New York (US), Sept. 14, 2023 (GLOBE NEWSWIRE) -- 1-Hexene Market Overview
The study documents by MRFR state that the “1-Hexene Market Research Report Information by Application, End User, and Region - Forecast Till 2032”, the 1-Hexene Market is predicted to expand substantially during the evaluation era from 2022 to 2032 at a sizable CAGR of closely 5.60%. The study documents suggest projections related to the global market's mounting revenue data, which will likely attain a market of USD 0.220 Billion by the end of 2032. As per the reports, the market was priced at almost USD 0.135 Billion in 2022.
Market Scope
The 1-Hexene Market has recently advanced. The constant demand in the edible oil sector is the main feature causing a rise in market performance. Furthermore, the expanding petrochemical industry demand is also considered to be one of the crucial aspects causing a surge in the growth of the global market.
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Competitive Analysis
The list of the top leaders across the global market for 1-Hexene includes players such as:
- Chevron Phillips Chemical
- Sinopec
- Shell
- Mitsui Chemicals
- INEOS
- Idemitsu Kosan
- Sabic
- Sasol
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 0.220 Billion |
| CAGR | 5.60% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018 & 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Key Market Drivers | The availability and cost of feedstock materials. |
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Market USP Covered
Market Drivers
The 1-Hexene market has recently advanced. The constant demand in the edible oil sector is the main feature causing a rise in market performance. Furthermore, the expanding petrochemical industry demand is also considered to be one of the crucial aspects causing a surge in the growth of the global market. Moreover, factors such as increasing plastics demand, expansion in the pharmaceutical sector, growing polyethylene demand, and emerging uses in the coatings & electronics sectors are also likely to positively impact the growth of the global market for 1-hexene over the coming years.
Market Restraints
On the contrary, various aspects may harm expanding the global market for 1-Hexene. One of the main restraints in advancing the market's growth is the elevated prices allied with raw materials.
COVID-19 Impact
The COVID-19 pandemic has massively impacted the majority of industry sectors all around the world. The global health hazard has not only impacted public health but also caused a severe disruption in industrial operations of almost all kinds. The global market for 1-Hexene is no different than others. The restriction on manufacturing facilities from various end-use sectors has caused a major fall in revenue figures for the global market. On the contrary, with the market operations getting back on track, the market is anticipated to grow substantially over the review era.
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Segment Analysis
Among all the applications, the polyethylene production segment ensured the leading position across the global market for 1-hexene in 2022. Several construction-related products, such as insulation materials, wires, and pipelines, deploy polyethylene. Growing construction projects, especially in metropolitan regions and emerging economies, support rising 1-hexene and polyethylene demand.
Among all the end-users, the chemical industry category ensured the leading position across the global market for 1-hexene in 2022. In the chemical industry, linear low-density polyethylene (LLDPE) manufacturing substantially depends on 1-hexene as a co-monomer. A flexible polymer named LLDPE makes plastic goods like packaging films, pipes, and containers. The requirement for LLDPE, which boosts the need for 1-hexene, is closely related to the expansion of the chemical sector.
Regional Analysis
The study offers market data by region for North America, Asia-Pacific, Europe, and the Rest of the World.
The study documents by MRFR entail that The Asia-Pacific region ensured the prime position across the 1-Hexene Market in 2022, with a maximum share of about 45.80%. The area is recognized for dynamic development contributors such as China, India, and Indonesia. The primary aspect boosting the development of the regional 1-Hexene market is the rapid urbanization and industrialization in the area, causing a rise in demand for consumer items, building supplies, and infrastructure building. Given the escalation in demand for 1-hexene in the Asia-Pacific region, flexible polymers are needed for manufacturing, building, and packaging. These 1-hexene-derived polymers are vital in sustaining the region's expanding economies.
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The European Region is estimated to hold the second position across the 1-Hexene Market over the assessment era. The area is recognized for dynamic development contributors such as Germany, France, and the U.K. The primary aspect boosting the development of the regional 1-Hexene market is the strict environmental regulations keeping the region at the forefront of sustainability and environmental protection. These laws encourage the use of recyclable and safe plastics for the environment. The compulsion to build more environmentally friendly plastics to abide by these strict laws is also likely to impact the regional market's development positively. Manufacturers are steered to investigate and use polymers based on 1-hexene with a smaller environmental impact.
The North American Region will grow at the maximum CAGR across the 1-Hexene Market from 2023 to 2032. The area is recognized for dynamic development contributors such as Mexico, Canada, and the U.S. The shale gas boom is the primary aspect boosting the development of the regional 1-Hexene market, especially in the United States. Furthermore, the region's growing chemical sector, discovery & utilization of huge shale gas reserves, and availability of cheap & plentiful shale gas are also likely to impact the development of the regional market positively.
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