Growing Demand of Hexamine from End-Use Industries Is Driving the Hexamine Market Growth
Global hexamine market is projected to reach $394.2 million by 2023
New York, NY -- (SBWire) -- 08/10/2018 --According to the research report published by P&S Intelligence, the hexamine market is projected to witness a slow growth during the forecast period. The market for hexamine is expected to cross $394.0 million by 2023. The growth of the hexamine market is mainly due to the Growing demand of the chemical from end use industries and its increasing use in the plastic industry.
Hexamine is used in many industries including pharmaceutical, rubber, explosives, fuels, and others. With the rise in population, there has been an increasing need from the pharmaceutical industry for the medical products. This is because the increasing population is resulting in poverty, which is attributing to a rise in diseases, like urinary tract infection and neurological diseases.
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Hexamine is used as an antibiotic for the treatment of urinary tract infection and also for the suppression of bacteriuria in patients having neurological diseases. Hexamine is an accelerator for the production vulcanized rubber, which is used for making automobile tires. Rise in disposable income among consumers, especially in China, has increased their spending on the purchase of vehicles. This has led to increase in automobile production to meet the surging demand. In such context, rise in automotive production has led to increase in the production of rubber for the manufacture of tires. Rise in production of rubber has further led to increase in demand for hexamine in the rubber industry. For example, in China, the automotive market has grown at a rate of around 9% year-on-year which shows that there is an increased use for rubber; thus, reiterating high consumption of hexamine from end use industries.
The health hazards associated with hexamine can be viewed as key factor hindering the growth of the global hexamine market. Hexamine is a white crystalline heterocyclic organic compound which is highly soluble in water and organic solvents. However, there are certain side effects of taking hexamine as a medication.
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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 market.
Among the various countries in the world (excluding China), Russia has greater production capacity for hexamine owing to the presence of leading companies such as PJSC Metafrax and "JSC" Shchekinoazat United Chemical Company, with large production facilities. In Japan and India, in 2017, hexamine production was unable to meet the local demand. Since then, part of the local demand is met through imports, mainly from China, the Middle East, and Europe. In Russia and Saudi Arabia, export demand outweighs the domestic demand, and this trend is unlikely to change during the forecast period.
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