The estimated value of the hexylene glycol market in 2018 is US$ 174.1 Mn and the market is expected to expand at a CAGR of 3.3% and reach US$ 240.5 Mn by the end of 2028.
Valley Cottage, NY -- (SBWIRE) -- 01/16/2019 -- Future Market Insights has rolled out a new market research report titled "Hexylene Glycol Market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment 2018 – 2028", which examines the hexylene glycol market and offers critical insights for the next ten years. Based on the findings specified in the report, the market is expected to witness lucrative demand from increasing end-use sectors and growing paints & coatings as well as chemical industries. These factors are projected to drive the global hexylene glycol market.
The estimated value of the hexylene glycol market in 2018 is US$ 174.1 Mn and the market is expected to expand at a CAGR of 3.3% and reach US$ 240.5 Mn by the end of 2028. In addition, the hexylene glycol market is projected to create incremental $ opportunity worth US$ 66.4 Mn during the forecast period.
Hexylene Glycol Market Dynamics
The growing shift of manufacturing across the globe and rising demand for end-use sectors, such as paints & coatings and chemicals, is projected to drive the hexylene glycol market over the forecast period. Moreover, rise in personal care, cosmetics and pharmaceuticals sectors across regions is also expected to drive the hexylene glycol market over the forecast period. The growth of end-use industry demand in key regions, such as China, Western Europe and North America, is estimated to create more opportunities for the manufacturers and distributors in the forthcoming years. Furthermore, changes in lifestyle will generate demand for personal care products as the middle-class population will get more inclined towards better living standards. Increasing production of paints & coatings, chemicals, specifically in Asia Pacific, is also estimated to surge raw material demand, which will impact the global hexylene glycol over the forecast period.
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The global paints & coatings industry is expected to experience 5.5% growth in the market. The demand is majorly being driven by Asia Pacific followed by Western Europe and North America. Consumer demand and interest for paints & coatings are estimated to be the key drivers for the growth of hexylene glycol market. Another key driver for the hexylene glycol market is the fact that manufacturers are now customizing their product portfolio as per specific applications. Hexylene glycol finds application across diverse industry verticals for various applications. Each application requires specific properties and characteristics and hence, manufacturers have been focusing on improving the product mix and providing customized & tailored products according to customer-specific requirements.
Hexylene Glycol Market Forecast
The global hexylene glycol market is estimated to grow and become 1.4X during the forecast period due to growing paints & coatings, chemicals, pharmaceutical and personal care cosmetics production.
By region, North America, followed by China, is projected to dominate the global hexylene glycol market over the forecast period. Moreover, China, followed by the SEA & Pacific region, is estimated to remain the most opportunistic region in the hexylene glycol market. In terms of value, China is projected to create incremental $ opportunity worth US$ 13.6 Mn in the global hexylene glycol market during the forecast period.
By application type, the solvent segment is expected to dominate the market with a value of US$ 86 Mn in 2018. The chemical intermediate segment is projected to account for 35.8% of the market value share in the global hexylene glycol market during the forecast period. In terms of growth, the antifreeze segment is projected to grow with a weak growth rate as compared to solvent and chemical intermediate segment in the global hexylene glycol market during the latter half of the forecast period.
By grade, the industrial grade segment is projected to dominate the global hexylene glycol market over the forecast period. In terms of volume, the industrial grade hexylene glycol is expected to hold more than three-fourth of the market share in 2018 and is expected to dominate the same throughout the forecast period. In terms of incremental $ opportunity, the segment is expected to create opportunity worth US$ 52.7 Mn between 2018 and 2028
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Hexylene Glycol Market: Competitive Landscape
Some of the key players involved in the manufacturing of hexylene glycol and included in this study are BASF SE, SOLVAY S.A, DowDupont, Arkema Group, Solventis Ltd, Monument Chemicals, Inc., Lonza Group, Lanxess, FINAR LIMITED, Prasol chemicals Ltd.