Growing demand from different end use industries and increasing use from the plastic industry are the key factors driving the hexamine market growth. Hexamine is an organic chemical, mainly used as a hardening component in the production of phenolic formaldehyde resins, and related molding compounds. It is also known as methenamine, urotropine, formin, aminoform, or hexamethylenetetramine.
Globally, Asia-Pacific (APAC) has been the largest hexamine market, with a contribution of more than 50.0% revenue in 2017. It is also expected to be the fastest growing market during the forecast period, with 4.5% CAGR. Increasing demand for the chemical from different industries, such as rubber, resin, and pharmaceutical, is driving the growth of the market in the region.
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The unstabilized grade is the dominant type in the hexamine market, with an estimated contribution of more than 85.0% revenue in 2017. This can be attributed to the wide use of the chemical in the preservation of hides, as cross-linking agent for hardening phenol-formaldehyde resins and vulcanizing rubber, as corrosion inhibitor for steel, as dye fixative, and as urinary antiseptic, besides others.
The white crystalline heterocyclic organic compound, i.e., hexamine, is highly soluble in water and organic solvents. However, there are certain side effects of taking it as a medication. 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 hexamine market.
This chemical is used in the synthesis of plastics, and construction and packaging industries are the major end users of plastics. With the rise in population, there has been an increase in the construction projects, especially the sewage projects, attributing to the increased use of plastic pipes. Also, there has been rapid increase in the use of plastics from the packaging industry, owing to the expanding food, beverages, and pharmaceuticals industries. The increasing use of plastics from the construction and the packaging industries is expected to stimulate the hexamine market growth in the coming years.
Some of the other major players operating in the hexamine market are Hexion Inc., Sina Chemical Industries Company, “JSC” Shchekinoazat United Chemical Company, Simalin Chemical Industries Pvt Ltd., Mitsubishi Gas Chemical Company Inc., Chemanol (Methanol Chemicals Company), Shandong Dongping Tongda Imp. & Exp. Co. Ltd., Kanoria Chemicals & Industries Limited, Ascend Performance Materials, and Lanxess AG.
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