With the expansion of the pharmaceutical industry, on account of the burgeoning requirement for medical products, the demand for hexamine is rising sharply across the world. This is because hexamine is extensively used in various industries such as rubber, pharmaceutical, fuels, and explosives. Moreover, the surging population in several countries is majorly responsible for the growing poverty, which is fueling the rise in the incidence of diseases such as neurological diseases and urinary tract infections.
As hexamine is heavily used as an antibiotic for the suppression of bacteriuria in patients suffering from neurological diseases and the treatment of people suffering from urinary tract infections, the rising prevalence of these illnesses is propelling the demand for hexamine. This chemical is also used in the production of automobile tires, owing to its ability to act as an accelerator in the manufacturing of vulcanized rubber. Because of this reason, the surging sales and manufacturing of automobiles, due to the growing disposable income of people, particularly in China, are positively impacting its worldwide demand.
This is, in turn, fueling the expansion of the hexamine market, owing to which, the revenue of the market is predicted to surge from $315.4 million in 2017 to $394.2 million by 2023. Furthermore, the market is expected to advance at a CAGR of 3.7% from 2018 to 2023. There are mainly two types of hexamine used across the world—stabilized grade and unstabilized grade. Between these, the demand for unstabilized grade was found to be higher in the years gone by.
According to the market research company, P&S Intelligence, one of the major trends currently being observed in the industry is the surging production of the material in Asia-Pacific (APAC). This is because of the existence of lenient policies regarding chemical production and the availability of affordable raw materials in the region. Many hexamine producers are rapidly shifting their production facilities to APAC countries, due to the implementation of strict environmental regulations by the governments of European and North American countries.
Hence, it can be said with full confidence that the demand for hexamine will surge all over the world in the upcoming years, mainly because of the rising usage of the material in various industries and in plastic production processes.
