Market Research Future (MRFR) has published a cooked research report on the “Global 1-Hexene Market” that contains information from 2018 to 2032. The 1-hexene market is estimated to register a CAGR of 5.60% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global 1-hexene market— Chevron Phillips Chemical,Shell, INEOS, Sabic,Sasol, Sinopec, Mitsui Chemicals, Idemitsu Kosan
The global 1-hexene market is accounted to register a CAGR of 5.60% during the forecast period and is estimated to reach USD 0.220 Billion by 2032.
The 1-hexene market is expanding due to its applications in the production of plastics and synthetic resins. With increasing demand for these materials across industries, the market for 1-hexene as a key chemical building block is experiencing growth.
The global 1-hexene market has been segmented based application and end user.
On the basis of application, the market is segmented into polyethylene production, heptanol production, flavors, perfumes, dyes and resin. The polyethylene production segment dominated the market in 2022. Polyethylene is used in many construction-related items, such as wires, pipelines, and insulation materials.
Based on end user, the global 1-hexene market has been segmented into paper industry, consumer goods, chemical industry, automotive industry, packaging industry and cosmetics & pharmaceuticals industry. The chemical industry category generated the most income in 2022. In the chemical industry, 1-hexene is a crucial co-monomer in the production of linear low-density polyethylene (LLDPE).
The global 1-hexene market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe 1-hexene market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The 1-hexene market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World 1-hexene market comprises of Middle East, Africa, and Latin America.
The Asia-Pacific 1-hexene Market dominated this market in 2022 (45.80%). The Asia-Pacific region, particularly in countries like China and India, is the main driver behind the expansion of the 1-hexene market. The area's rapid industrialization and urbanization have increased demand for consumer goods, the construction of infrastructure, and building materials. Flexible polymers are required for manufacturing, packaging, and construction because of the increasing demand for 1-hexene in the Asia-Pacific area. These polymers from 1-hexene are essential for sustaining the region's developing economies.
Moreover, the second-largest market share belongs to the Europe 1-hexene market. Due to its stringent environmental restrictions, Europe has been at the forefront of sustainability and environmental preservation measures. These regulations encourage the use of recyclable and environmentally friendly plastics. The demand for 1-hexene in Europe is being driven by the need to create more environmentally friendly plastics in order to comply with these stringent rules. Manufacturers are compelled to look into and employ 1-hexene-based polymers with reduced environmental impact.
Additionally, the North America 1-hexene market is expected to grow at the fastest CAGR from 2023 to 2032. The 1-hexene sector in North America is being driven by the shale gas boom, especially in the United States. The discovery and use of vast shale gas reserves have had a significant impact on the region's chemical industry. Shale gas is a crucial feedstock for the production of 1-hexene since it is a rich supply of ethylene. The reason for the increased 1-hexene demand in North America is the accessibility of cheap and abundant shale gas. Chemical companies may now establish up production facilities that are competitive thanks to this.
Furthermore, the rest of the world's 1-hexene market is divided into the Middle East, Africa, and Latin America. The Latin American 1-hexene market is expanding due to its vital role in plastic and resin production. As industries across the region seek these materials, the demand for 1-hexene as a foundational chemical component is on the rise.
Key Findings of the Study