Hexamethylene Diisocyanate Market Size, Share, Growth, and Industry Analysis by Type (0.999, 0.995, Others), by Application (Coating, Adhesive, Others), Regional Insights, and Forecast To 2031

Hexamethylene Diisocyanate Market Report Overview

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global hexamethylene diisocyanate market size was USD 2315.2 million in 2022 and market is projected to touch 4292.31 Million By 2031, exhibiting a CAGR of 7.1% during the forecast period.

Hexamethylene diisocyanate is a pale yellow liquid with a strong odour. It is an industrial chemical that is not known to occur naturally. It is also generally known as HDI. It is used as a hardener in automobile and airplane paints. The improved customer expenditure on interior furniture products for residential and commercial purposes have influenced the need for improved coating systems, forcing the demand. The hexamethylene diisocyanate material in polyurethane coating systems is in demand for use on building wood & furniture products as it acts as an excellent surface coating with enhanced weathering resistance and water resistance. It is a highly toxic compound, as its long-term exposure in high concentrations can lead to skin irritation, sensitivity, and chronic respirational problems in humans. It has excellent resistance to scratch and degradation caused by ultraviolet (UV) light and provides flexibility to different materials. It is widely employed as an additive in paints, coatings, adhesives, and enamels to improve the properties of the final products. Due to its greater demand from paints industry which uses it as an intermediate chemical for manufacturing polyurethane paints with better-quality properties like durability and sheen. Exposure to high concentrations of chemicals in humans can cause lung infection, coughing, and shortness of breath. The increasing adoption of HDI as a polymerizing agent in polyurethane foams, spray paint formulations, and coatings, which further find numerous applications in the automotive industry, has augmented the product demand. Furthermore, the rising applications of HDI as a cross-linking instrument in manufacturing dental materials, contact lenses, and medical adsorbents have accelerated the product adoption rate.  It is gaining traction in the production of coatings to improve the kinship of the coat to stick with the material surface. The study covers all the requisite aspects that one needs to know while making a venture into the hexamethylene diisocyanate industry. Hazardous chemical and its use is regulated by various environmental and safety regulations. The growing severity of these regulations, mainly in established countries can increase compliance costs. Maintainable manufacturing of HDI also leads to greater manufacturing safety standards thus enhancing compliance standards.

COVID-19 Impact:  Pandemic hampered the market due to unexpected disruption in the sector

COVID-19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. The pandemic had a main influence on supply, transporting raw materials and finished goods has become challenging due to worldwide closures. The shortage of workers and business closures have hindered output. Lockdowns have forced several businesses to temporarily close, dropping business volume this affected the cost and also had a big impact on hexamethylene diisocyanate market share. Market has faced many issues due to strict regulations imposed by government.

Latest Trends

"Use of innovative products to boost the market growth "

Companies are aiming on presenting innovative products with enhanced features that can supply to various needs of customers across different activities which will further drive this market growth over the forecast period. This has led to manufacturers introducing new variants prominent brands are widely aiming on their over-all social existence. Adoption of innovative for the expanding construction and building sector has boosted the potential growth.

Hexamethylene Diisocyanate Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into 0.999, 0.995, others

0.999 capture the maximum market share through forecast period.

• By Application Analysis

According to application, the market can be segmented into Coating, adhesive, others

Hexamethylene diisocyanate market players cover segment as Coating will dominate the market share during forecast period.

Driving Factors

"Widely use of automotive paint to increase the market growth"

Hexamethylene diisocyanate is broadly used in automotive paint and adhesive industry. The most proportion of hexamethylene diisocyanate is automotive paint. The trend for automotive paint is increasing rapidly. Growing demand has direct impact on the growth of the market.

"Technological development to boost the market"

The development of new advanced formulation and manufacturing process is driving the demand of the Hexamethylene diisocyanate market. The increasing focus on substantial and eco-friendly process is expected to grow during the forecast period. Manufacturers invest in R&D can develop innovative creations that meet the evolving demand of the market and differentiate themselves from competitors. Key players focus on growth strategies such as new product launch, partnership with other companies in order to enhance the production.

Restraining Factors 

"Price fluctuation to hamper the market growth"

The fluctuations and instability in the pricing structure for the obtaining of basic chemical components for hexamethylene diisocyanate manufacture and budget problems in its consequent shipping & transport might act as difficulty to the prospects of market growth.Rise in production cost has a negative impact on profit margin also affects the prices of finalized goods. Manufacturers meet the challenge of increasing raw material costs which has an adverse impact on the income and also on hexamethylene diisocyanate market growth. Fluctuations can affect the production cost and profitability of manufacturers.

Hexamethylene Diisocyanate Market Regional Insights

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"Asia Pacific to dominate the region due to increasing demand"

Asia Pacific is further expected to witness growth in the market share. The growth in this region can be attributed to the increasing demand for automotive, adhesive industry and rising awareness about their benefits among consumers. Moreover, technological advancements in terms of product functionality are also propelling the growth of this market.

Key Industry Players

"Key players focus on partnerships to gain competitive advantage."

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.

LIST OF TOP HEXAMETHYLENE DIISOCYANATE COMPANIES

• Covestro (Germany)
• Vencorex (France)
• Tosoh (Japan)
• Wanhua (China)
• Asahi Kasei Corporation (Japan)

Report Coverage

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The market analysis of the product helps to close a contract or help in detecting new opportunities.