Hexylene Glycol Market
[250 pages Report] Future Market Insights (FMI) has forecast the hexylene glycol market to grow with a year on year growth of 2.8% in 2022 reaching a value of US$ 202.8 Mn by 2022 end. The global sales is anticipated to witness a considerable CAGR of 3.1% during the period of 2022 and 2029. Hexylene Glycol Market Demand (2021A)
US$ 197.3 Mn
Hexylene Glycol Market Demand Sales (2022E)
US$ 202.8 Mn
Hexylene Glycol Market Projection (2029F)
US$ 250.3 Mn
Value CAGR (2022-2029)
3.1%
Collective Value Share: Top 3 Countries (2022E)
49.2%
Solvent application demand is projected to have significant growth over the forecast period, owing to its increasing demand from paints and coatings industry. The application of solvents is considered to be a dominant market segment for the market of hexylene glycol. Hexylene glycol's demand is expected to grow owing to its increasing use in pharmaceuticals and household and personal care products. Considering these factors, FMI has forecast the global hexylene glycol market to reach a valuation of US$ 250.3 Mn in 2029. Get a Free Sample Copy of the Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-5703
2014-2021 Hexylene Glycol Market Outlook Compared to 2022-2029 Forecast Sales of hexylene glycol increased at 2.4% CAGR, between 2014 and 2021, owing to the considerable growth in various end use sectors. Furthermore, outbreak of the COVID-19 pandemic, which reduced demand for hexylene glycol in 2020, sales prospects were hampered, which also resulted in the low growth outlook as compare to forecast growth rate.
Rising preference for hexylene glycol in pharmaceutical and cosmetics industry continues to boost the market as it holds a key share in the consumption of hexylene glycol which is estimated to create immense opportunities for the manufacturers during the forecast period. All industries have suffered and seen a decline in their profit as a result of pandemic crisis, however the market is expected to grow significantly in the coming years due to growing consumption from end use industries. Furthermore, rising demand for hexylene glycol in the drug manufacturing, cosmetics and personal care industry is expected to benefit the market growth, propelling the global hexylene glycol sales forward in the coming years.
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How growth in Paints & Coatings Industry is benefiting Hexylene Glycol Market ? Generally, hexylene glycol is used as a solvent in the paint and coating industry. The paints and coatings market is estimated to expand at a strong rate during the forecast period, owing to the growth of construction activities across the globe. This, in turn, is projected to propel the demand for hexylene glycol during the forecast period. Apart from the construction industry, paints and coatings are largely used in the automotive industry, which has recorded strong growth numbers in the past few years. Increasing automobile production is also expected to result in an increase in the use of paints and coatings.
Moreover, the rebound in the U.S. residential construction and automotive sectors has given a boost to the paint market. Most of the paint companies in North America have witnessed stability in raw material costs and shale gas boom and have been witnessing new opportunities in protective and industrial coatings as the cost continues to decline. Significant growth in the paints and coatings demand to bolster the consumption outlook of hexylene glycol as the compound is used as solvent in paints and coatings industry.
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What was the Impact of COVID-19 Crisis on the Hexylene Glycol Market? The covid-19 pandemic had a negative influence on the world economy, with numerous business lines being disrupted as a result of decreased demand from various end-use industries. Many industries, including construction, paints & coatings, and leather & textile, have suffered owing to nation wide lockdowns and restrictions in the movement. Decrease in demand from the consumers and low production rate of the manufacturing sector has resulted in lower demand for the product. All these have significantly impacted the supply chain network of hexylene glycol impacting the growth rate. However, due to rising consumption of hexylene glycol in various applications from the later half of 2020. The market is likely to rise at a quicker rate in the coming years, and it is expected to continue its growth throughout the assessment period. Request Report Methodology: https://www.futuremarketinsights.com/askus/rep-gb-5703
Country-wise Insights
What is the Demand Outlook for Hexylene Glycol in the U.S.? As per FMI, the U.S. is projected to witness more than 22% share in the global market of hexylene glycol. Hexylene glycol consumption is expected to lead by North America throughout the forecast period, owing to increasing use from personal care and cosmetics products. Hexylene glycol is generally used in personal care and cosmetic industries for eye makeup products. As, Eye cream, anti-wrinkle cream, skin care eye blossom and concealers contain hexylene glycol. It acts as a surfactant, and emulsifier. North America is estimated to be one of the key markets for color cosmetics, owing to several factors such as, frequent launch of new products in color cosmetics and high consumer disposable income in the region. The growth of the U.S. beauty and personal care market has been fueled by consumers' growing awareness of personal wellness and appearance. Revlon, Olay, and L'Oreal are few of the major players in the cosmetics industry. Owing to the higher demand for cosmetics and personal care products, U.S. is expected to create a valuation of about US$ 53.6 Mn by the year 2029 in the hexylene glycol market.
