The global 1-hexene market is expected to witness significant demand owing to its application in chemical synthesis, manufacturing of perfumes, dyes, and flavours, as well as polymer production. In addition, it is used for production of low-density polyethylene (LDPE) and high density polyethylene (HDPE) as comonomer which improves its properties and value of LLDPE. The aforementioned factors are expected to drive the growth of global market over the forecast period.
Furthermore, rising demand for specialty chemicals, advancements in technology, high commercial value in polymer industry, and easy raw material availability is expected to propel the market growth over the forecast period. However, stringent government regulations regarding the harmful effects of the chemical on humans and large price fluctuations can act as a challenge to the industry.
The 1-hexene market is segmented based on end-use and application. Based on the application the segment includes polyethylene production, heptanol production, flavors, perfumes, dyes, and resins. The polyethylene production segment is anticipated to witness high growth as it enhances the durability and flexibility of polyethylene. Along with that, the growing demand of LDPE for making trays, toys, plastic bags, foil wraps, wash bottles, and food packaging is expected to boost the product demand.
On the basis of end-use industries, the global 1-hexene market is segmented in paper industry, consumer goods, chemical industry, automotive industry, packaging industry and others. The packaging segment is the fastest growing industry owing to increase in a surge in e-commerce, food processing, pharmaceuticals, FMCG, manufacturing industry and healthcare sector.
Asia Pacific is expected to dominate the global market on account of the robust base of the end-use industry. In addition, rising investment in industrialization, transportation, chemical, and pharmaceutical sector in emerging economies such as China and India is further expected to supplement the growth of 1-hexene in the region.
Some of the key players in the global market include Sasol, The Linde Group, Chevron Phillips Chemical Company, SABIC, The Dow Chemical Company, Royal Dutch Shell plc, Qatar Cemical Company Ltd., Idemitsu Kosan Co., Ltd., INEOS, and Nizhnekamskneftekhim. The competitive rivalry among players is high as the market is characterized by the presence of a large number of global and regional players.
Many companies are focusing on organic growth strategies such as product approvals, new product launches, patents, and others whereas others indulge in inorganic growth using mergers & acquisitions, partnerships, and collaborations. These factors have helped the players to expand their geographical location and increase their customer base, which is further expected to boost the demand for 1-hexene.
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