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The Global Hexylene Glycol Market was Valued at US$ 2.816 Bn in 2019 and it is Expected to Reach More than US$ 4.113 Bn by 2028, Likely to Grow with the CAGR of 4.3 % During the Forecast Period.
Hexylene Glycol is a colorless liquid organic compound, a miscible and viscous with most common organic solvents, water, and fatty acids. The global hexylene glycol market has shown moderate growth since last few years. The market is anticipated to gain traction in coming years. Some of the factors fuelling the growth of global market include rising demand for emulsifier in cosmetic and personal care sector and huge adoption from paint and coating industry.
Wide Range of Application is anticipated to propel the Market Growth
Hexylene Glycol is widely adopted in coating industry as a component for printing inks both water and oil-based, varnishes, and lacquers. Also, it has applications in oil & gas industry where it acts as a extraction and grinding aid and down whole lubricant. In textile industry, it is used as a setting and moisturizing agent whereas in hydraulic fluid it is employed as antifreeze.
Hexylene Glycol is majorly being used in cosmetic and personal care products including concealers, eye creams, skin care eye blossom, and anti-wrinkle products. It is used as a surfactant, viscosity-reducing agent, and emulsifier in skin care products. The chemical is able to emulsify dirt and oil in skincare formulations which makes it suitable for several personal care products. Furthermore, the compound is also used in pharmaceutical industry as a formulating agent.
Based on Application, the Solvent Segment is anticipated to Register Highest Share over the Forecast Period
Hexylene glycol is majorly being used as a solvent in multiple industry verticals including textiles, pharmaceutical, and oil & gas. The chemical has properties of low evaporation and excellent miscibility which makes it suitable as a solvent. Moreover, the chemical intermediate segment is expected to gain traction in forthcoming years.
Side-Effects of Hexylene Glycol if Used in High Concentration Might Hamper the Market Growth
Apart from several applications of these chemical, it has some side-effects as well which might hamper the market growth. In skin care products, if the chemical is used in high concentration, it might cause eye and skin irritation. Moreover, if the hexylene glycol’s exposure exceeds the limit which is 25 ppm, it can irritate throat and nose and lead to wheezing and coughing. However, these adverse effects can be avoided if the guidelines are followed carefully.
North America is anticipated to lead the Global Market during the Forecast Timespan
By geography, North America held highest share in 2019. The region is estimated to lead the global market throughout the assessment period. Significance presence of international manufacturers in U.S. is anticipated to favour the regional growth. The U.S. is the largest contributor for Hexylene Glycol market in North America.
Furthermore, Asia Pacific is projected to witness rapid growth over the forecast period. Japan and China are among some of the largest chemical manufacturers in Asia Pacific. Rising disposable income and changing lifestyle are encouraging the consumers are expected to positively influence the regional growth. Moreover, rapidly growing construction industry and huge demand from end-use industries is anticipated to favour the growth of hexylene glycol in Asia Pacific.
Key players operating in global Prasol chemicals Ltd, BASF SE, Finar Limited, Solvay S.A, Lanxess, DowDupont, Lonza Group, Arkema Group, Monument Chemicals, Inc., and Solventis Ltd.
Global Hexylene Glycol Market by Application
- Chemical Intermediate
Global Hexylene Glycol Market by End-User
- Paints & Coatings
- Oil & Gas
Global Hexylene Glycol Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America