What is the Expected Growth Rate of the Market of Hexylene Glycol In India? Through 2029, the South Asian demand for hexylene glycol is projected to rise at a significant pace. Emerging economies, such as those in Asia Pacific, have significant potential for growth in the coming years owing to significant development in the end use indstries. In India, there is a significant demand for hexylene glycol, owing to rising demand from paints and coatings, pharmaceuticals and other chemical industries. Key manufacturers' investments in product development could create a significant opportunity by catering the growing demand from end-use industries like demand from paints and coatings, as well as personal care, cosmetics, and pharmaceutical products. Owing to the these factors hexylene glycol sales in India is estimated to reach about US$ 32.4 Mn by the year 2029.
How the Market of Hexylene Glycol to Grow in China? China’s market of hexylene glycol is projected to grow at 2.2% CAGR during the period of 2022 and 2029. China is estimated to be a prominent market in the industry of hexylene glycol. Growth of the chemicals industry is expected to create considerable opportunities for manufacturers based in China, as the country is one of the key market for chemicals. One of the key factors expected to drive the market in China is due to local manufacturing and self-sufficiency in order to reduce imports from overseas markets. This growth is expected to drive the sales of raw materials, including hexylene glycol, which is used in a several applications like solvents and cleaners. As a result, the hexylene glycol market is expected to be driven by growth in the chemical industries and presence of several small and medium size manufacturers.
Category-wise Insights
How will growth of pharmaceutical and healthcare sector to impact Hexylene Glycol Market? In the pharmaceutical industry, hexylene glycol demand has registered significant growth in the past few years. Pharma grade hexylene glycol is used as a processing solvent in drug manufacturing, in medical wipes, and some medicinal formulations. In the coming years, rising investment in R&D and increasing healthcare expenditure are projected to grow significantly, which in turn, will positively sway hexylene glycol consumption. Further, the globally ageing population is also leading to an increase in demand for pharmaceuticals. Several factors such as, changing lifestyles, food habits and sleeping habits are contributing medicine sector growth. Pharmaceutical grade is expected to account for significant share in the global hexylene glycol market and the segment is expected to reach a value of US$ 65.6 Mn by 2029.
What will be the Growth Outlook from Paints & Coatings Industry? By end use, paints & coatings industry is estimated to account for consumption share of about 36%. Rising demand for paints and coatings is expected to have a positive impact on hexylene glycol market growth during the forecast period. Hexylene glycol is used as a solvent in the paint and coating industry. The paints and coatings market is estimated to expand at a strong rate during the forecast period, owing to the growth of construction sector and automotive sector across the globe. This, in turn, is projected to propel the demand for hexylene glycol during the forecast period. Growth in the construction of residential and commercisal buildings are expected to propel the demand for paints and coatings. Further increasing automobile production is expected to result in an increase in the use of paints and coatings which is expected to benefit the market growth.
Competitive Landscape Over the past few years, a shift of manufacturers and their focus towards emerging regions has been witnessed to meet the increasing demand of monopropylene glycol. Several key players are also focusing on expanding their production capacities, launching of innovative products, and focusing on mergers & acquisition. For Instance, • •
In February 2018, Lonza Pharma & Biotech formed an exclusive partnership with Denali Therapeutics to develop and produce biologic medicines. In September 2018, Arkema announced plans to expand its Thiochemicals global manufacturing capacity for linear mercaptans at the Houston plant.
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis is available in the report. Ask Us Your Questions About This Report: https://www.futuremarketinsights.com/ask-
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Scope of Report Attribute
Details
Forecast Period
2022-2029
Historical Data Available for
2014-2021
Market Analysis
USD Million for Value and Tons for Volume
Key Regions Covered
North America, Latin America, Europe, Middle East and Africa (MEA), East Asia, South Asia and Oceania.
Key Countries Covered
U.S.,Canada,Brazil ,Mexico, Rest of LA, Germany, Italy, France, U.K., Spain, BENELUX, Russia, Rest of Europe, India, Thailand, Malaysia, Indonesia, China, South Korea, Japan, GCC Countries, Turkey and South Africa.
Key Segments Covered
Grade, Application, End Use, and Region
Key Companies Profiled
• • • • • • • • • •
Arkema Group Solventis Ltd. SOLVAY S.A. Monument Chemicals, Inc. DowDupont BASF SE Lonza Group FINAR LIMITED LANXESS Praasol Chemicals Ltd
Report Coverage
Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing
Available upon Request