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The Hexamethylenediamine Market is projected to register a CAGR of over 5% during the forecast period (2022-2031).
The market was negatively impacted due to COVID-19 in 2020. Owing to pandemic scenario, several countries around the world went into lockdown, which completely disrupted the supply and demand scenario. The major end-user industries of hexamethylenediamine such as textiles, automotive, and others were severly affected. As per International Organization of Motor Vehicle Manufacturers (OICA), the total production of vehicles decreased by 16% from 91.79 million in 2019 to 77.62 million in 2020. However, the market condition is expected to recover in 2022, which will restore the growth trajectory of the market studied during the forecast period.
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– Over the short term, the increasing consumption of Nylon 66 resins is driving the growth of the market. Increasing stringent norms for the treatment of sewage water and industrial waste to curtail pollution is another major driver for the market studied.
– On the flipside, the development of bio-based alternatives for Nylon Production and negative imapct of COVID-19 pandemic are hindering the growth of the market studied.
– Among the applications, nylon production is likely to witness the highest growth rate during the forecast period.
– Asia-Pacific is expected to witness the highest growth rate during the forecast period.
Nylon Production Application to Dominate the Market
– A 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.
– Additionally, the demand for nylon tire cord fabric is also growing at a steady rate driven by the production of light and heavy commercial vehicles.
– Hence, despite the fall in global automotive production, the production of nylon 66 fiber applications is expected to dominate the market.
– Furthermore, the growing demand for electric vehicles is expected to create the demand for nylon 66. The changing emission policies and strict regulations are likely to further create an opportunity for electric vehicles over the coming years, as growing consumers hesitation to buy vehicles with engines having more emissions than electric vehicles and prefers to buy electric vehicles with upcoming technologies.
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– According to IEA, in 2030, global electric vehicle sales are expected to reach 125 million as per the New Policies Scenario (excluding two/three-wheelers). In the [email protected] Scenario, in 2030, around 70% of the vehicle sales in China are expected to be EVs. Also, half of the vehicles sold in Europe are EVs, 37% in Japan, 30% in Canada and the United States, and 29% in India.
– All the aforementioned factors, are expected to drive the market over the forecast period.
Asia-Pacific to Dominate the Market
– Asia-Pacific is currently the major consumer for hexamethylenediamine among other regions.
– This consumption is supported by investments, technology advancements, and expansions by various end-user industries like textiles, plastics, etc.
– China, India, Japan, South Korea are the key countries contributing to the high demand of hexamethylenediamine in the Asia-Pacific region.
– The textile industry in China is booming, with increasing investments and government support from the 13th Five Year Plan. The Chinese government is planning Xinjiang as the hotbed for the textile and apparel manufacturing and has invested USD 8 billion. It is expected that China’s northwest region is to become the country’s largest textile production base by 2030.
– However, automotive industry is witnessing a slump with decline by 7.5% in 2019 with total vehicle production of 25.72 million, compared to the previous year, as per International Organization of Motor Vehicle Manufacturers (OICA). Moreover, in 2020, the production further reduced by 2% with 25.22 million compared to 2019. This is anticipated to impact the hexamethylenediamine market.
– According to India Brand Equity Foundation, India’s textile and apparel exports stood at USD 38.70 billion in FY19 and is expected to increase to USD 82.00 billion by 2022 from USD 22.95 billion in FY20 (up to November 2019). This is also expected to aid the market studied over the forecast period.
– As per OICA, the total production of vehicles in India decreased by 25% from 4.52 million in 2019 to 3.39 million in 2020. This is expected to adversely impact the market studied.
– Furthermore, in the recent past, there has been a significant increase in the demand for hexamethylenediamine from southeast Asain countries like Taiwan, Indonesia, Malaysia, etc. for usage in various industries.
– Hence, owing to the above-mentioned reasons, Asia-Pacific is likely to dominate the market studied during the forecast period.
The global hexamethylenediamine market is moderately consolidated as the most of the market share is divided among few players. Some of the key players in the market include BASF SE, Asahi Kasei Corporation, Evonik Industries AG, Invista, and TORAY INDUSTRIES INC., among others.
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