Partecipazioni SpA
- Shenma Industrial Co. Ltd
- Toray Industries, Inc.
- Compass Chemical International
Key Segments of Hexamethylenediamine Industry Research
- By Application:
- Nylon Synthesis
- Curing Agents
- Lubricants
- Biocides
- Coating Intermediates
- Adhesives
- Water Treatment Chemicals
- Others
- By End Use:
- Automotive
- Textiles
- Paints & Coatings
- Petrochemicals
- Others
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global hexamethylenediamine market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the hexamethylenediamine market based on application (nylon synthesis, curing agents, lubricants, biocides, coating intermediates, adhesives, water treatment chemicals, others) and end use (automotive, textiles, paints & coatings, petrochemicals, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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