The global 1-hexene market is expected to reach a valuation of US$ 168.2 Million in 2032, with the market growing at a moderate CAGR of 5% from the forecast period of 2022 to 2032. Valued at US$ 105.1 Million in 2021, the target market is expected to reach an estimated US$ 117.9 Million by the end of 2022. Extensive usage in diverse end-use industries which are experiencing growth will likely drive the growth in the 1-hexene market during the forecast period.
1-Hexene is primarily used in the production of polyethylene in various end-use industries. The rising application of the product in this process will bolster the prospects of the target market. Other major applications of 1-hexene include chemical synthesis, polymer production, as well as the production of perfumes, flavors, and dyes. The target product is largely used in the manufacturing of polyethylene and linear aldehydes. Thus, increasing usage of these organic compounds in the chemical sector is set to foster growth in the 1-hexene market during the projected period.
Apart from the above usage, 1-hexene also gains application and great commercial value in the polymer industry. The demand generated by the polymer industry will likely fuel growth in the 1-hexene market over the next few years. Moreover, the growing demand for specialty chemicals, easy availability of raw materials, and rising applications of LDPE and HDPE will further aid the growth of the 1-hexene market.
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Again, progress in technologies and greater investments in the polymer sector all over the world will drive the expansion of the 1-hexene market size. In addition, extensive usage of 1-hexene in the manufacturing of HDPE and LDPE, rising demand for the product in advancing specialty chemicals industry, increasing applications of the organic compound in agriculture and packaging sectors will stimulate new growth opportunities for chemical organizations which, in turn, will fuel the growth in the 1-hexene market.
"Extensive application in chemicals, industrial, and pharmaceutical industries will likely supplement the global growth of the 1-hexene market over the forecast period," says an FMI analyst.
Key Takeaways:
Enhancement in the production process of 1-hexene will strengthen market prospects.
Fluctuation in raw material prices may hamper the 1-hexene market growth.
Chemical and Industrial sector expansion in India and China will propel the target market growth in the Asia Pacific region.
Europe's 1-hexene market will be a close second to the Asia Pacific market growth.
Competitive Landscape
Sasol, the Linde Group, Chevron Phillips Chemical Company, SABIC, the Dow Chemical Company, Royal Dutch Shell plc, Qatar Chemical Company Ltd (Q-Chem), Idemitsu Kosan Co.Ltd, INEOS, and Nizhnekamskneftekhim among others are some of the major players in the 1-hexene market profiled in the full version of the report.
Leading market players are keen on signing long-term contracts with raw material suppliers to counteract market restraints. These enterprises also employ strategic partnerships and collaborations, contracts and expansion strategies to strengthen their business.
Key Segments Profiled in the 1 -Hexene Market Survey
By Application:
Polyethylene Production
Heptanol Production
Flavors
Perfumes
Dyes
Resins
By End User:
Paper Industry
Consumer Goods
Chemical Industry
Automotive Industry
Packaging Industry
Cosmetics & Pharmaceuticals Industry
By Region:
North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East and Africa
More Insights into 1-Hexene Market Report
In its latest report, FMI offers an unbiased analysis of the global 1-hexene market, providing historical data from 2015 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of application (polyethylene production, heptanol production, flavors, perfumes, dyes, resins), end user (paper industry, consumer goods, chemical industry, automotive industry, packaging industry, cosmetics and pharmaceuticals industry), and region.
According to the latest FMI reports, based on region, the 1-hexene market in the Asia Pacific region is expected to present notable growth during 2022-2032. The target market in this region will avail several lucrative opportunities owing to the advancing industrial and chemicals sectors in China and India. The surging production of 1-hexene in China at low costs coupled with swift industrial growth will further aid the growth of the 1-hexene market in this region.
Apart from Asia Pacific, the 1-hexene market in Europe will also exhibit significant growth during 2022-2032. The target market growth in this region will be a close second to that of Asia Pacific. Rising demand from pharmaceuticals and cosmetics industry will aid the market growth of 1-hexene in this region over the forecast period.