Global Hexamethylenediamine Market - Segmented by Application, End-User Industry and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global hexamethylenediamine market is estimated to witness a CAGR of 5.12% during the forecast period, 2018-2023. Asia-Pacific is to lead the market with larger share of the global market supported by the increasing demand for nylon-66 application. Automotive to be the largest end-user industry in hexamethylenediamine market.
Increasing Demand for Nylon 66 Fibers Driving the Market
High amount of hexamethylenediamine produced is consumed for the manufacturing of nylon 66. The adoption of nylon 66 can be seen in automotive, textiles, and packaging end-user sectors. The focus to reduce vehicle weight for greater fuel efficiency and lower emissions will raise demand for lightweight composite nylon resins in automotive under-the-hood components. The demand for nylon tire cord fabric is also growing at a steady rate driven by the production of light and heavy commercial vehicles. Nylon 66 is replacing conventional materials in various applications. Ongoing increase in the usage of the nylon 66 fiber is driving the market for hexamethylenediamine.
Automotive to be the Largest End-user Industry
Nylon 66, which is made from hexamethylenediamine, is widely used in automotive industry for body parts such as under hood and mechanical component. Consumption of nylon 66 in the automotive industry is to grow at a faster rates with the acceptance of nylon over metal for a variety of automotive parts. Other growing applications include electronics applications, film, and extrusion coatings. The growing automotive industry is to drive the market for hexamethylenediamine.
Asia-Pacific to Lead among Other Regions
Asia-Pacific is expected to be the major consumer for hexamethylenediamine among other regions. This is to be supported by the investments, technology advancements, and expansions by various end-user industries. China, India, Japan, Taiwan, and South Korea are the key countries contributing to the high demand of hexamethylenediamine in the Asia-Pacific region.
Notable Developments in the Market
January 2018: Toray held Opening Ceremony of New Airbag Nylon Fiber and Fabric Plant in Mexico
January 2018: Asahi Kasei was to expand capacity for Leon nylon 66 filament used in industrial applications
Major Key Players Toray Industries, Inc., BASF SE, Solvay Group, Asahi Kasei Corporation, Ashland Global Holdings, Inc., amongst others.
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