Hexamine Market Outlook
According to the report by Expert Market Research (EMR), the global hexamine market size reached a value of USD 637.78 KMT in 2023. Aided by the burgeoning applications of hexamine in multiple industries, and its intrinsic properties, the market is projected to further grow at a CAGR of 3.4% between 2024 and 2032 to reach a value of USD 870.86 KMT by 2032.
Hexamine, chemically known as hexamethylenetetramine, is a white crystalline compound that has a plethora of applications, ranging from its use in the production of synthetic resins to its role in the pharmaceutical sector. Given its adaptability and inherent properties, hexamine finds extensive application in the manufacturing of explosives, rubber, textiles, and many other industrial products.
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One of the key hexamine market trends driving the market can be attributed to its expansive application in the plastic industry. Due to its unique binding capabilities, hexamine is pivotal in producing phenolic resins, which are widely used in the moulding of plastics. With the plastic industry witnessing an upward trajectory, there’s a simultaneous surge in demand for hexamine.
Another driving force behind the hexamine market growth is its role in the pharmaceutical sector. Hexamine is utilised as a urinary antiseptic, primarily in treating and preventing urinary tract infections (UTIs). The steady rise in the incidence of UTIs globally, coupled with the increasing awareness about health and wellness, has enhanced the consumption of hexamine in medical applications.
The defence sector has a persistent demand for hexamine due to its role in the production of explosives. Hexamine is a key component in RDX, a powerful explosive used widely for military applications. The ongoing defence modernisations and heightened military activities across various regions have catalysed the hexamine market demand. Additionally, the continuous research and development in the sector, aiming at sustainable and environmentally friendly production methods also contributes to the market.
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Furthermore, in the realm of agrochemicals, hexamine is used as a soil conditioner and in the formulation of certain pesticides. With the global agricultural sector emphasising improved and sustainable farming methods, the use of hexamine-based products has seen significant growth. Moreover, the rubber and textile industries rely on hexamine for vulcanisation and as a cross-linking agent, respectively. These industrial applications collectively contribute to the hexamine market share.
Hexamine Market Segmentation
The market can be divided based on grade, application, and region.
Market Breakup by Grade
- Stabilised
- Unstabilised
Market Breakup by Application
- Polymer and Plastics
- Personal Care
- Pharmaceuticals
- Adhesives and Sealants
- Leather and Textile
- Paper
- Mining Explosives
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global hexamine market. Some of the major players explored in the report by Expert Market Research are as follows:
- Kanoria Chemicals & Industries Ltd
- Mitsubishi Gas Chemical Company, Inc.
- Hexion Inc.
- Methanol Chemicals Company (Chemanol)
- Simalin Chemical Industries Pvt Ltd
- Others
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